HWN, Inc., (d/b/a High Wire Network Solutions, Inc.) ( HWN ) was incorporated in Delaware on January 20, 2017. HWN is a global provider of managed cybersecurity, managed networks, and tech enabled professional services delivered exclusively through a channel sales model.
The business is unprofitable at the operating level (-102.09% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 69.0% YoY. Margins deteriorated 57.8pp alongside, both lines moving the wrong way.
ROIC dropped from -127.83% to -202.72%, capital efficiency is deteriorating. Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$8M
▼ -69.0% YoY
Net Income (TTM)
-$8M
▲ +97.3% YoY
Op. Margin
-102.09%
▼ -57.8pp YoY
ROIC
-412.59%
▼ -74.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$2M
▲ +22.8% YoY
Op. Cash Flow (TTM)
-$2M
▲ +22.8% YoY
Net Debt
$797K
Cash & Equiv.
$221K
5Y CAGR: -20.0%
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