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We are a fast-growing U.S.-based warehousing and logistics service provider that offers a comprehensive package of supply-chain solutions relating to warehouse management and order fulfillment. With the boom of e-commerce and Internet technology, along with the development of global supply chains, a growing number of merchants are seeking to sell their products through international e-commerce …
The business is unprofitable at the operating level (-9.28% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 14.0%, still solid. Margins contracted 14.1pp, which offsets some of the top-line progress.
ROIC dropped from 4.42% to -8.92%, capital efficiency is deteriorating. Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$194M
▲ +14.0% YoY
Net Income (TTM)
-$21M
▼ -306.3% YoY
Op. Margin
-10.34%
▼ -14.1pp YoY
ROIC
-13.27%
▼ -13.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$505K
▲ +35.5% YoY
Op. Cash Flow (TTM)
$2M
▼ -51.2% YoY
Net Debt
$118M
Cash & Equiv.
$3M
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