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On March 19, 2026, we consummated and completed the Merger pursuant to the Merger Agreement, as further described below. Following the closing of the Merger, the Company will conduct its operations through two primary business divisions.
The business is unprofitable at the operating level (-3580.37% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 57.3% YoY. Margins deteriorated 1189.3pp alongside, both lines moving the wrong way.
Negative free cash flow of -$11M. The business is consuming cash, not generating it. Operating margin contracted 1189.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$737K
▼ -57.3% YoY
Net Income (TTM)
-$18M
▲ +22.9% YoY
Op. Margin
-2050.47%
▼ -1189.3pp YoY
ROIC
-8.01%
▲ +62.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$11M
▲ +50.0% YoY
Op. Cash Flow (TTM)
-$11M
▲ +50.0% YoY
Net Debt
-$15M
Net Cash Position
Cash & Equiv.
$29M
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