Overall Score

Revenue Quality

Gross profit margin remains very high at 116.3%, indicating strong product economics.

Revenue per share is 0.72, but the business is still unprofitable on a net basis with net margin at -89.1%.

Profitability

Operating margin is deeply negative at -92.7%, showing the core business is still loss-making.

Return on equity is -40.5% and return on invested capital is -36.6%, reflecting weak capital efficiency.

Cash Generation

Free cash flow remains negative, with free cash flow per share at -0.66 and free cash flow yield at -10.1%.

Operating cash flow is also negative, and the company is not yet self-funding.

Balance Sheet

Liquidity is strong with a current ratio of 4.35 and quick ratio of 3.82.

Leverage remains low, with debt-to-equity at 0.06 and debt-to-assets at 0.05.

Operating Efficiency

Asset turnover is modest at 0.35, suggesting limited efficiency in using assets to generate revenue.

Working capital remains positive at 357.4M, but the cash conversion cycle is still unfavorable at -87.7 days.