Cost Coverage Analysis
Software + Payments Operating Leverage
Interactive view of revenue scale, gross margin expansion, operating expense absorption, and operating income from 2011 to 2025.
2025 total revenue
Derived from gross profit plus total cost of goods & services.
2025 gross margin
Best margin in the available history.
Gross profit / total opex
A value above 1.0x means gross profit fully covers operating expenses.
2025 operating margin
Improved from 2024, but still below breakeven.
Interpretation notes
- Total revenue is computed consistently across the full series as gross profit plus total cost of goods & services; where the CSV provides an alternative revenue field, it matches that total.
- Revenue mix is only visible through 2017 because later periods retain total revenue but do not include separate contract revenue values.
- Gross margin steps up sharply in 2024 and 2025, yet total operating expenses remain above gross profit, so the business still posts operating losses.
The key operating-leverage question is whether gross profit is growing faster than operating expenses. The charts below show that margin quality improved materially, but full opex absorption has not yet returned.
Recent checkpoint table
Last five reported years of scale, profitability, and coverage.
| Year | Revenue | Gross margin | GP / Opex | Operating income |
|---|
Revenue trend and available mix disclosure
Stacked bars show contract revenue versus inferred non-contract revenue where disclosed; the line tracks total revenue across the full period.
Gross profit dollars and gross margin trend
Gross margin stayed near 20% for much of the history, then expanded sharply in 2024–2025.
Opex coverage trajectory
Comparison of gross profit to total operating expenses, with a coverage-ratio line and a 1.0x breakeven guide.
Gross profit versus R&D and administrative spend
Administrative line uses SG&A through 2022 and G&A thereafter, reflecting the labels available in the CSV.
Operating income / loss over time
Bars show operating income while the line shows operating margin, highlighting when revenue scale did or did not convert into profitability.
2025 operating leverage bridge
A waterfall view from 2025 revenue to gross profit to operating income shows how the remaining opex gap still outweighs the improved margin profile.