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Management s Discussion and Analysis of Financial Condition and Results of Operations, but are also contained elsewhere in this Annual Report. We anticipate that subsequent events and developments may cause our views to change.
The business is unprofitable at the operating level (-239.78% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 3.7%, steady but not accelerating. Margins contracted 58.4pp, which offsets some of the top-line progress.
ROIC dropped from -28.46% to -43.81%, capital efficiency is deteriorating. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2M
▲ +3.7% YoY
Net Income (TTM)
-$5M
▼ -15.4% YoY
Op. Margin
-337.43%
▼ -58.4pp YoY
ROIC
-62.53%
▼ -15.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▲ +23.5% YoY
Op. Cash Flow (TTM)
-$4M
▲ +23.5% YoY
Net Debt
-$3M
Net Cash Position
Cash & Equiv.
$3M
5Y CAGR: -2.0%
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