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We caution you that the risks, uncertainties and other factors referenced above may not contain all of the risks, uncertainties and other factors that are important to you. In addition, we cannot assure you that we will realize the results, benefits or outcomes that we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our business…
The business is unprofitable at the operating level (-11.07% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 25.2%, still solid. Margins contracted 33.6pp, which offsets some of the top-line progress.
ROIC dropped from 10.12% to -4.72%, capital efficiency is deteriorating. Negative free cash flow of -$9M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$412M
▲ +25.2% YoY
Net Income (TTM)
-$99M
▼ -3337.5% YoY
Op. Margin
-22.17%
▼ -33.6pp YoY
ROIC
-6.21%
▼ -14.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$47M
▲ +66.9% YoY
Op. Cash Flow (TTM)
-$15M
▲ +1467.2% YoY
Net Debt
$1.54B
Cash & Equiv.
$84M
5Y CAGR: -0.1%
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