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Radio & tv broadcasting & communications equipment company · E9 · FY ends Dec · Revenue $171M · -11.44% margin · -$16M FCF
The business is unprofitable at the operating level (-17.52% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 9.5% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$16M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$171M
▼ -9.5% YoY
Net Income (TTM)
-$30M
▲ +48.2% YoY
Op. Margin
-11.44%
▲ +22.4pp YoY
ROIC
-20.50%
▲ +29.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$16M
▲ +24.5% YoY
Op. Cash Flow (TTM)
-$15M
▼ -4.9% YoY
Net Debt
$69M
Cash & Equiv.
$6M
3Y CAGR: -18.7%
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