/
In particular, please read our definitive proxy statement, which will be filed with the SEC in connection with our 2026 annual meeting of stockholders, our quarterly reports on Form 10-Q and any current reports on Form 8-K that we may file from time to time. You can access free of charge on our website copies of these reports as soon as practicable after they are electronically filed with the SEC.
The business is unprofitable at the operating level (-6.77% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 31.8% YoY. Margins deteriorated 7.4pp alongside, both lines moving the wrong way.
Free cash flow declined 138% versus the prior year, cash generation momentum has weakened. ROIC dropped from 1.20% to -7.80%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$68M
▼ -31.8% YoY
Net Income (TTM)
-$5M
▼ -1007.1% YoY
Op. Margin
-7.11%
▼ -7.4pp YoY
ROIC
-7.88%
▼ -9.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2M
▼ -137.6% YoY
Op. Cash Flow (TTM)
$3M
▼ -115.7% YoY
Net Debt
-$10M
Net Cash Position
Cash & Equiv.
$24M
5Y CAGR: +2.2%
Continue Research