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We are committed to delivering superior products that challenge industry norms, with the goal of delivering an unmatched customer and adult consumer experience. In achieving this, risk reduction is central to our mission, and we aim to improve the lives of our consumers through cutting-edge research and development.
The business is unprofitable at the operating level (-29.69% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 16.1% YoY. Margins deteriorated 20.5pp alongside, both lines moving the wrong way.
ROIC dropped from -29.85% to -137.26%, capital efficiency is deteriorating. Negative free cash flow of -$8M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$89M
▼ -16.1% YoY
Net Income (TTM)
-$34M
▼ -165.7% YoY
Op. Margin
-37.67%
▼ -20.5pp YoY
ROIC
-576.82%
▼ -107.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$581K
▲ +58.2% YoY
Op. Cash Flow (TTM)
$2M
▲ +59.7% YoY
Net Debt
-$14M
Net Cash Position
Cash & Equiv.
$18M
3Y CAGR: +13.1%
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