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Crude petroleum & natural gas company · X1 · FY ends Dec · Revenue $345M · -30.31% margin
The business is unprofitable at the operating level (-7.63% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 41.8%, still solid. Margins contracted 5.2pp, which offsets some of the top-line progress.
Operating margin contracted 5.2pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$345M
▲ +41.8% YoY
Net Income (TTM)
-$98M
▼ -192.0% YoY
Op. Margin
-30.31%
▼ -5.2pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$121M
▲ +8.1% YoY
Net Debt
$269M
Cash & Equiv.
$8M
3Y CAGR: +17.6%
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