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We are primarily a supplier of original designed and manufactured (ODM) products that include value-added engineering and turn-key solutions. We focus on providing original equipment manufacturers (OEMs) and contract electronic manufacturers (CEMs) with ODM products for their multi-year turn-key projects ( ODM Projects ) and ODM electronic components ( ODM Components ).
The business is unprofitable at the operating level (-2.51% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 32.2% YoY. Margins deteriorated 22.2pp alongside, both lines moving the wrong way.
Free cash flow declined 117% versus the prior year, cash generation momentum has weakened. ROIC dropped from 4.78% to -0.49%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$4M
▼ -32.2% YoY
Net Income (TTM)
-$420K
▼ -51.1% YoY
Op. Margin
-50.58%
▼ -22.2pp YoY
ROIC
-9.01%
▼ -5.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$696K
▼ -116.7% YoY
Op. Cash Flow (TTM)
$714K
▼ -108.2% YoY
Net Debt
-$10M
Net Cash Position
Cash & Equiv.
$10M
5Y CAGR: -9.4%
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