USD 100 million in recurring revenue and 250 million locked in customers [0] is not all that bad an outlook. It would likely rather take exceptional mismanagement to squander it.
The locked-in part is what will screw them. People arent going to stick around with a smallfry version of Computer Associates. They'll find a way to migrate out, and they'll have an SGI final arc soon enough.
I’m not sure what moat they have left. Probably just the friction of people moving their notes to a new platform.