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We offer IoT connectivity to the Internet ( IoT Connectivity ) and other IoT solutions to our customers. We are one of the largest global independent IoT enablers, delivering critical services to customers that allow them to deploy, manage, and scale their IoT application and use cases, globally.
The business is unprofitable at the operating level (-4.37% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 0.0% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $272M represents 17.2x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$280M
Net Income (TTM)
-$77M
▲ +56.9% YoY
Op. Margin
-5.06%
▲ +31.6pp YoY
ROIC
-3.70%
▲ +21.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$18M
▲ +122.9% YoY
Op. Cash Flow (TTM)
$20M
▲ +102.6% YoY
Net Debt
$270M
Cash & Equiv.
$29M
3Y CAGR: +2.1%
3Y CAGR: +6.6%
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