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We design and manufacture sophisticated technology solutions for applications in smart water management, energy exploration, as well as industrial and Internet of Things. Our seismic equipment and services are marketed to the energy industry and used to locate, characterize and monitor hydrocarbon producing reservoirs.
The business is unprofitable at the operating level (-10.19% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 18.3% YoY. Margins deteriorated 15.4pp alongside, both lines moving the wrong way.
ROIC dropped from 5.21% to -6.81%, capital efficiency is deteriorating. Negative free cash flow of -$30M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$101M
▼ -18.3% YoY
Net Income (TTM)
-$29M
▼ -47.8% YoY
Op. Margin
-30.27%
▼ -15.4pp YoY
ROIC
-19.92%
▼ -12.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$32M
▼ -133.4% YoY
Op. Cash Flow (TTM)
-$25M
▼ -144.8% YoY
Net Debt
-$13M
Net Cash Position
Cash & Equiv.
$13M
5Y CAGR: +4.7%
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