Overall Score

Revenue Model

Revenue remains minimal at $0.03 per share TTM, while EV/Sales is extremely elevated at 61.2x, indicating a valuation far ahead of current commercial scale.

Gross margin is reported at 100%, but the company is still deeply unprofitable with a -17.6% net margin and negative operating margins.

Profitability

Operating margin is -20.6% and EBITDA margin is -20.1%, showing the core business is still burning cash.

ROA is -78.4% and ROIC is -155.5%, underscoring very poor capital efficiency despite a positive ROE reading that is distorted by negative equity.

Balance Sheet

Liquidity is only modest, with a current ratio of 1.27x and cash ratio of 0.77x, leaving limited cushion.

Debt appears manageable in absolute terms, but negative equity and a solvency ratio below zero indicate a fragile capital structure.

Cash Flow

Operating cash flow and free cash flow remain negative, with FCF yield at -30.0% and OCF yield at -32.3%.

Cash conversion is extremely poor, with a 996.6-day operating cycle and 729.1-day cash conversion cycle driven by very slow receivables collection.

Growth Efficiency

R&D intensity is high at 15.7% of revenue, but the company is not yet converting that spend into positive operating leverage.

SG&A remains heavy at 6.7x revenue, and asset turnover is only 0.04x, indicating very low efficiency in using assets to generate sales.