The re-rating bridge: proof-points chip away the old frame or validate it 1 · old frame 2 · fundamentals improve 3 · chip away 4 · re-rating path old frame GAAP losses, dilution insider selling low multiple data + AI story licensing grows share target multiple EBITDA positive data + apps accel cash flow turns + losses narrow re-rate break conditions 5 · break condition feedback: validates old frame

Fundamentals prove out across all four proof-points — the bridge reaches the other shore and the forward multiple re-rates toward the data + AI story.