acquisition-expanded defense platform with strong demand but unproven cash and margin conversion
SELL/AVOID; intrinsic scenarios do not support the static underwriting case and risk remains soft-blocked
- Posture
- SELL/AVOID; intrinsic scenarios do not support the static underwriting case and risk remains soft-blocked
- Business phase
- 1
- Next proof
- Quarterly integration and cash-conversion gate
- Valuation
- Unavailable
| # | KPI | Baseline | Next threshold | Signal | Investor read | Source |
|---|---|---|---|---|---|---|
| 1 | RevenueQ4 FY2026 | $641.6M | Stay at or above $500M | Above floor | The latest result remains on the safe side of the warning threshold. | Revenue official source (2026-06-29) |
| 2 | Operating income / EBITQ4 FY2026 | $-32.5M | Next comparable update | Deteriorating | -334.9% YoY | Operating income / EBIT official source (2026-06-29) |
| 3 | Gross marginQ4 FY2026 | 31.6% | At least 32% | Below confirm | The latest result has not yet cleared the confirmation threshold. | Gross margin official source (2026-06-29) |
| 4 | Gross profitQ4 FY2026 | $202.6M | Next comparable update | Improving | +102.0% YoY | Gross profit official source (2026-06-29) |
| 5 | Capital expendituresQ4 FY2026 | $16.4M | Next comparable update | Deteriorating | +92.5% YoY | Capital expenditures official source (2026-06-29) |
| 6 | Diluted EPSQ3 FY2026 | -3.15 | Next comparable update | Deteriorating | -5150.0% YoY | Diluted EPS official source (2026-03-11) |
| 7 | Diluted weighted-average sharesQ3 FY2026 | 49.7M | Stay at or below 52M | Near threshold | The KPI is still on the safe side, but close enough that the next update matters. | Diluted weighted-average shares official source (2026-03-11) |
| 8 | Total debtQ4 FY2026 | $729M | Next comparable update | Insufficient_Data | Comparable history available | Total debt official source (2026-06-29) |
| 9 | Operating marginQ4 FY2026 | -5.06% | At least 5% | Below confirm | The latest result has not yet cleared the confirmation threshold. | Operating margin official source (2026-06-29) |
| 10 | Net income attributable to commonQ4 FY2026 | $-24.1M | Next comparable update | Deteriorating | -244.6% YoY | Net income attributable to common official source (2026-06-29) |
| 11 | Current AssetsQ4 FY2026 | $1.9B | Next comparable update | Insufficient_Data | Comparable history available | Current Assets official source (2026-06-29) |
| 12 | Free cash flowQ4 FY2026 | $79.1M | Above $0 | Confirmed | The latest result clears the confirmation threshold. | Free cash flow official source (2026-06-29) |
| 13 | Operating cash flowQ4 FY2026 | $95.5M | Next comparable update | Improving | +36279.2% YoY | Operating cash flow official source (2026-06-29) |
| 14 | Cash and equivalentsQ4 FY2026 | $377.3M | Next comparable update | Insufficient_Data | Comparable history available | Cash and equivalents official source (2026-06-29) |
| 15 | Current LiabilitiesQ4 FY2026 | $439.2M | Next comparable update | Insufficient_Data | Comparable history available | Current Liabilities official source (2026-06-29) |
How to read the scorecard: Signals compare the latest baseline with the stated decision threshold. “Monitor” means the public handoff has one valid baseline but no compatible prior observation; it is not a positive or negative call.
