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Introduction The information included in this Report on Form 10-K should be read in conjunction with the consolidated financial statements and related notes in Item 8. This Report also includes trademarks, tradenames and service marks that are the property of others.
The business is unprofitable at the operating level (-3954.28% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 26.0% YoY. Margins deteriorated 2659.9pp alongside, both lines moving the wrong way.
ROIC dropped from -83.61% to -96.03%, capital efficiency is deteriorating. Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$415K
▼ -26.0% YoY
Net Income (TTM)
-$19M
▼ -137.1% YoY
Op. Margin
-3999.79%
▼ -2659.9pp YoY
ROIC
-81.50%
▼ -12.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$5M
▼ -20.3% YoY
Op. Cash Flow (TTM)
-$5M
▼ -20.3% YoY
Net Debt
$119K
Cash & Equiv.
$175K
3Y CAGR: +270.9%
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