Regulated Market FocusConcentration on regulated, high‑compliance end markets creates durable demand and higher switching costs. Justice and public safety clients value security, chain‑of‑custody and compliance, supporting multi‑year contracts, renewal stickiness and predictable revenue over months.
Moderate Gross MarginsA near‑50% gross margin gives room to invest in R&D, platform security and service delivery while absorbing pricing pressure. Sustained product margin supports long‑term pathway to profitability as recurring SaaS and transcription volumes scale.
Relative Cash GenerationDespite losses, a strong free cash flow to net income ratio indicates disciplined cash conversion and operational cash focus. This helps preserve liquidity and extend runway, allowing management to prioritize product and contract delivery over short horizons.