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Services-miscellaneous business services company · E9 · FY ends Sep · Revenue $37M · -102.01% margin · -$6M FCF
The business is unprofitable at the operating level (-102.01% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 72.9%, still solid. Margins contracted 111.6pp, which offsets some of the top-line progress.
ROIC dropped from 30.44% to -379.86%, capital efficiency is deteriorating. Negative free cash flow of -$6M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$37M
▲ +72.9% YoY
Net Income (TTM)
-$38M
▼ -2330.6% YoY
Op. Margin
-102.01%
▼ -111.6pp YoY
ROIC
-379.86%
▼ -410.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$6M
▼ -1257.6% YoY
Op. Cash Flow (TTM)
-$6M
▼ -1247.0% YoY
Net Debt
-$110K
Net Cash Position
Cash & Equiv.
$251K
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