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These statements represent our expectations or beliefs concerning, among other things, future revenue, earnings, growth strategies, new products and initiatives, dividend policies, future operations and operating results, expense saving initiatives, and future business and market opportunities. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a r…
The business is unprofitable at the operating level (-4.55% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 7.4% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -2.55% to -4.69%, capital efficiency is deteriorating. Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$38M
▼ -7.4% YoY
Net Income (TTM)
-$1M
▼ -254.2% YoY
Op. Margin
-5.06%
▼ -1.5pp YoY
ROIC
-5.87%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$7M
▼ -77.1% YoY
Op. Cash Flow (TTM)
-$7M
▼ -78.1% YoY
Net Debt
-$18M
Net Cash Position
Cash & Equiv.
$21M
5Y CAGR: -8.5%
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