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Wholesale-computers & peripheral equipment & software company · E9 · FY ends Sep · Revenue $21M · -62.22% margin · -$5M FCF
The business is unprofitable at the operating level (-62.22% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 40.6% YoY. Margins deteriorated 76.8pp alongside, both lines moving the wrong way.
ROIC dropped from 37.59% to -65.71%, capital efficiency is deteriorating. Negative free cash flow of -$5M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$21M
▼ -40.6% YoY
Net Income (TTM)
-$13M
▼ -412.2% YoY
Op. Margin
-62.22%
▼ -76.8pp YoY
ROIC
-65.71%
▼ -103.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$5M
▼ -35.8% YoY
Op. Cash Flow (TTM)
-$5M
▼ -36.5% YoY
Net Debt
-$167K
Net Cash Position
Cash & Equiv.
$185K
3Y CAGR: -8.8%
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