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The business is unprofitable at the operating level (-34.80% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 70.5% YoY. Margins deteriorated 34.3pp alongside, both lines moving the wrong way.
ROIC dropped from -1.38% to -27.70%, capital efficiency is deteriorating. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$7M
▼ -70.5% YoY
Net Income (TTM)
$7M
▲ +491.1% YoY
Op. Margin
-52.38%
▼ -34.3pp YoY
ROIC
-34.85%
▼ -26.3pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$3M
▲ +34.8% YoY
Op. Cash Flow (FY)
-$3M
▲ +34.7% YoY
Net Debt
-$3M
Net Cash Position
Cash & Equiv.
$4M
5Y CAGR: -0.1%
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