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of Our Business We are a manufacturer of new energy high power lithium and sodium batteries that are mainly used in light electric vehicles, electric vehicles, energy storage such as residential energy supply & uninterruptible power supply (UPS) application, and other high-power applications. Our primary product offerings consist of new energy high power lithium and sodium batteries, as well as…
The business is unprofitable at the operating level (-9.45% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 10.5%, still solid. Margins contracted 14.4pp, which offsets some of the top-line progress.
Free cash flow declined 83% versus the prior year, cash generation momentum has weakened. ROIC dropped from 3.13% to -7.40%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$230M
▲ +10.5% YoY
Net Income (TTM)
-$17M
▼ -179.5% YoY
Op. Margin
-11.00%
▼ -14.4pp YoY
ROIC
-12.77%
▼ -10.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$37M
▼ -82.7% YoY
Op. Cash Flow (TTM)
$80M
▲ +22.3% YoY
Net Debt
$41M
Cash & Equiv.
$9M
5Y CAGR: +39.0%
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