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We are the market leader in delivering resilient, next generation, complementary positioning, navigation and timing ( PNT ) solutions designed to overcome the limitations and vulnerabilities of existing space-based Global Navigation Satellite Systems ( GNSS ), including the Global Positioning System ( GPS ). Cellular and electrical distribution systems depend on GPS-based timing, and the mobile…
The business is unprofitable at the operating level (-1535.80% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 19.3% YoY. Margins deteriorated 475.7pp alongside, both lines moving the wrong way.
Negative free cash flow of -$51M. The business is consuming cash, not generating it. Operating margin contracted 475.7pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$4M
▼ -19.3% YoY
Net Income (TTM)
-$141M
▼ -85.8% YoY
Op. Margin
-1801.22%
▼ -475.7pp YoY
ROIC
-21.26%
▲ +8.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$49M
▼ -32.4% YoY
Op. Cash Flow (TTM)
-$49M
▼ -33.5% YoY
Net Debt
$139M
Cash & Equiv.
$143M
5Y CAGR: +51.7%
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