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Backlog
Represents the value of unfulfilled orders, showing future revenue visibility and overall product demand strength.Backlog hit a trough across 2022–early 2023, then rebounded sharply through 2024 into mid‑2025—likely reflecting new contract wins and M&A momentum—but a material year‑end 2025 decline signals volatility. Coupled with Q4 revenue weakness from lower Army program volumes and margin pressure, this suggests backlog is concentrated and timing‑sensitive; management’s strong liquidity and acquisitions support growth, but investors should monitor booking quality, government program renewals, and integration execution to judge whether backlog converts into sustainable revenue and profits.
Date | Ending Backlog |
|---|---|
Mar 31, 2026 | $281.92M |
Dec 31, 2025 | $248.06M |
Sep 30, 2025 | $376.42M |
Jun 30, 2025 | $380.43M |
Mar 31, 2025 | $384.93M |
Dec 31, 2024 | $418.31M |
Sep 30, 2024 | $437.49M |
Jun 30, 2024 | $266.50M |
Mar 31, 2024 | $296.20M |
Dec 31, 2023 | $167.81M |