KPI ontology coverage
Company definitions: 0. Coverage: No compatible sector, subsector, or business-model module was evidenced.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.; Company definition is supported only by private or local provenance.
| Module | Level | Version |
|---|---|---|
| Special situations | cross_cutting | v1 |
| Universal financial core | universal | v1 |
Quarterly KPI trajectory
Coverage: 130 reported observations across a 12-quarter snapshot; 6 explicit gaps. 90 derived from aligned ytd, 40 reported. Acquisition status: not public.
| KPI | Current | Previous quarter | Year ago | QoQ | YoY | Eight-quarter trend | Management explanation | Investor interpretation | Source |
|---|---|---|---|---|---|---|---|---|---|
| Current Assets | $1.9B (Q4 FY2026) | — | — | — | — | $1.9B | No supported explanation | insufficient_data; no threshold configured; confidence low | Primary source (2026-06-29) |
| Current Liabilities | $439.2M (Q4 FY2026) | — | — | — | — | $439.2M | No supported explanation | insufficient_data; no threshold configured; confidence low | Primary source (2026-06-29) |
| Capital expenditures | $16.4M (Q4 FY2026) | $12.6M (Q3 FY2026) | $8.5M (Q4 FY2025) | +30.3% | +92.5% | $5.4M → $5M → $3.8M → $8.5M → $22.7M → $10.8M → $12.6M → $16.4M | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | deteriorating; no threshold configured; confidence high | Primary source (2026-06-29) |
| Cash and equivalents | $377.3M (Q4 FY2026) | — | — | — | — | $377.3M | No supported explanation | insufficient_data; no threshold configured; confidence low | Primary source (2026-06-29) |
| Diluted EPS | -3.15 (Q3 FY2026) | -0.34 (Q2 FY2026) | -0.06 (Q3 FY2025) | -826.5% | -5150.0% | 0.66 → 0.5 → 0.75 → 1.02 → -0.06 → -1.44 → -0.34 → -3.15 | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | deteriorating; no threshold configured; confidence high | Primary source (2026-03-11) |
| Diluted weighted-average shares | 49.7M (Q3 FY2026) | 49.7M (Q2 FY2026) | 28M (Q3 FY2025) | +0.0% | +77.4% | 27M → 28M → 28.3M → 28.1M → 28M → 46.9M → 49.7M → 49.7M | No supported explanation | deteriorating; no threshold configured; confidence high | Primary source (2026-03-11) |
| Free cash flow | $79.1M (Q4 FY2026) | $-17.7M (Q3 FY2026) | $-8.8M (Q4 FY2025) | +546.8% | +1000.1% | $22.9M → $-8.7M → $-29.6M → $-8.8M → $-146.5M → $-55.9M → $-17.7M → $79.1M | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | improving; no threshold configured; confidence high | Primary source (2026-06-29) |
| Gross margin | 31.6% (Q4 FY2026) | 24.2% (Q3 FY2026) | 36.5% (Q4 FY2025) | +737 bps | -490 bps | 43% → 39.1% → 37.7% → 36.5% → 20.9% → 22% → 24.2% → 31.6% | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | deteriorating; no threshold configured; confidence high | Primary source (2026-06-29) |
| Gross profit | $202.6M (Q4 FY2026) | $98.8M (Q3 FY2026) | $100.3M (Q4 FY2025) | +105.1% | +102.0% | $81.5M → $73.6M → $63.2M → $100.3M → $95.1M → $104.1M → $98.8M → $202.6M | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | improving; no threshold configured; confidence high | Primary source (2026-06-29) |
