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Communications equipment, nec company · E9 · FY ends Dec · Revenue $9M · -95.31% margin · -$9M FCF
The business is unprofitable at the operating level (-95.31% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 17.5% YoY. Margins deteriorated 27.9pp alongside, both lines moving the wrong way.
ROIC dropped from -11.46% to -16.01%, capital efficiency is deteriorating. Negative free cash flow of -$9M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$9M
▼ -17.5% YoY
Net Income (TTM)
-$8M
▼ -82.0% YoY
Op. Margin
-95.31%
▼ -27.9pp YoY
ROIC
-16.01%
▼ -4.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▼ -100.3% YoY
Op. Cash Flow (TTM)
-$9M
▼ -97.9% YoY
Net Debt
-$33M
Net Cash Position
Cash & Equiv.
$35M
5Y CAGR: -18.1%
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