When a small-cap finally gets a catalyst, what do you watch next?

Something I've been thinking about lately: a lot of small-cap stocks get attention when they announce a new contract, acquisition, product launch, partnership, or expansion.

But that's usually when the real work starts.

I'm more interested in what happens **after** the headline.

Does the catalyst actually translate into:

* Higher revenue?
* Better margins?
* New customers?
* Recurring revenue?
* Improved cash flow?
* Less reliance on dilution?
* Actual expansion of the underlying business?

I've seen plenty of small caps announce something that sounds great, only for the numbers six months later to tell a completely different story.

So when you find a company with an interesting catalyst, **what do you look at first in the next earnings report?**