One thing to keep in mind, however, is that the backlog is probably for the FMG order of $1.8M. IMO you can't add the FMG order and the inventory as that likely is double counting. It is nice that they probably have shipped the FMG order but it doesn't tell us what the orders are for the rest of the quarter. Still, it does help to understand the lower revenue in Q3. AYSI is virtually guaranteed to have improved revenue in fiscal Q4 over fiscal Q3. They have a number of other nice things going for them as well (new mill, new product, etc.).
Looking at this again, I'm not sure it's right. The cost of "finished goods" should include all costs associated with building those finished goods, including labor. So with a ~50% profit margin, ~$800k in finished goods should represent about $1.6 million in sales next quarter.
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