I'm not necessarily negative on the company overall or it's profitability, but more so near term revenue projections and its recent past revenue mix.
Cons
* SVT Weapons continues to get pushed back and is now looking like a FY25 award instead of FY24 due to funding constraints.
* SVT part 2 (use of force & JFT) prototype was supposed to happen 2qFY24 but has been pushed back to 3QFY25 through 1QFY27 with an initial RFI only recently released.
* SiVT continues to not be tested outdoors due to challenges handling complex terrain. Prior commentary was that the program wouldn't continue long term with only-indoor capabilities. While I wouldn't be shocked to see that comment get walked back, I'm hesitant to think FY25 is going to be the year it magically works and rolled out broadly.
* STEP program is closer to 0% y/y growth than it is to 50%
* L12 month bookings less the $4m weapon prototyping is the worst it has been since pre-covid
This all said, for what little a random guy's portfolio allocation is worth, VTSI is still my largest position.
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