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Computer communications equipment company · FY ends Dec · Revenue $62M · -19.80% margin · -$3M FCF
The business is unprofitable at the operating level (-19.80% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 6.6%, steady but not accelerating. Free cash flow declined 119% despite revenue growth, conversion is weakening.
Free cash flow declined 119% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$62M
▲ +6.6% YoY
Net Income (TTM)
-$11M
▲ +16.3% YoY
Op. Margin
-19.80%
▲ +3.0pp YoY
ROIC
-7.51%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -119.3% YoY
Op. Cash Flow (TTM)
-$2M
▼ -111.8% YoY
Net Debt
-$36M
Net Cash Position
Cash & Equiv.
$42M
5Y CAGR: -10.4%
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