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That pipeline activity is definitely a solid sign that their order book is finally gaining some serious momentum. With those clients coming back online, the revenue visibility for the next few quarters looks way more promising than before.
The market only pays for proven, repeatable earnings. It's like someone who's been broke for years suddenly earning one month of income, that doesn't mean they've turned their life around. Only when people believe they can earn consistently every month will anyone be willing to "invest" at a higher price. That trust takes time to rebuild, one good quarter won't send the stock flying.