| Net income attributable to common | $-24.1M (Q4 FY2026) | $-156.6M (Q3 FY2026) | $16.7M (Q4 FY2025) | +84.6% | -244.6% | $21.2M → $7.5M → $-1.8M → $16.7M → $-67.4M → $-17.1M → $-156.6M → $-24.1M | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | deteriorating; no threshold configured; confidence high | Primary source (2026-06-29) |
| Operating cash flow | $95.5M (Q4 FY2026) | $-5.1M (Q3 FY2026) | $-264000 (Q4 FY2025) | +1970.2% | +36279.2% | $28.4M → $-3.6M → $-25.8M → $-264000 → $-123.7M → $-45.1M → $-5.1M → $95.5M | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | improving; no threshold configured; confidence high | Primary source (2026-06-29) |
| Operating income / EBIT | $-32.5M (Q4 FY2026) | $-179M (Q3 FY2026) | $13.8M (Q4 FY2025) | +81.9% | -334.9% | $23.1M → $7M → $-3.1M → $13.8M → $-69.3M → $-30.2M → $-179M → $-32.5M | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | deteriorating; no threshold configured; confidence high | Primary source (2026-06-29) |
| Operating margin | -5.06% (Q4 FY2026) | -43.9% (Q3 FY2026) | 5.02% (Q4 FY2025) | +3882 bps | -1008 bps | 12.2% → 3.72% → -1.84% → 5.02% → -15.2% → -6.4% → -43.9% → -5.06% | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | deteriorating; no threshold configured; confidence high | Primary source (2026-06-29) |
| Revenue | $641.6M (Q4 FY2026) | $408M (Q3 FY2026) | $275M (Q4 FY2025) | +57.2% | +133.3% | $189.5M → $188.5M → $167.6M → $275M → $454.7M → $472.5M → $408M → $641.6M | Stage 2 flags the material quarterly movements as unexplained rather than attributing them to management. Stage 3 must assess the operating, acquisition, and impairment drivers against the cited filings. (unknown) | improving; no threshold configured; confidence high | Primary source (2026-06-29) |
| Total debt | $729M (Q4 FY2026) | — | — | — | — | $729M | No supported explanation | insufficient_data; no threshold configured; confidence low | Primary source (2026-06-29) |
Complete 12-quarter reported history
| KPI | Period | Value | QoQ | YoY | Source |
|---|---|---|---|---|---|
| Capital expenditures | Q4 FY2026 | $16.4M | +30.3% | +92.5% | Primary source (2026-06-29) |
| Capital expenditures | Q3 FY2026 | $12.6M | +16.5% | +227.6% | Primary source (2026-03-11) |
| Capital expenditures | Q2 FY2026 | $10.8M | -52.4% | +115.4% | Primary source (2025-12-10) |
| Capital expenditures | Q1 FY2026 | $22.7M | +166.6% | +318.6% | Primary source (2025-09-10) |
| Capital expenditures | Q4 FY2025 | $8.5M | +121.7% | -6.1% | Primary source (2025-06-25) |
| Capital expenditures | Q3 FY2025 | $3.8M | -23.4% | +1.3% | Primary source (2025-03-05) |
| Capital expenditures | Q2 FY2025 | $5M | -7.6% | -22.5% | Primary source (2024-12-05) |
| Capital expenditures | Q1 FY2025 | $5.4M | -40.2% | +49.5% | Primary source (2024-09-05) |
| Capital expenditures | Q4 FY2024 | $9.1M | +139.2% | — | Primary source (2024-06-27) |
| Capital expenditures | Q3 FY2024 | $3.8M | -41.3% | — | Primary source (2024-03-05) |
| Capital expenditures | Q2 FY2024 | $6.5M | +78.2% | — | Primary source (2023-12-06) |
| Capital expenditures | Q1 FY2024 | $3.6M | — | — | Primary source (2023-09-06) |
| Cash and equivalents | Q4 FY2026 | $377.3M | — | — | Primary source (2026-06-29) |
