The vast majority (north of 85%) of software companies never break 5mm in annual revenue. Many never get past 1mm nor break a profit. One reason: software competes globally across the Internet, where local businesses have limited competition. (Stats from an internal dB.)
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I'm not out of my area of competence totally here. You know more but, it feels pretty analogous to me. Helps to be near your manufacturing OR software development team.
Now that I think about it, we've effectively sold software solutions to people in UK, New Zealand, and (!) Japan. Japan was hard, but we figured it out.
