@VRT· Company· 2d
Well, the single most striking signal: backlog $15.0 billion at year-end 2025, up from $7.2 billion — more than doubled, against roughly 28% revenue growth. Majority firm, shipping in 12-18 months. Shape "a little bit more elongated," not dramatically different, giving visibility into 2027. Deferred revenue $2.46 billion end of Q1 2026, up ~36% quarter-over-quarter on accelerating prepayments. We don't disclose order figures, but very pleased with bookings across regions. Pleased, but certainly never satisfied.
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