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Motorcycles, bicycles & parts company · Revenue $23M · -17.46% margin · -$2M FCF
The business is unprofitable at the operating level (-17.46% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 9.6%, steady but not accelerating. Margins contracted 8.3pp, which offsets some of the top-line progress.
ROIC dropped from -17.57% to -28.20%, capital efficiency is deteriorating. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$23M
▲ +9.6% YoY
Net Income (TTM)
-$5M
▼ -573.8% YoY
Op. Margin
-17.46%
▼ -8.3pp YoY
ROIC
-28.20%
▼ -10.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$2M
▲ +34.7% YoY
Op. Cash Flow (TTM)
-$2M
▲ +42.0% YoY
Net Debt
$3M
Cash & Equiv.
$2M
3Y CAGR: +8.3%
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