AeroTech Systems (ATS) · Investment Research Case · As of 2026-07-28
Illustrative workflow — reference data · Draft for review
Source-backed post-earnings evidence map connecting reported figures, SEC 10-Q filing extracts, earnings transcript quotes, and consensus model estimates.
Each reported figure or management statement used in the research note appears below with its exact source link and review status.
“Q2 2026 total revenue of $124.5 million (+18.4% YoY)”
SourcedExcel model — Model_v12.xlsx · Summary P&L sheet · cell E5 · value 124,500,000 · as of 2026-07-28
Public filing excerpt — SEC 10-Q filing · Item 1 Financial Statements · p. 8 · as of 2026-07-28
“Total revenue for the second quarter was $124.5 million, up 18.4% from $105.1 million in the second quarter of 2025, driven by expanding enterprise subscriptions.”
“Diluted EPS of $1.42 (+29.1% YoY) beating Wall Street consensus of $1.38”
SourcedPress Release & Filing — earnings-release.md#L11 · 10-Q filing p. 11 · as of 2026-07-28
“Diluted net income per share was $1.42 for the quarter ended June 30, 2026, compared to $1.10 in the prior-year period.”
“Gross margin of 44.5% representing a 180 bps YoY expansion”
Derived — verifiedExcel model — Model_v12.xlsx · Summary P&L sheet · cell E7 · value 55,400,000 · as of 2026-07-28
Excel model — Model_v12.xlsx · Summary P&L sheet · cell E5 · value 124,500,000 · as of 2026-07-28
How it is derived: Gross profit (Summary P&L!E7) divided by total revenue (Summary P&L!E5). Compared against Q2 2025 gross margin (42.7%).
“Annual Recurring Revenue (ARR) reached $142.0 million (+21.2% YoY)”
SourcedEarnings call transcript — Section 2 — CEO Opening Remarks · transcript-excerpt.md#L11 · as of 2026-07-28
“We closed Q2 with Annual Recurring Revenue crossing $142.0 million, representing 21.2% year-over-year growth as net retention remained high at 114%.”
“Full-year FY2026 revenue guidance raised to $495.0M – $505.0M”
Derived — needs analystPublic filing excerpt — 10-Q Q2 2026 · Item 2 MD&A · p. 18 · as of 2026-07-28
“Management is updating full-year revenue expectations to $495.0 million to $505.0 million, up from previous guidance of $485.0 million to $495.0 million.”
What to verify: Confirm whether the updated guidance range incorporates projected Q4 enterprise software rollouts or relies on accelerated professional services delivery.
“Gross margin expansion of 100-150 bps depends on cloud infrastructure migration completion”
Unresolved — escalateInternal research note — Guidance Sensitivity Analysis · as of 2026-07-29
“Margin expansion path assumes full migration to primary cloud vendor by Q3 month 2. If migration slips to Q4, gross margin impact is estimated at -60 bps.”
What to verify: Unresolved timeline risk. Analyst must verify cloud migration completion status with engineering leads before publishing target model.
“Free cash flow conversion of 21.5% supported by working capital improvements”
Sourced — verify before useExcel model — Model_v12.xlsx · CashFlow sheet · cell E16 · value 26,767,500 · as of 2026-07-28
“Free cash flow reached $26.8 million, or 21.5% of revenue, benefiting from early collection on multi-year renewals.”
What to verify: Check whether the cash conversion figure includes one-off tax refund items; confirm normalized operating FCF conversion.
Candidate material rejected at source review. No claim in the research review relies on it.
Unattributed blog post on software valuation multiples
Excluded — source policyUnattributed source: no named author, auditor, or verifiable filing link. Excluded per workflow source policy, so it was excluded from drafting and no claim may cite it.