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Deep sea foreign transportation of freight company · 1T · FY ends Dec · Revenue $21M · -22.06% margin · -$73M FCF
The business is unprofitable at the operating level (-22.06% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.9% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 786% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$73M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$21M
▼ -5.9% YoY
Net Income (TTM)
$6M
▼ -76.5% YoY
Op. Margin
-22.06%
▲ +2.8pp YoY
ROIC
-2.03%
▲ +0.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$73M
▼ -785.8% YoY
Op. Cash Flow (TTM)
-$6M
▼ -158.8% YoY
Net Debt
-$87M
Net Cash Position
Cash & Equiv.
$87M
3Y CAGR: +10.5%
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