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Security & commodity brokers, dealers, exchanges & services company · E9 · FY ends Dec · Revenue $7M · -387.02% margin · -$14M FCF
The business is unprofitable at the operating level (-387.02% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 11.4% YoY with margins expanding 130.5pp.
Negative free cash flow of -$14M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$7M
▲ +11.4% YoY
Net Income (TTM)
-$14M
▲ +30.4% YoY
Op. Margin
-387.02%
▲ +130.5pp YoY
ROIC
-7.80%
▲ +0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$14M
▲ +24.1% YoY
Op. Cash Flow (TTM)
-$9M
▲ +48.6% YoY
Net Debt
-$202M
Net Cash Position
Cash & Equiv.
$206M
5Y CAGR: -19.2%
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