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Management s Discussion and Analysis of Financial Condition and Results of Operations. Fiscal years for the financial statements included herein are the fifty-two week periods ended December 27, 2025 (fiscal 2025) and December 28, 2024 (fiscal 2024). 3 PART I Item 1.
The business is unprofitable at the operating level (-9.94% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 11.8% YoY. Margins deteriorated 3.1pp alongside, both lines moving the wrong way.
ROIC dropped from -13.20% to -20.85%, capital efficiency is deteriorating. Operating margin contracted 3.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$8M
▼ -11.8% YoY
Net Income (TTM)
-$871K
▲ +9.5% YoY
Op. Margin
-11.17%
▼ -3.1pp YoY
ROIC
-25.11%
▼ -7.6pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
-$525K
▲ +72.6% YoY
Net Debt
$212K
Cash & Equiv.
$63K
5Y CAGR: -10.9%
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