Revenue Recognition

Bookings → billings → revenue · 857 contracts · ratable recognition · synthetic data
TTM revenue
$38.5M
TTM billings
$43.3M
Deferred revenue
$15.8M
billed, not yet earned
RPO
$50.0M
67% current
Unbilled backlog
$34.2M
RPO − deferred

Bookings vs billings vs revenue — monthly

$0.0M$3.8M$7.7M2024-012024-052024-092025-012025-052025-092026-012026-05 ● bookings ● billings ● revenue
The three series everyone conflates. Bookings is lumpy (sales), billings follows invoice schedules (cash), revenue is smooth (ratable). A quarter where bookings spikes and revenue doesn't move is working exactly as designed.

Deferred revenue and RPO — balances

$0M$30M$59M2024-012024-052024-092025-012025-052025-092026-012026-05 ● RPO (booked, unearned) ● Deferred (billed, unearned)

Deferred unwind — when the 15.8M liability becomes revenue

QuarterConverts
Q+1$7.74M
Q+2$5.19M
Q+3$2.62M
Q+4$0.28M

Monthly detail — trailing 12

MonthBookings $MBillings $M Revenue $MDeferred $MRPO $M
2025-07$3.64$2.34$2.43$10.95$38.24
2025-08$3.91$3.50$2.53$11.92$39.62
2025-09$5.13$3.05$2.69$12.28$42.06
2025-10$3.56$3.18$2.83$12.64$42.79
2025-11$6.36$3.78$3.06$13.36$46.09
2025-12$5.04$3.61$3.25$13.72$47.88
2026-01$4.02$4.38$3.39$14.71$48.52
2026-02$5.52$5.69$3.52$16.88$50.51
2026-03$3.04$3.88$3.55$17.21$50.00
2026-04$6.98$5.00$3.77$18.45$53.21
2026-05$4.33$3.50$3.83$18.12$53.72
2026-06$0.00$1.41$3.70$15.83$50.02