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As a holding company with no material operations of our own, we conduct our operations through our subsidiaries and in the two years ended June 30, 2023 and 2024, through the VIEs and subsidiaries. Our shares of common stock currently listed on the Nasdaq Capital Markets are shares of our Delaware holding company.
The business is unprofitable at the operating level (-174.11% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 1680.6% YoY with margins expanding 1416.8pp.
ROIC dropped from -17.09% to -30.71%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$11M
▲ +1680.6% YoY
Net Income (TTM)
-$39M
▼ -68.0% YoY
Op. Margin
-147.15%
▲ +1416.8pp YoY
ROIC
-31.23%
▼ -13.6pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$4M
▲ +22.4% YoY
Op. Cash Flow (TTM)
-$4M
▲ +27.1% YoY
Net Debt
$4M
Cash & Equiv.
$237K
5Y CAGR: -20.7%
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