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Management s Discussion and Analysis of Financial Condition and Results of Operations. There can be no assurance that future developments will be those that have been anticipated.
The business is unprofitable at the operating level (-1704.12% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 84.8% YoY. Margins deteriorated 1452.6pp alongside, both lines moving the wrong way.
ROIC dropped from -25.60% to -39.67%, capital efficiency is deteriorating. Negative free cash flow of -$2M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$902K
▼ -84.8% YoY
Net Income (TTM)
-$20M
▼ -10.4% YoY
Op. Margin
-1662.86%
▼ -1452.6pp YoY
ROIC
-39.16%
▼ -14.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▲ +27.9% YoY
Op. Cash Flow (TTM)
-$9M
▲ +27.9% YoY
Net Debt
$5M
Cash & Equiv.
$321K
3Y CAGR: -59.8%
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