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Refuse systems company · NV · FY ends Dec · Revenue $87M · -69.12% margin · -$19M FCF
The business is unprofitable at the operating level (-61.13% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 16.3%, still solid. Margins contracted 36.6pp, which offsets some of the top-line progress.
ROIC dropped from -17.17% to -44.25%, capital efficiency is deteriorating. Negative free cash flow of -$16M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$87M
▲ +16.3% YoY
Net Income (TTM)
-$107M
▼ -318.3% YoY
Op. Margin
-69.12%
▼ -36.6pp YoY
ROIC
-51.81%
▼ -27.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$19M
▼ -479.2% YoY
Op. Cash Flow (TTM)
-$19M
▼ -971.4% YoY
Net Debt
$9M
Cash & Equiv.
$4K
5Y CAGR: +135.0%
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