Revenue past 2 quarters has been supported by the monster $16mm deal. If they don't sign some new business that's meaningful this thing will drop like an A-Bomb when the numbers are hollow. Also, the track record of this management team is HORRIFIC.
The reason is HISTORY. The mgt. team has been in place many years and never gets anywhere and always talks about pipeline, new products and new deals. IF they announce a $25mm contract stock WILL move like it did when they announced the $16mm one they are recognizing now.
I bounce between thinking they are deceptive and borderline thieves to they are just poor managers. I'm not sure which it is very difficult to accuse someone of a deliberate action based on innuendo, but neither scenario builds a case where I am comfortable investing in the frm which is why I no longer hold NTWK shares; but like to watch it. Management team is critical with any company and this family give lots of reasons to be cncerned; not just because of what the OP calls out!