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In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Annual Report, and although we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to ind…
The business is unprofitable at the operating level (-226.00% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 668.3% YoY with margins expanding 2108.2pp.
ROIC dropped from -81.68% to -98.38%, capital efficiency is deteriorating. Negative free cash flow of -$309M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$141M
▲ +668.3% YoY
Net Income (TTM)
-$855M
▲ +15.0% YoY
Op. Margin
-185.41%
▲ +2108.2pp YoY
ROIC
-54.17%
▼ -16.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$299M
▲ +22.4% YoY
Op. Cash Flow (TTM)
-$294M
▲ +22.1% YoY
Net Debt
$65M
Cash & Equiv.
$381M
5Y CAGR: +184.8%
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