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Deep sea foreign transportation of freight company · 1T · FY ends Dec · Revenue $82M · -22.52% margin · $10M FCF
The business is unprofitable at the operating level (-22.52% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 23.5%, still solid. Margins contracted 54.9pp, which offsets some of the top-line progress.
ROIC dropped from 4.07% to -2.82%, capital efficiency is deteriorating. Operating margin contracted 54.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$82M
▲ +23.5% YoY
Net Income (TTM)
$19M
▲ +31.8% YoY
Op. Margin
-22.52%
▼ -54.9pp YoY
ROIC
-2.82%
▼ -6.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$10M
▲ +132.6% YoY
Op. Cash Flow (TTM)
$10M
▼ -76.0% YoY
Net Debt
-$144M
Net Cash Position
Cash & Equiv.
$152M
5Y CAGR: +45.6%
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