Overall Score

Revenue Model

Revenue is still generated primarily from a single core business line, with TTM revenue per share at 1.62 and price-to-sales at 0.45.

Gross margin remains healthy at 57.7%, indicating the company can still convert sales into gross profit despite weak overall profitability.

Profitability

TTM operating margin is -16.6% and net margin is -32.2%, showing the business remains meaningfully unprofitable.

Return on invested capital is -12.7% and free cash flow yield is -4.5%, reinforcing that the current model is not generating attractive economic returns.

Balance Sheet Liquidity

Current ratio is 1.08 and quick ratio is 0.94, suggesting only modest near-term liquidity coverage.

Debt remains elevated relative to the company’s market value, with debt-to-market-cap at 2.37 and enterprise value of 102.5M versus a 36.5M market cap.

Operating Efficiency

Working capital turnover is 9.88 and asset turnover is 0.55, indicating the company is extracting some revenue from its asset base.

Cash conversion cycle is 27.8 days, but the benefit is offset by weak operating cash flow and negative operating cash flow ratios.