Recurring Monitoring RevenueHigh-margin recurring monitoring revenue (22% growth; 95% gross margin) increases revenue visibility and durability. An expanding installed base of remote endpoints drives subscription-like cashflows, raising predictability, improving lifetime customer value, and insulating profits from hardware cyclicality.
Margin ExpansionSustained gross margin improvement (76.8%, +400bps) reflects a higher mix of monitoring revenue and better hardware economics from next‑gen products. Higher baseline margins support long‑run operating leverage, enabling durable profitability even if top‑line growth is lumpy.
Balance Sheet & Cash GenerationMaterial improvement in cash generation (OCF +131%, positive FCF 2024–2025) alongside very low leverage and positive equity restores financial flexibility. A stronger cash position and no debt support organic growth, R&D and partnership investments with lower refinancing risk.