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The business is unprofitable at the operating level (-18.18% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 24.7%, still solid. Margins contracted 6.0pp, which offsets some of the top-line progress.
ROIC dropped from -10.17% to -18.26%, capital efficiency is deteriorating. Operating margin contracted 6.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$187M
▲ +24.7% YoY
Net Income (TTM)
-$39M
▼ -62.8% YoY
Op. Margin
-18.18%
▼ -6.0pp YoY
ROIC
-18.26%
▼ -8.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$25M
▲ +51.5% YoY
Op. Cash Flow (TTM)
$25M
▲ +51.0% YoY
Net Debt
$57M
Cash & Equiv.
$20M
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