| Current Assets | Q4 FY2026 | $1.9B | — | — | Primary source (2026-06-29) |
| Current Liabilities | Q4 FY2026 | $439.2M | — | — | Primary source (2026-06-29) |
| Diluted EPS | Q3 FY2026 | -3.15 | -826.5% | -5150.0% | Primary source (2026-03-11) |
| Diluted EPS | Q2 FY2026 | -0.34 | +76.4% | -133.3% | Primary source (2025-12-10) |
| Diluted EPS | Q1 FY2026 | -1.44 | — | -292.0% | Primary source (2025-09-10) |
| Diluted EPS | Q3 FY2025 | -0.06 | -105.9% | -112.0% | Primary source (2025-03-05) |
| Diluted EPS | Q2 FY2025 | 1.02 | +36.0% | +54.5% | Primary source (2024-12-05) |
| Diluted EPS | Q1 FY2025 | 0.75 | — | -10.7% | Primary source (2024-09-05) |
| Diluted EPS | Q3 FY2024 | 0.5 | -24.2% | — | Primary source (2024-03-05) |
| Diluted EPS | Q2 FY2024 | 0.66 | -21.4% | — | Primary source (2023-12-06) |
| Diluted EPS | Q1 FY2024 | 0.84 | — | — | Primary source (2023-09-06) |
| Diluted weighted-average shares | Q3 FY2026 | 49.7M | +0.0% | +77.4% | Primary source (2026-03-11) |
| Diluted weighted-average shares | Q2 FY2026 | 49.7M | +6.1% | +76.7% | Primary source (2025-12-10) |
| Diluted weighted-average shares | Q1 FY2026 | 46.9M | — | +65.8% | Primary source (2025-09-10) |
| Diluted weighted-average shares | Q3 FY2025 | 28M | -0.4% | -0.0% | Primary source (2025-03-05) |
| Diluted weighted-average shares | Q2 FY2025 | 28.1M | -0.5% | +4.4% | Primary source (2024-12-05) |
| Diluted weighted-average shares | Q1 FY2025 | 28.3M | — | +8.0% | Primary source (2024-09-05) |
| Diluted weighted-average shares | Q3 FY2024 | 28M | +4.0% | — | Primary source (2024-03-05) |
| Diluted weighted-average shares | Q2 FY2024 | 27M | +3.0% | — | Primary source (2023-12-06) |
| Diluted weighted-average shares | Q1 FY2024 | 26.2M | — | — | Primary source (2023-09-06) |
| Free cash flow | Q4 FY2026 | $79.1M | +546.8% | +1000.1% | Primary source (2026-06-29) |
| Free cash flow | Q3 FY2026 | $-17.7M | +68.3% | +40.2% | Primary source (2026-03-11) |
| Free cash flow | Q2 FY2026 | $-55.9M | +61.8% | -545.5% | Primary source (2025-12-10) |
| Free cash flow | Q1 FY2026 | $-146.5M | -1566.5% | -739.0% | Primary source (2025-09-10) |
| Free cash flow | Q4 FY2025 | $-8.8M | +70.3% | +57.7% | Primary source (2025-06-25) |
| Free cash flow | Q3 FY2025 | $-29.6M | -241.9% | -160.7% | Primary source (2025-03-05) |
| Free cash flow | Q2 FY2025 | $-8.7M | -137.8% | +42.3% | Primary source (2024-12-05) |
| Free cash flow | Q1 FY2025 | $22.9M | +210.4% | +210.8% | Primary source (2024-09-05) |
| Free cash flow | Q4 FY2024 | $-20.8M | -142.6% | — | Primary source (2024-06-27) |
| Free cash flow | Q3 FY2024 | $48.8M | +425.1% | — | Primary source (2024-03-05) |
| Free cash flow | Q2 FY2024 | $-15M | +27.5% | — | Primary source (2023-12-06) |
| Free cash flow | Q1 FY2024 | $-20.7M | — | — | Primary source (2023-09-06) |
| Gross margin | Q4 FY2026 | 31.6% | +737 bps | -490 bps | Primary source (2026-06-29) |
| Gross margin | Q3 FY2026 | 24.2% | +218 bps | -1349 bps | Primary source (2026-03-11) |
| Gross margin | Q2 FY2026 | 22% | +111 bps | -1704 bps | Primary source (2025-12-10) |
