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contains information obtained from independent industry sources and other sources that we have not independently verified. 2 PA RT I ITEM 1. Overview We innovate and provide industrial manufacturing solutions for design-to-manufacturing of electronics and mechanical parts.
The business is unprofitable at the operating level (-136.99% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 77.3% YoY with margins expanding 18.1pp.
ROIC dropped from -7.49% to -15.24%, capital efficiency is deteriorating. Negative free cash flow of -$71M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$102M
▲ +77.3% YoY
Net Income (TTM)
-$293M
▼ -196.8% YoY
Op. Margin
-136.99%
▲ +18.1pp YoY
ROIC
-15.24%
▼ -7.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$71M
▼ -237.8% YoY
Op. Cash Flow (TTM)
-$70M
▼ -271.4% YoY
Net Debt
-$172M
Net Cash Position
Cash & Equiv.
$205M
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