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Company Overview We are a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21 st century aerospace and defense opportunities. We leverage decades of industry expertise and connections across the drone, aviation, and avionics markets to provide leading solutions to the aerospace and defense market.
The business is unprofitable at the operating level (-31.64% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 4.6%, steady but not accelerating. Margins contracted 11.6pp, which offsets some of the top-line progress.
Free cash flow declined 272% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$36M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$88M
▲ +4.6% YoY
Net Income (TTM)
-$18M
▲ +89.4% YoY
Op. Margin
-48.68%
▼ -11.6pp YoY
ROIC
-4.64%
▼ -1.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$45M
▼ -271.6% YoY
Op. Cash Flow (TTM)
-$40M
▼ -251.0% YoY
Net Debt
-$50M
Net Cash Position
Cash & Equiv.
$54M
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