Overall Score

Revenue Quality

Gross margin remains very high at 93.9%, indicating strong unit economics on delivered services.

Revenue per share is only 0.49 while net income margin is deeply negative at -88.2%, showing weak monetization despite healthy gross profit.

Profitability

Operating margin is -81.0% and EBITDA margin is -74.8%, reflecting severe operating losses.

Return on equity is -49.7% and return on invested capital is -20.7%, indicating the business is still destroying capital.

Cash Generation

Operating cash flow is negative and free cash flow is negative, with free cash flow yield at -3.8%.

Cash conversion remains poor, with a cash conversion cycle of 345 days and operating cash flow per share at -0.24.

Balance Sheet

Liquidity is strong with a current ratio of 8.37 and quick ratio of 8.14.

Leverage is manageable with debt-to-equity at 0.99 and net debt to EBITDA near zero, but profitability remains too weak to support a higher score.

Efficiency

Asset turnover is only 0.23, suggesting limited revenue generated per dollar of assets.

Working capital efficiency is weak, with days sales outstanding at 68 and days inventory outstanding at 705.