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The business is unprofitable at the operating level (-195.28% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 64.3% YoY. Margins deteriorated 70.8pp alongside, both lines moving the wrong way.
Free cash flow declined 256% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$7M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$7M
▼ -64.3% YoY
Net Income (TTM)
-$14M
▲ +43.9% YoY
Op. Margin
-213.11%
▼ -70.8pp YoY
ROIC
-38.79%
▲ +10.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$5M
▼ -255.6% YoY
Op. Cash Flow (TTM)
-$5M
▼ -255.6% YoY
Net Debt
-$10M
Net Cash Position
Cash & Equiv.
$11M
5Y CAGR: +25.8%
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