AMANET

Amanet: how much of the backlog is truly firm, and how much still depends on customer choice?

Amanet’s backlog is real and provides visibility, but its contractual firmness is only moderate. A meaningful part of it rests on usage-based services, adjustable retainers, and customer cancellation rights, so backlog quality depends more on customer stickiness than on hard min…

Follow-up

Amanet: is the consulting arm really being rebuilt, or only rearranged?

Amanet has not yet proved a full rebuild of its consulting arm. As of year-end 2025 it is mostly replacing layers: exiting Amgon, adding a small bolt-on through Ran Shtok, and opening a strategic option through the engineering-company MOU, without translating that sequence into…

Follow-up

Amanet: if backlog is growing, why is operating cash still this weak?

Amanet finished 2025 with larger backlog and stable earnings, but with only NIS 3.7 million of operating cash flow. The issue is not immediate liquidity stress, but a payout policy that currently leans more on balance-sheet flexibility than on true profit-to-cash conversion.

Amanet 2025: backlog expanded, but the cash-conversion test is still open

Amanet leaves 2025 with a larger backlog and a stronger technology engine, but the real test has shifted from reported revenue to cash conversion and to the quality of the contracts behind that backlog.