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Backlog
Represents the value of unfulfilled orders, showing future revenue visibility and overall product demand strength.Backlog has been cyclical since 2022, and Q1’s 14% sequential bounce to ~$282M — fueled by a classified sole‑source ceiling, travel contracts and acquisition-driven bookings — signals renewed commercial momentum that helps justify management’s $135–$165M 2026 guide and explains margin improvement. That said, backlog remains below 2024 peaks and heavily weighted to government work, so revenue conversion and timing risk still pose short‑term execution challenges.
Date | Ending Backlog |
|---|---|
Jun 30, 2026 | $269.60M |
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 |