Overall Score

Revenue Quality

Revenue generation remains weak relative to capital intensity, with asset turnover at 0.22x and operating cash flow sales ratio at -0.33x.

Gross margin is still negative at -20.6%, indicating the core business is not yet producing profitable unit economics.

Profitability

Margins remain deeply negative, with EBIT margin at -102.3% and net profit margin at -102.2%.

Returns on capital are severely negative, including ROIC at -79.1% and ROE at -28.3%.

Cash Flow

Operating cash flow remains negative at -$10.7M TTM, and free cash flow is also negative at -$6.8M TTM.

Free cash flow yield is negative at -19.8%, showing the business is still burning cash rather than converting sales into surplus cash.

Balance Sheet

Liquidity is solid, with a current ratio of 3.37x and cash ratio of 3.14x.

Leverage appears manageable, with debt-to-equity at 0.23x and net debt to EBITDA at 0.30x, though EBITDA is negative.

Capital Efficiency

Capital efficiency remains poor, with return on invested capital at -79.1% and return on assets at -22.9%.

Working capital is positive at $88.9M, but the business still shows a negative cash conversion profile with a cash conversion cycle of -16.9 days.