High Gross MarginAn ~86% gross margin indicates the core Boardwalk platform has very favorable unit economics typical of software/SaaS. This durable advantage means revenue growth, if restored, can flow rapidly to operating leverage once fixed costs are controlled or spread across more subscription revenue.
Enterprise SaaS ModelBoardwalk’s cloud enterprise platform targets large organizations and replaces spreadsheet-driven processes, implying sticky, contractable revenue, integration-led switching costs, and multi-year opportunity per account. Structural demand for digital transformation supports sustained addressable market.
Improving Cash-flow TrendWhile FCF remains negative, a material rebound in TTM free cash flow signals improving unit economics or better cost discipline. A sustained improvement reduces near-term financing dependency and, if maintained, supports a credible path to break-even and reinvestment in growth.