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Deep sea foreign transportation of freight company · 1T · FY ends Dec · Revenue $26M · -70.21% margin · -$22M FCF
The business is unprofitable at the operating level (-70.21% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 35.6%, still solid. Margins contracted 29.5pp, which offsets some of the top-line progress.
ROIC dropped from -7.21% to -16.11%, capital efficiency is deteriorating. Negative free cash flow of -$22M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$26M
▲ +35.6% YoY
Net Income (TTM)
-$18M
▼ -803.5% YoY
Op. Margin
-70.21%
▼ -29.5pp YoY
ROIC
-16.11%
▼ -8.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$22M
▼ -531.5% YoY
Op. Cash Flow (TTM)
-$4M
▼ -533.1% YoY
Net Debt
-$7M
Net Cash Position
Cash & Equiv.
$7M
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