ReposiTrak Inc, formerly Park City Group, reported a solid QQ3 2023 quarter characterized by broad-based recurring revenue strength, excellent gross margins, and a debt-free balance sheet anchored by cash of approximately $22.9 million. Revenue reached $4.80 million, up 6% year over year, with recurring revenue comprising 99.7% of the mix, underscoring the durability of the company’s business model. Operating and net income expanded meaningfully, delivering GAAP net income of $1.70 million and EPS of $0.08 for the quarter. Importantly, the company is reallocating resources toward its nascent ReposiTrak Traceability Network (RTN) initiative, a large-scale regulatory opportunity driven by FDA Rule 204. Management emphasizes operating leverage, automation, and a disciplined cost base to drive profitability as revenue grows. The long-term growth thesis hinges on (i) RTN scale and adoption, (ii) cross-sell and upsell within the existing customer base, (iii) deployment of new products, and (iv) selective capital allocation (buybacks and dividends) while maintaining a fortress balance sheet. Management projects accelerated revenue and profit growth in fiscal 2024 and beyond as traceability onboarding intensifies and RTN achieves broader market penetration.