Overall Score

Revenue Quality

Revenue generation remains weak relative to capital intensity, with TTM gross margin at -3.7% and operating margin at -12.0%.

Asset turnover is only 1.0x, indicating limited efficiency in converting assets into sales.

Revenue per share of 27.7 is not translating into profitability, as net income per share remains -7.7.

Profitability

TTM net profit margin is -27.9% and EBIT margin is -24.9%, showing persistent operating losses.

Return on equity is -638.7% and return on invested capital is -13.8%, both deeply negative.

Income quality is very low at 0.16, suggesting weak conversion of accounting earnings into cash.

Cash Generation

Free cash flow remains negative, with free cash flow yield at -6.4% and free cash flow to firm negative.

Operating cash flow is negative at -0.14 per ratio terms, and operating cash flow margin is -4.6%.

Capex is still consuming cash, with capex to operating cash flow at -0.82 and capex to revenue at 3.7%.

Balance Sheet

Liquidity is only modest, with current ratio at 1.30 and quick ratio at 0.68.

Leverage remains elevated, with debt to assets at 87.6% and debt to market cap at 67.7%.

Negative equity metrics, including book value per share of -1.46 and tangible book value per share of -1.83, indicate a stressed capital structure.

Business Efficiency

Working capital efficiency is mixed, with working capital turnover at 5.9x but a cash conversion cycle of 117.7 days.

Inventory and receivables are tying up cash, with days inventory outstanding at 71.1 and days sales outstanding at 60.6.

Interest coverage is negative at -3.7x, underscoring weak operating efficiency relative to financing costs.