ReposiTrak reported a solid QQ3 2024 performance highlighted by a 5% quarterly revenue uptick to $5.91 million and a predominantly recurring revenue mix (roughly 100% of revenue). The quarter delivered an 84.6% gross margin and 30.6% operating margin, yielding EBITDA of $2.13 million and net income of $1.97 million ($0.10 per share). Management underscored the ongoing investment in the ReposiTrak Traceability Network (RTN) and the accelerating onboarding pipeline, positioning the company for a substantial multi-year lift in annual recurring revenue (ARR) as suppliers flow through the onboarding sequence. The firm ended the period with a robust balance sheet—approximately $25 million in cash, no debt, and ongoing dividend payments (6–10% dividend coverage implied by cash generation and policy flexibility). A key ongoing theme is the scale of the onboarding opportunity: management has moved from a 1–2% to a potential 5–10% revenue contribution from traceability in the near term, with the queue of FSMA 204 facilities growing meaningfully toward a target of 6,000–10,000 facilities onboardable by mid-2024 and a longer-term runway extending toward 20,000+ suppliers. While the trajectory is compelling, execution risk remains as onboarding cycles extend over 6–9 months before meaningful revenue, and the market remains highly qualitative in nature as awareness among suppliers grows. Overall, TRAK presents a constructive long-term growth story anchored in a defensible cash-rich balance sheet, a high-margin recurring revenue base, and a transformative industry tailwind driven by traceability adoption across retailers and suppliers.