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We were incorporated in the State of Nevada on March 11, 2005, under the name Treadzone, Inc. We were a shell company with little or no operations until March 1, 2006, when we acquired the exclusive global manufacturing, distribution, sale and use rights to the Leatt-Brace , pursuant to a license agreement between the Company and Xceed Holdings, a company controlled by the Company's Chairman an…
Operating margin is thin at 6.48%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue up 40.6% YoY with margins expanding 13.2pp. However, free cash flow softened 54%, worth monitoring whether this is timing or structural.
Free cash flow declined 54% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$66M
▲ +40.6% YoY
Net Income (TTM)
$4M
▲ +248.0% YoY
Op. Margin
7.42%
▲ +13.2pp YoY
ROIC
8.20%
▲ +12.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$5M
▼ -53.6% YoY
Op. Cash Flow (TTM)
$6M
▼ -35.3% YoY
Net Debt
-$16M
Net Cash Position
Cash & Equiv.
$17M
5Y CAGR: +9.9%
5Y CAGR: -3.6%
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