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We are a road construction and building materials company offering proprietary, environmentally sustainable materials and seeking to redefine our industry with a clear mission: enabling the Transition to Zero. Our proprietary product BioAsphalt incorporates biochar , a powerful carbon sequestering material, into infrastructure with the goal of reducing emissions, improving performance, and lowe…
The business is unprofitable at the operating level (-4520.97% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 37.9%, still solid. Margins contracted 1326.0pp, which offsets some of the top-line progress.
ROIC dropped from -6.48% to -12.65%, capital efficiency is deteriorating. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$471K
▲ +37.9% YoY
Net Income (TTM)
-$4M
▼ -50.0% YoY
Op. Margin
-934.55%
▼ -1326.0pp YoY
ROIC
-9.23%
▼ -6.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▼ -62.1% YoY
Op. Cash Flow (TTM)
-$3M
▼ -63.4% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$2M
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