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We design, manufacture, and sell DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle, marine and industrial. We are continuously diversifying our customer base and are selling our products into non-telecommunication markets and applications at an incr…
The business is unprofitable at the operating level (-133.61% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 54.9% YoY. Margins deteriorated 102.3pp alongside, both lines moving the wrong way.
ROIC dropped from -25.99% to -121.13%, capital efficiency is deteriorating. Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$6M
▼ -54.9% YoY
Net Income (TTM)
-$8M
▼ -95.3% YoY
Op. Margin
-115.68%
▼ -102.3pp YoY
ROIC
-143.45%
▼ -95.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -91.2% YoY
Op. Cash Flow (TTM)
-$3M
▼ -97.9% YoY
Net Debt
$186K
Cash & Equiv.
$27K
5Y CAGR: -6.9%
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