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Risk Factors of this Report for a discussion of the risk factors that may impact our current and future operations, and financial condition. Liquidity and Capital Resources Liquidity At December 31, 2025, we had working capital of $18.1 million, as compared to working capital of $18.5 million at December 31, 2024, a decrease of $0.4 million.
11.20% operating margin is respectable but not wide. ROIC at 4.91%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 12.4%, still solid. Margins contracted 8.8pp, which offsets some of the top-line progress.
Free cash flow declined 131% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.60% to 4.91%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$50M
▲ +12.4% YoY
Net Income (TTM)
$3M
▼ -30.8% YoY
Op. Margin
10.58%
▼ -8.8pp YoY
ROIC
4.38%
▼ -2.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$783K
▼ -130.7% YoY
Op. Cash Flow (TTM)
$841K
▼ -20.8% YoY
Net Debt
-$6M
Net Cash Position
Cash & Equiv.
$12M
5Y CAGR: +14.3%
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