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Security & commodity brokers, dealers, exchanges & services company · D8 · FY ends Mar · Revenue $7M · -143.01% margin · $346K FCF
The business is unprofitable at the operating level (-143.01% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 25.9% YoY. Margins deteriorated 172.3pp alongside, both lines moving the wrong way.
ROIC dropped from 19.31% to -67.22%, capital efficiency is deteriorating. Operating margin contracted 172.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$7M
▼ -25.9% YoY
Net Income (TTM)
-$12M
▼ -579.4% YoY
Op. Margin
-143.01%
▼ -172.3pp YoY
ROIC
-67.22%
▼ -86.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$346K
▲ +116.4% YoY
Op. Cash Flow (TTM)
$360K
▲ +119.5% YoY
Net Debt
-$7M
Net Cash Position
Cash & Equiv.
$8M
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