SIF - Worth taking a flyer? Backlog has grown from ~$60 million a year ago to ~$90 million at 3/31 and now up to $122 million as of 6/30! Filings state that they expect to ship a majority of the backlog in the next twelve months, which would be a significant improvement to the ~$80 million revenue generated over the last twelve months. Last time they had backlog levels this high was in late 2019 and the following year were able to deliver $12 million of EBITDA, which would translate to about $0.60 EPS today. Stock ripped up into the mid-teens. Tangible book value per share here is $5.28, so some cushion there relative to the current $3.30 price.
The balance sheet is challenged though, with high levels of debt and their facility is coming due in December. They indicate they have term sheets in hand to refinance, but might be safer to wait until the refinance is in place.
