Overall Score

Valuation

Trading at a very low EV/Sales multiple of 0.81x and P/S of 0.20x, suggesting the market is pricing in significant distress.

Price-to-book remains below 1.0x at 0.85x, which supports a discounted valuation case if fundamentals stabilize.

Profitability

TTM margins remain negative, with EBIT margin at -19.8% and net margin at -16.1%, indicating ongoing operating losses.

Returns are deeply negative, including ROE of -68.4% and ROIC of -19.3%, showing poor capital efficiency.

Liquidity Solvency

Current ratio is 1.75x, indicating adequate short-term liquidity despite weak earnings.

Leverage remains elevated with debt-to-equity at 1.75x and debt-to-assets at 56.1%, while interest coverage is negative at -8.7x.

Cash Flow

Operating cash flow and free cash flow remain negative, with OCF margin at -9.1% and FCF margin at -4.9%.

Free cash flow yield is negative at -48.8%, reinforcing that the business is still burning cash.

Operating Efficiency

Receivables are stretched, with days sales outstanding at 342 days and a cash conversion cycle of 313 days.

Asset turnover is 0.91x, but the long collection cycle and weak profitability point to inefficient working capital management.