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Commencing in February 2026 through the date hereof, the Company has sold substantially all of its assets and has ceased business operations, and is in the process of winding down its remaining operations in accordance with the Third Amended Plan. Unless specifically noted or the context clearly requires otherwise, all information set forth in this Form 10-K relates to the Company as it existed…
The business is unprofitable at the operating level (-465.00% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 15.3% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -57.50% to -72.01%, capital efficiency is deteriorating. Negative free cash flow of -$198M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$64M
▼ -15.3% YoY
Net Income (TTM)
-$366M
▼ -34.1% YoY
Op. Margin
-465.00%
▲ +112.0pp YoY
ROIC
-72.01%
▼ -14.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$198M
▲ +29.5% YoY
Op. Cash Flow (TTM)
-$196M
▲ +29.0% YoY
Net Debt
$94M
Cash & Equiv.
$23M
5Y CAGR: +35.5%
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