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Ordnance & accessories, (no vehicles/guided missiles) company · DE · FY ends Mar · Revenue $50M · -60.74% margin · $3M FCF
The business is unprofitable at the operating level (-120.87% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 65.9% YoY. Margins deteriorated 107.3pp alongside, both lines moving the wrong way.
Free cash flow declined 134% versus the prior year, cash generation momentum has weakened. ROIC dropped from -4.21% to -16.16%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$50M
▼ -65.9% YoY
Net Income (TTM)
-$80M
▼ -688.5% YoY
Op. Margin
-60.74%
▼ -107.3pp YoY
ROIC
-10.37%
▼ -11.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$3M
▼ -134.4% YoY
Op. Cash Flow (TTM)
$6M
▼ -115.5% YoY
Net Debt
-$69M
Net Cash Position
Cash & Equiv.
$70M
5Y CAGR: +27.3%
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