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Air transportation, nonscheduled company · DE · FY ends Dec · Revenue $109M · -65.95% margin · -$68M FCF
The business is unprofitable at the operating level (-72.14% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.8% YoY. Margins deteriorated 21.7pp alongside, both lines moving the wrong way.
ROIC dropped from -78.62% to -108.62%, capital efficiency is deteriorating. Negative free cash flow of -$70M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$109M
▼ -10.8% YoY
Net Income (TTM)
-$112M
▼ -47.6% YoY
Op. Margin
-65.95%
▼ -21.7pp YoY
ROIC
-104.59%
▼ -30.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$68M
▼ -6.1% YoY
Op. Cash Flow (TTM)
-$61M
▼ -18.1% YoY
Net Debt
$25M
Cash & Equiv.
$4M
3Y CAGR: +73.9%
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