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Company Overview We are engaged in the business of developing, commercializing and licensing proprietary processes and technologies for the $700+ billion semiconductor industry. Our lead technology, named Mears Silicon Technology , or MST , is a thin film of reengineered silicon.
The business is unprofitable at the operating level (-32496.92% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 51.9% YoY. Margins deteriorated 18174.0pp alongside, both lines moving the wrong way.
ROIC dropped from -62.52% to -71.43%, capital efficiency is deteriorating. Negative free cash flow of -$15M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$72K
▼ -51.9% YoY
Net Income (TTM)
-$21M
▼ -9.4% YoY
Op. Margin
-30533.33%
▼ -18174.0pp YoY
ROIC
-66.86%
▼ -8.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▼ -12.6% YoY
Op. Cash Flow (TTM)
-$15M
▼ -12.4% YoY
Net Debt
-$40M
Net Cash Position
Cash & Equiv.
$41M
5Y CAGR: +0.9%
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