Overall Score

Revenue Demand Quality

Revenue per share remains very low at 0.216 and asset turnover is only 0.135, indicating weak demand conversion from the asset base.

Gross margin is 49.1%, but the business is still producing a net loss with net profit margin at -103.3%.

Profitability Operating Leverage

Operating profitability remains deeply negative, with operating margin at -94.8% and EBIT margin at -116.9%.

Returns are still poor, with ROIC at -8.3% and ROE at -18.2%, showing no evidence of operating leverage yet.

Cash Conversion Working Capital

Cash generation remains negative, with free cash flow per share at -0.211 and operating cash flow per share at -0.205.

Working capital is strong on a liquidity basis, with current ratio at 9.1 and cash ratio at 4.75, but the cash conversion cycle is still long at 132.0 days.

Balance Sheet Capital Structure

The balance sheet remains liquid, with current ratio at 9.1 and cash per share of 1.22 supporting near-term flexibility.

Leverage is low, with debt-to-equity at 0.05 and debt-to-assets at 0.045, though negative earnings keep coverage metrics distorted.

Pricing Power Unit Economics

Pricing power appears limited because revenue per share is only 0.216 while SG&A to revenue is above 100%, suggesting overhead is overwhelming the revenue base.

Inventory days remain elevated at 145.1 and the operating cycle is 213.0 days, pointing to inefficient unit economics.