Pardon me, sir, but your backlog is shrinking.
And it's not just because you are getting more kiosks delivered and installed.
As of December 31, VEND said that it had a total backlog of 3,956 kiosks. In the most recent announcement, the backlog is down to 3,500.
The drop of 456 kiosks can't be explained by the installs, so a very big chunk of the backlog disappeared for other reasons. We can guess that the Mickelson and Atlanta deals are part of the shrinkage.
That's still a pretty big backlog, but it includes a bunch of those big deals that one would suspect may not be all there when the company wants to provide those kiosks.
So, my guess is that quite a few of the claimed 3,500 kiosk commitments will disappear before they really materialize.
Better start selling more franchises, guys.