| Gross margin | Q1 FY2026 | 20.9% | -1556 bps | -2207 bps | Primary source (2025-09-10) |
| Gross margin | Q4 FY2025 | 36.5% | -122 bps | -192 bps | Primary source (2025-06-25) |
| Gross margin | Q3 FY2025 | 37.7% | -137 bps | +164 bps | Primary source (2025-03-05) |
| Gross margin | Q2 FY2025 | 39.1% | -392 bps | -260 bps | Primary source (2024-12-05) |
| Gross margin | Q1 FY2025 | 43% | +460 bps | -10 bps | Primary source (2024-09-05) |
| Gross margin | Q4 FY2024 | 38.4% | +233 bps | — | Primary source (2024-06-27) |
| Gross margin | Q3 FY2024 | 36.1% | -561 bps | — | Primary source (2024-03-05) |
| Gross margin | Q2 FY2024 | 41.7% | -143 bps | — | Primary source (2023-12-06) |
| Gross margin | Q1 FY2024 | 43.1% | — | — | Primary source (2023-09-06) |
| Gross profit | Q4 FY2026 | $202.6M | +105.1% | +102.0% | Primary source (2026-06-29) |
| Gross profit | Q3 FY2026 | $98.8M | -5.1% | +56.3% | Primary source (2026-03-11) |
| Gross profit | Q2 FY2026 | $104.1M | +9.4% | +41.4% | Primary source (2025-12-10) |
| Gross profit | Q1 FY2026 | $95.1M | -5.2% | +16.8% | Primary source (2025-09-10) |
| Gross profit | Q4 FY2025 | $100.3M | +58.8% | +32.7% | Primary source (2025-06-25) |
| Gross profit | Q3 FY2025 | $63.2M | -14.2% | -6.1% | Primary source (2025-03-05) |
| Gross profit | Q2 FY2025 | $73.6M | -9.6% | -2.3% | Primary source (2024-12-05) |
| Gross profit | Q1 FY2025 | $81.5M | +7.7% | +24.1% | Primary source (2024-09-05) |
| Gross profit | Q4 FY2024 | $75.6M | +12.4% | — | Primary source (2024-06-27) |
| Gross profit | Q3 FY2024 | $67.3M | -10.7% | — | Primary source (2024-03-05) |
| Gross profit | Q2 FY2024 | $75.4M | +14.8% | — | Primary source (2023-12-06) |
| Gross profit | Q1 FY2024 | $65.7M | — | — | Primary source (2023-09-06) |
| Net income attributable to common | Q4 FY2026 | $-24.1M | +84.6% | -244.6% | Primary source (2026-06-29) |
| Net income attributable to common | Q3 FY2026 | $-156.6M | -815.3% | -8825.4% | Primary source (2026-03-11) |
| Net income attributable to common | Q2 FY2026 | $-17.1M | +74.6% | -326.7% | Primary source (2025-12-10) |
| Net income attributable to common | Q1 FY2026 | $-67.4M | -504.3% | -418.3% | Primary source (2025-09-10) |
| Net income attributable to common | Q4 FY2025 | $16.7M | +1050.1% | +175.6% | Primary source (2025-06-25) |
| Net income attributable to common | Q3 FY2025 | $-1.8M | -123.3% | -112.6% | Primary source (2025-03-05) |
| Net income attributable to common | Q2 FY2025 | $7.5M | -64.4% | -57.7% | Primary source (2024-12-05) |
| Net income attributable to common | Q1 FY2025 | $21.2M | +250.1% | -3.3% | Primary source (2024-09-05) |
| Net income attributable to common | Q4 FY2024 | $6M | -56.5% | — | Primary source (2024-06-27) |
| Net income attributable to common | Q3 FY2024 | $13.9M | -22.2% | — | Primary source (2024-03-05) |
| Net income attributable to common | Q2 FY2024 | $17.8M | -18.5% | — | Primary source (2023-12-06) |
| Net income attributable to common | Q1 FY2024 | $21.9M | — | — | Primary source (2023-09-06) |
| Operating cash flow | Q4 FY2026 | $95.5M | +1970.2% | +36279.2% | Primary source (2026-06-29) |
| Operating cash flow | Q3 FY2026 | $-5.1M | +88.7% | +80.2% | Primary source (2026-03-11) |
