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We have engaged in manufacturing and sales of recovered and recycled products in Malaysia since 2019. We have two factories about 8,759.83 square meters to produce our products and serve our clients.
The business is unprofitable at the operating level (-126.41% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 35.9% YoY. Margins deteriorated 92.0pp alongside, both lines moving the wrong way.
ROIC dropped from -24.63% to -55.58%, capital efficiency is deteriorating. Negative free cash flow of -$892K. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2M
▼ -35.9% YoY
Net Income (TTM)
-$1M
▼ -126.5% YoY
Op. Margin
-76.21%
▼ -92.0pp YoY
ROIC
-40.01%
▼ -31.0pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$892K
▲ +44.4% YoY
Op. Cash Flow (TTM)
-$343K
▼ -16.3% YoY
Net Debt
$2M
Cash & Equiv.
$79K
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