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Management s Discussion and Analysis of Financial Condition and Results of Operations . These statements are not guarantees of future performance and are subject to numerous risks, uncertainties, and assumptions that are difficult to predict.
The business is unprofitable at the operating level (-19.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 105.7% YoY with margins expanding 72.6pp.
Negative free cash flow of -$22M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$48M
▲ +105.7% YoY
Net Income (TTM)
-$10M
▲ +36.7% YoY
Op. Margin
-12.20%
▲ +72.6pp YoY
ROIC
-10.04%
▲ +43.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$18M
▼ -118.4% YoY
Op. Cash Flow (TTM)
-$15M
▼ -95.1% YoY
Net Debt
-$13M
Net Cash Position
Cash & Equiv.
$16M
3Y CAGR: +209.3%
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