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Company Overview We are the leader in silicon and software intellectual property ( IP ) enabling Physical AI - the intelligence embedded directly into billions of devices that connect, sense, and infer data in the real world. While traditional Edge AI focuses on local inference on devices, Physical AI unifies connectivity, sensing, and inference into a cohesive technology fabric.
The business is unprofitable at the operating level (-10.35% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.5%, essentially flat. Margins also contracted 3.3pp. This is a business that needs a catalyst.
Free cash flow declined 1316% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$112M
▲ +2.5% YoY
Net Income (TTM)
-$12M
▼ -21.1% YoY
Op. Margin
-10.72%
▼ -3.3pp YoY
ROIC
-3.05%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$6M
▼ -1316.5% YoY
Op. Cash Flow (TTM)
-$837K
▼ -196.7% YoY
Net Debt
-$194M
Net Cash Position
Cash & Equiv.
$211M
5Y CAGR: +1.8%
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