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Semiconductors & related devices company · E9 · FY ends Dec · Revenue $32M · -47.40% margin · -$14M FCF
The business is unprofitable at the operating level (-47.40% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 18.2% YoY. Margins deteriorated 48.4pp alongside, both lines moving the wrong way.
ROIC dropped from 0.47% to -16.70%, capital efficiency is deteriorating. Negative free cash flow of -$14M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$32M
▼ -18.2% YoY
Net Income (TTM)
-$7M
▼ -196.4% YoY
Op. Margin
-47.40%
▼ -48.4pp YoY
ROIC
-16.70%
▼ -17.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$14M
▲ +31.3% YoY
Op. Cash Flow (TTM)
-$13M
▲ +29.9% YoY
Net Debt
-$69M
Net Cash Position
Cash & Equiv.
$70M
3Y CAGR: -22.8%
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