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Our Strategy In 2024, we announced a new business strategy that reflects a renewed focus on developing and marketing our AI-enabled software, edge and services offerings. This transition entailed significant operational changes during calendar years 2024 and 2025, including reduction of what had historically been the source of most of our revenue (battery resales), adjustments to the way we dev…
The business is unprofitable at the operating level (-35.64% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 8.1%, steady but not accelerating.
Net debt of $148M represents 21.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$153M
▲ +8.1% YoY
Net Income (TTM)
$144M
▲ +116.1% YoY
Op. Margin
-31.92%
▲ +545.0pp YoY
ROIC
-19.75%
▲ +76.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$10M
▲ +118.6% YoY
Op. Cash Flow (TTM)
-$10M
▲ +118.7% YoY
Net Debt
$158M
Cash & Equiv.
$37M
5Y CAGR: +33.9%
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