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The business is unprofitable at the operating level (-76.95% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 8.2% YoY. Margins deteriorated 20.9pp alongside, both lines moving the wrong way.
Negative free cash flow of -$2M. The business is consuming cash, not generating it. Operating margin contracted 20.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$3M
▼ -8.2% YoY
Net Income (TTM)
-$6M
▼ -77.0% YoY
Op. Margin
-120.63%
▼ -20.9pp YoY
ROIC
-63.71%
▲ +470.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▼ -366.6% YoY
Op. Cash Flow (TTM)
-$1M
▼ -355.3% YoY
Net Debt
$8M
Cash & Equiv.
$285K
5Y CAGR: +7.1%
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