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Transportation services company · E9 · FY ends Dec · Revenue $40M · -9.98% margin · -$3M FCF
The business is unprofitable at the operating level (-9.98% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 54.6% YoY. Margins deteriorated 10.9pp alongside, both lines moving the wrong way.
ROIC dropped from 1.20% to -6.67%, capital efficiency is deteriorating. Negative free cash flow of -$3M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$40M
▼ -54.6% YoY
Net Income (TTM)
-$6M
▲ +35.4% YoY
Op. Margin
-9.98%
▼ -10.9pp YoY
ROIC
-6.67%
▼ -7.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▲ +73.2% YoY
Op. Cash Flow (TTM)
-$3M
▲ +74.3% YoY
Net Debt
$3M
Cash & Equiv.
$698K
3Y CAGR: +32.6%
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