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We are an emerging designer, manufacturer, distributor, and service provider of commercial vehicles powered by either electricity or hydrogen energy sources. Our commercial vehicles are designed to serve a variety of fleet and municipal organizations in support of city services, last-mile delivery and other commercial applications.
The business is unprofitable at the operating level (-270.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 61.0% YoY. Margins deteriorated 167.3pp alongside, both lines moving the wrong way.
ROIC dropped from -21.65% to -38.24%, capital efficiency is deteriorating. Negative free cash flow of -$13M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$7M
▼ -61.0% YoY
Net Income (TTM)
-$67M
▼ -62.7% YoY
Op. Margin
-415.21%
▼ -167.3pp YoY
ROIC
-34.01%
▼ -16.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$10M
▲ +43.2% YoY
Op. Cash Flow (TTM)
-$10M
▲ +40.9% YoY
Net Debt
$2M
Cash & Equiv.
$4M
5Y CAGR: +17.1%
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