The numbers are starting to align beautifully

Remaining performance obligations, a.k.a. backlog, jumped from $16.5M in 2024 to $55.9M in 2025. A 3.4x move in twelve months. That alone tells a story most of the market hasn't priced in.

Management expects roughly 39% of that $55.9M, around $21.8M, to convert into 2026 revenue. The remaining 61% rolls in thereafter. Clean, contracted, already-signed business sitting on the balance sheet, just waiting to be recognized.

But the real beauty is in what RPOs leave out. Contracts with original durations under twelve months don't even appear in that number. Given the velocity of $SPCB's smaller-ticket deal flow, there's likely another $25-30M+ of shorter-cycle work already embedded in total backlog, invisible to anyone reading the headline figure.

Layer in the new EU contracts coming online and the weekly stream of contract wins out of the ramping US market, and 2026 revenue could realistically print north of $60M. More than double 2025. The US is the strategic theater here, the one with the largest TAM, the highest margins, the longest runway and the best business model (recurring revenue, pay per use). That is the engine.

At $60M in 2026 sales, $SPCB could generate over $3 in EPS. Apply a non-sense 10x multiple, and you get a 3-bagger. Apply a 25x one, well within range for a profitable, growing security tech name with this kind of operating leverage, and you arrive at a $75 share price. From today's levels, that's a potential 9-bagger.

Of course, execution is everything, do you own due diligence, not financial advise. Contract timing slips. Recognition lumps. But the building blocks are visible, contracted, and accelerating. Imho, the market hasn't connected the dots yet.

Worth revisiting our original thesis and Financial & Valuation models.