Overall Score

Revenue Quality

Gross margin remains very high at 79.7%, indicating strong unit economics.

Revenue per share is 3.36, but profitability remains negative, limiting overall quality.

Profitability

TTM operating margin is -3.3% and net margin is -7.4%, showing the business is still unprofitable.

Return on equity is -94.8% and return on invested capital is -12.6%, reflecting weak capital efficiency.

Cash Flow

Free cash flow is positive, with free cash flow yield at 1.9% and free cash flow to operating cash flow at 91.1%.

Operating cash flow remains thin at 7.6% of revenue, so cash generation is not yet robust.

Balance Sheet

Current ratio is 0.76, indicating short-term liquidity remains tight.

Debt-to-equity is 2.0 and interest coverage is -1.9x, so leverage and earnings coverage remain a concern.

Efficiency

Asset turnover of 1.05x and fixed asset turnover of 5.3x suggest decent asset utilization.

Working capital remains negative at -51.9M, which weighs on operating flexibility.