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Investments Thesis
➢ CWMS 3.0 expands the earnings ceiling; the $3.1B ceiling is not guaranteed revenue.
➢ The $13M CWMS 2.5 bridge protects continuity through the protest.
➢ ATV adds about $9M of annual SaaS revenue at an estimated 70% gross margin.
➢ H1 2026 delivered $1.4M of adjusted EBITDA and two positive EPS quarters.
➢ $10.0M of cash and no bank debt fund the ramp; working capital remains tight.
➢ $14.25 target earns a 75% success path and a 25% loss-or-delay path.
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