Revenue USD 180m (ARCe/Cons.: 152/148)Gross margin 74% (ARCe/Cons.: 73%)Adj. EBITDA USD 78m (ARCe/Cons.: 69/66)Order intake USD 194m (ARCe/Cons.: 152/160)Backlog USD 557m (ARCe/Cons.: 543/546)Consensus backlog conversion should come up......leaving ~15% upside to 2026e consensusStock down ~13% over the past month, should trade >15% higher