| Operating cash flow | Q2 FY2026 | $-45.1M | +63.6% | -1137.9% | Primary source (2025-12-10) |
| Operating cash flow | Q1 FY2026 | $-123.7M | -46765.9% | -536.4% | Primary source (2025-09-10) |
| Operating cash flow | Q4 FY2025 | $-264000 | +99.0% | +97.7% | Primary source (2025-06-25) |
| Operating cash flow | Q3 FY2025 | $-25.8M | -607.4% | -149.0% | Primary source (2025-03-05) |
| Operating cash flow | Q2 FY2025 | $-3.6M | -112.8% | +57.3% | Primary source (2024-12-05) |
| Operating cash flow | Q1 FY2025 | $28.4M | +342.9% | +266.2% | Primary source (2024-09-05) |
| Operating cash flow | Q4 FY2024 | $-11.7M | -122.2% | — | Primary source (2024-06-27) |
| Operating cash flow | Q3 FY2024 | $52.6M | +716.3% | — | Primary source (2024-03-05) |
| Operating cash flow | Q2 FY2024 | $-8.5M | +50.0% | — | Primary source (2023-12-06) |
| Operating cash flow | Q1 FY2024 | $-17.1M | — | — | Primary source (2023-09-06) |
| Operating income / EBIT | Q4 FY2026 | $-32.5M | +81.9% | -334.9% | Primary source (2026-06-29) |
| Operating income / EBIT | Q3 FY2026 | $-179M | -492.4% | -5699.7% | Primary source (2026-03-11) |
| Operating income / EBIT | Q2 FY2026 | $-30.2M | +56.4% | -531.4% | Primary source (2025-12-10) |
| Operating income / EBIT | Q1 FY2026 | $-69.3M | -601.4% | -400.4% | Primary source (2025-09-10) |
| Operating income / EBIT | Q4 FY2025 | $13.8M | +547.6% | +132.4% | Primary source (2025-06-25) |
| Operating income / EBIT | Q3 FY2025 | $-3.1M | -144.1% | -121.5% | Primary source (2025-03-05) |
| Operating income / EBIT | Q2 FY2025 | $7M | -69.6% | -72.2% | Primary source (2024-12-05) |
| Operating income / EBIT | Q1 FY2025 | $23.1M | +287.9% | -12.5% | Primary source (2024-09-05) |
| Operating income / EBIT | Q4 FY2024 | $5.9M | -58.5% | — | Primary source (2024-06-27) |
| Operating income / EBIT | Q3 FY2024 | $14.3M | -43.1% | — | Primary source (2024-03-05) |
| Operating income / EBIT | Q2 FY2024 | $25.2M | -4.5% | — | Primary source (2023-12-06) |
| Operating income / EBIT | Q1 FY2024 | $26.4M | — | — | Primary source (2023-09-06) |
| Operating margin | Q4 FY2026 | -5.06% | +3882 bps | -1008 bps | Primary source (2026-06-29) |
| Operating margin | Q3 FY2026 | -43.9% | -3748 bps | -4204 bps | Primary source (2026-03-11) |
| Operating margin | Q2 FY2026 | -6.4% | +884 bps | -1011 bps | Primary source (2025-12-10) |
| Operating margin | Q1 FY2026 | -15.2% | -2026 bps | -2740 bps | Primary source (2025-09-10) |
| Operating margin | Q4 FY2025 | 5.02% | +686 bps | +201 bps | Primary source (2025-06-25) |
| Operating margin | Q3 FY2025 | -1.84% | -556 bps | -952 bps | Primary source (2025-03-05) |
| Operating margin | Q2 FY2025 | 3.72% | -845 bps | -1021 bps | Primary source (2024-12-05) |
| Operating margin | Q1 FY2025 | 12.2% | +915 bps | -514 bps | Primary source (2024-09-05) |
| Operating margin | Q4 FY2024 | 3.02% | -466 bps | — | Primary source (2024-06-27) |
| Operating margin | Q3 FY2024 | 7.68% | -624 bps | — | Primary source (2024-03-05) |
| Operating margin | Q2 FY2024 | 13.9% | -338 bps | — | Primary source (2023-12-06) |
| Operating margin | Q1 FY2024 | 17.3% | — | — | Primary source (2023-09-06) |
