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The contractual arrangements may not be as effective as direct ownership in providing us with control over our consolidated VIEs and we may incur substantial costs to enforce the terms of the arrangements. Please refer to the discussion of uncertainties and risks in relation to our VIE Structure on page 12 under Business-Government Regulation contained in Item 1 and page 23 under Risk Factors-R…
The business is unprofitable at the operating level (-47.20% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 73.3% YoY. Margins deteriorated 22.9pp alongside, both lines moving the wrong way.
Negative free cash flow of -$994K. The business is consuming cash, not generating it. Operating margin contracted 22.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$3M
▼ -73.3% YoY
Net Income (TTM)
-$1M
▲ +52.9% YoY
Op. Margin
-39.85%
▼ -22.9pp YoY
ROIC
-26.01%
▲ +21.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$265K
▲ +51.8% YoY
Op. Cash Flow (TTM)
-$237K
▲ +54.9% YoY
Net Debt
-$683K
Net Cash Position
Cash & Equiv.
$720K
5Y CAGR: -36.0%
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