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Real estate investment trusts company · MD · FY ends Dec · Revenue $10M · -70.72% margin · $662K FCF
The business is unprofitable at the operating level (-71.74% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 0.2% YoY. Margins deteriorated 19.2pp alongside, both lines moving the wrong way.
ROIC dropped from -5.46% to -7.94%, capital efficiency is deteriorating. Net debt of $57M represents 61.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$10M
▼ -0.2% YoY
Net Income (TTM)
-$10M
▼ -23.9% YoY
Op. Margin
-70.72%
▼ -19.2pp YoY
ROIC
-8.17%
▼ -2.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$662K
▲ +119.6% YoY
Op. Cash Flow (TTM)
$662K
▼ -9.1% YoY
Net Debt
$60M
Cash & Equiv.
$289K
5Y CAGR: +22.6%
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