| Revenue | Q4 FY2026 | $641.6M | +57.2% | +133.3% | Primary source (2026-06-29) |
| Revenue | Q3 FY2026 | $408M | -13.6% | +143.4% | Primary source (2026-03-11) |
| Revenue | Q2 FY2026 | $472.5M | +3.9% | +150.7% | Primary source (2025-12-10) |
| Revenue | Q1 FY2026 | $454.7M | +65.3% | +140.0% | Primary source (2025-09-10) |
| Revenue | Q4 FY2025 | $275M | +64.1% | +39.6% | Primary source (2025-06-25) |
| Revenue | Q3 FY2025 | $167.6M | -11.0% | -10.2% | Primary source (2025-03-05) |
| Revenue | Q2 FY2025 | $188.5M | -0.5% | +4.2% | Primary source (2024-12-05) |
| Revenue | Q1 FY2025 | $189.5M | -3.8% | +24.4% | Primary source (2024-09-05) |
| Revenue | Q4 FY2024 | $197M | +5.6% | — | Primary source (2024-06-27) |
| Revenue | Q3 FY2024 | $186.6M | +3.2% | — | Primary source (2024-03-05) |
| Revenue | Q2 FY2024 | $180.8M | +18.7% | — | Primary source (2023-12-06) |
| Revenue | Q1 FY2024 | $152.3M | — | — | Primary source (2023-09-06) |
| Total debt | Q4 FY2026 | $729M | — | — | Primary source (2026-06-29) |
Thesis signals
Thesis pillars
- Demand must sustain the acquired scaleRevenue remains broad and durable after the acquisition step-up rather than depending on a short program cycle or easy comparison.
- GAAP margins must normalizeGross and operating margins recover as purchase accounting and integration costs normalize, proving that scale creates operating leverage.
- Cash conversion must become sustainably positiveQuarterly cash improvement converts the negative FY2026 trailing result into repeatable free cash flow rather than a single favorable quarter.
- Acquired growth must preserve per-share economicsDebt and diluted shares stabilize so integration benefits accrue to each share rather than being absorbed by financing and dilution.
Catalysts
- Integration and control proofClean control remediation, positive trailing free cash flow and improving GAAP margins would demonstrate that acquired scale is converting into durable economics.
- Attributable organic demandA quantified organic-versus-acquired revenue bridge with sustained program breadth would raise confidence in the demand pillar.
Risks
- Integration and controlsMaterial weaknesses, acquisition-accounting complexity and execution risk can delay or obscure economic conversion.
- Cash conversionNegative trailing free cash flow can persist despite reported revenue growth and a positive single quarter.
- Dilution and financingA much larger diluted share base and higher debt can prevent platform growth from reaching owners on a per-share basis.
Monitoring triggers
- Quarterly integration and cash-conversion gateReview revenue, gross margin, operating margin, free cash flow, diluted shares and debt after each filing.
Evidence limits
Conflicts
- None reported.
Gaps
- None reported.
Public sources
- Primary source (2026-06-29)
- Primary source (2026-03-11)
- Primary source (2025-12-10)
- Primary source (2025-09-10)
- Primary source (2025-06-25)
- Primary source (2025-03-05)
- Primary source (2024-12-05)
- Primary source (2024-09-05)
- Primary source (2024-06-27)
- Primary source (2024-03-05)
- Primary source (2023-12-06)
- Primary source (2023-09-06)