The Filings Answered What I Assumed Needed an Interview
I had filed "what's the real margin on military-grade-commercial tenders, and how long is the cash cycle" under questions requiring interviews. The published filings answer both, more precisely: gross margin runs 35–39%, normal for hardware; but operating expenses consume it, and operating income has been negative for three straight quarters while reported net income came from non-operating items. The real constraint is inventory — roughly 385 days of it, producing a cash conversion cycle near 377 days. The money in this business isn't stuck in margin, it's stuck in inventory.