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Services-computer integrated systems design company · DE · FY ends Dec · Revenue $150M · -18.56% margin · -$15M FCF
The business is unprofitable at the operating level (-42.00% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 12.9% YoY. Margins deteriorated 18.1pp alongside, both lines moving the wrong way.
ROIC dropped from -10.27% to -18.85%, capital efficiency is deteriorating. Negative free cash flow of -$25M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$150M
▼ -12.9% YoY
Net Income (TTM)
-$25M
▼ -80.0% YoY
Op. Margin
-18.56%
▼ -18.1pp YoY
ROIC
-9.13%
▼ -8.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▲ +27.5% YoY
Op. Cash Flow (TTM)
-$14M
▲ +34.4% YoY
Net Debt
-$93M
Net Cash Position
Cash & Equiv.
$99M
5Y CAGR: +23.7%
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