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Motor vehicles & passenger car bodies company · DE · FY ends Mar · Revenue $18M · -45.22% margin · -$15M FCF
The business is unprofitable at the operating level (-17.93% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 21.0% YoY. Margins deteriorated 28.1pp alongside, both lines moving the wrong way.
Free cash flow declined 483% versus the prior year, cash generation momentum has weakened. ROIC dropped from 10.78% to -15.50%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$18M
▼ -21.0% YoY
Net Income (TTM)
-$10M
▼ -379.2% YoY
Op. Margin
-45.22%
▼ -28.1pp YoY
ROIC
-23.33%
▼ -26.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▼ -482.7% YoY
Op. Cash Flow (TTM)
-$14M
▼ -333.5% YoY
Net Debt
$11M
Cash & Equiv.
$3M
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