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Services-computer integrated systems design company · MN · FY ends Dec · Revenue $64M · -22.48% margin
The business is unprofitable at the operating level (-15.49% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 12.5%, still solid. Margins contracted 17.3pp, which offsets some of the top-line progress.
Free cash flow declined 339% versus the prior year, cash generation momentum has weakened. ROIC dropped from 2.01% to -10.90%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$64M
▲ +12.5% YoY
Net Income (TTM)
-$19M
▼ -135.9% YoY
Op. Margin
-22.48%
▼ -17.3pp YoY
ROIC
-16.83%
▼ -12.9pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$8M
▼ -339.1% YoY
Op. Cash Flow (FY)
-$8M
▼ -329.2% YoY
Net Debt
$68M
Cash & Equiv.
$2M
5Y CAGR: +26.8%
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