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Management s Discussion and Analysis of Financial Condition and Results of Operations within this Form 10-K, in our other filings with the SEC, or in reports to our stockholders. These statements are only predictions based on our current expectations and projections about future events.
The business is unprofitable at the operating level (-22.78% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 30.8% YoY. Margins deteriorated 26.0pp alongside, both lines moving the wrong way.
Free cash flow declined 131% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.14% to -49.41%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$30M
▼ -30.8% YoY
Net Income (TTM)
-$12M
▼ -848.3% YoY
Op. Margin
-35.30%
▼ -26.0pp YoY
ROIC
-69.19%
▼ -56.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -131.3% YoY
Op. Cash Flow (TTM)
-$3M
▼ -126.4% YoY
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$5M
5Y CAGR: +4.1%
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