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Recent Development and Events Minority Interest Agreements During the year ended December 31, 2025, we entered into multiple agreements to acquire minority ownership interests and other assets from certain entities. Sydona Enterprises, LLC, d/b/a Schmitty s On September 2, 2025, we executed a Membership Interest Purchase Agreement with Sydona Enterprises, LLC, d/b/a Schmitty s, acquiring a 19.0…
The business is unprofitable at the operating level (-155.03% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 16.6% YoY. Margins deteriorated 48.0pp alongside, both lines moving the wrong way.
Negative free cash flow of -$8M. The business is consuming cash, not generating it. Operating margin contracted 48.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$9M
▼ -16.6% YoY
Net Income (TTM)
-$36M
▼ -95.0% YoY
Op. Margin
-177.18%
▼ -48.0pp YoY
ROIC
-58.97%
▲ +53.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$8M
▼ -7.6% YoY
Op. Cash Flow (TTM)
-$8M
▼ -2.9% YoY
Net Debt
$17M
Cash & Equiv.
$476K
5Y CAGR: +50.0%
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