SPCB → $75.00 by Apr 30, 2027.

# 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 …