Overall Score

Revenue Quality

Revenue quality is weak, with a near-zero gross margin (0.0014%) and negative net margin (-4.24%).

Asset turnover is high at 3.72x, but it is not translating into positive profitability.

Profitability

Operating margin remains negative at -4.48% and EBITDA margin at -3.95%.

Returns are deeply negative, including ROE of -119.35% and ROIC of -90.22%.

Cash Generation

Operating cash flow is negative, with OCF margin at -1.22% and free cash flow margin at -4.24%.

Free cash flow remains negative at -$104.5M, and FCF yield is -6.7%.

Balance Sheet

Liquidity is acceptable with a current ratio of 1.08x and quick ratio of 1.08x.

Leverage appears manageable, with debt-to-equity at 0.15x and net debt to EBITDA at 0.32x.

Efficiency

Working capital turnover is very high at 76.37x, indicating efficient use of capital.

The cash conversion cycle is 48.4 days, driven by 65.3 days of receivables and 17.0 days of payables.