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Motor vehicle parts & accessories company · DE · FY ends Dec · Revenue $21M · -630.88% margin · -$117M FCF
The business is unprofitable at the operating level (-705.77% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 99.4% YoY with margins expanding 1041.3pp.
ROIC dropped from -73.83% to -92.17%, capital efficiency is deteriorating. Negative free cash flow of -$120M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$21M
▲ +99.4% YoY
Net Income (TTM)
-$146M
▲ +4.5% YoY
Op. Margin
-630.88%
▲ +1041.3pp YoY
ROIC
-161.54%
▼ -18.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$117M
▼ -6.8% YoY
Op. Cash Flow (TTM)
-$110M
▼ -7.6% YoY
Net Debt
$3M
Cash & Equiv.
$100M
5Y CAGR: +30.1%
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