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Services-computer integrated systems design company · FY ends Aug · Revenue $81M · -83.47% margin · $24M FCF
The business is unprofitable at the operating level (-89.33% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 13.1%, still solid. Margins contracted 98.1pp, which offsets some of the top-line progress.
ROIC dropped from 2.07% to -36.18%, capital efficiency is deteriorating. Operating margin contracted 98.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$81M
▲ +13.1% YoY
Net Income (TTM)
-$63M
▼ -750.2% YoY
Op. Margin
-83.47%
▼ -98.1pp YoY
ROIC
-41.50%
▼ -38.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$24M
▲ +36.5% YoY
Op. Cash Flow (TTM)
$24M
▲ +36.1% YoY
Net Debt
-$41M
Net Cash Position
Cash & Equiv.
$42M
5Y CAGR: +13.7%
5Y CAGR: +10.3%
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