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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$27.1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Insufficient data. Current ROIC on all capital: -7%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
No current price collected.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -50% against ROIC -7% — -43% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -44.8% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 69.2 | 67.8 | 69.8 | 66.3 | — | — | — | — |
| Gross Profit | 30.8 | 32.2 | 30.2 | 33.7 | — | — | — | — |
| R&D | 2.3 | 1.4 | 1.0 | 0.5 | — | — | — | — |
| SG&A | 22.6 | 24.4 | 28.1 | 25.9 | 15.1 | 18.3 | 15.7 | 13.9 |
| Operating Income | 0.1 | -0.4 | -5.1 | -6.3 | -48.1 | -14.2 | -17.6 | -6.0 |
| Income Tax | -0.2 | 0.0 | 0.2 | -5.3 | -2.8 | -3.4 | -4.5 | -3.7 |
| Net Income | -0.7 | -1.8 | -7.7 | 12.2 | -61.5 | -18.4 | -22.1 | -13.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on NOTVQ: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $21.7M covers the $6.3M due within a year 3.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-30 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~7.0% on $804.2M of debt.
Cash of $21.7M is below short-term debt of $402.1M — relies on refinancing/operations.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Cash conversion and accruals. The full answer — share-based compensation, the cash conversion waterfall, working-capital trend — is still being built, so this block states what it measures rather than issuing a verdict.
One year is not a trend. The spec asks for a 3- and 5-year average of FCF/net income precisely because a single year turns on working-capital timing, and that arrives with the full Q2 block.
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $513.0M 100.0% | $490.7M 100.0% | $572.4M 100.0% | $547.7M 100.0% | $89.6M 100.0% | $60.5M 100.0% | $43.6M 100.0% | $26.3M 100.0% | $24.2M 100.0% | $20.4M 100.0% |
| Cost of Revenue | — | — | — | — | $59.4M 66.3% | $42.2M 69.8% | $29.6M 67.8% | $18.2M 69.2% | $16.5M 68.2% | $16.0M 78.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $2.6M 10.5% | $2.7M 13.0% |
| Cost of Services | — | — | — | — | — | — | — | — | $14.0M 57.7% | $13.4M 65.3% |
| Gross Profit | — | — | — | — | $30.2M 33.7% | $18.2M 30.2% | $14.0M 32.2% | $8.1M 30.8% | $7.7M 31.8% | $4.4M 21.6% |
| Research & Development | — | — | — | — | $405K 0.5% | $617K 1.0% | $627K 1.4% | $596K 2.3% | $465K 1.9% | $496K 2.4% |
| Selling, General & Admin | $71.1M 13.9% | $77.0M 15.7% | $104.7M 18.3% | $82.4M 15.1% | $23.2M 25.9% | $17.0M 28.1% | $10.6M 24.4% | $6.0M 22.6% | $4.9M 20.2% | $4.6M 22.4% |
| Total Operating Expenses | — | — | — | — | $35.8M 39.9% | $21.3M 35.2% | $14.2M 32.5% | $8.1M 30.8% | $6.4M 26.5% | $7.5M 36.5% |
| Operating Income | -$30.9M -6.0% | -$86.4M -17.6% | -$81.5M -14.2% | -$263.5M -48.1% | -$5.6M -6.3% | -$3.1M -5.1% | -$153K -0.4% | $14K 0.1% | $1.3M 5.3% | -$3.0M -14.9% |
| Interest Expense | $56.6M 11.0% | $46.9M 9.6% | $43.0M 7.5% | $29.7M 5.4% | $1.7M 1.9% | $1.5M 2.5% | $642K 1.5% | $274K 1.0% | $375K 1.5% | $399K 2.0% |
| Other Income (Expense), net | -$273K -0.1% | $2.5M 0.5% | $237K 0.0% | -$59.3M -10.8% | $13.4M 15.0% | $15K 0.0% | $9K 0.0% | $6K 0.0% | $5K 0.0% | $6K 0.0% |
| Pretax Income | -$87.8M -17.1% | -$130.8M -26.6% | -$124.2M -21.7% | -$352.4M -64.4% | $6.1M 6.8% | -$4.5M -7.5% | -$786K -1.8% | -$254K -1.0% | $908K 3.7% | -$3.2M -15.9% |
| Income Tax Expense | -$19.1M -3.7% | -$21.9M -4.5% | -$19.3M -3.4% | -$15.2M -2.8% | -$4.8M -5.3% | $147K 0.2% | $4K 0.0% | -$60K -0.2% | $24K 0.1% | -$14K -0.1% |
| Net Income | -$68.6M -13.4% | -$108.4M -22.1% | -$105.1M -18.4% | -$337.0M -61.5% | $10.9M 12.2% | -$4.7M -7.7% | -$790K -1.8% | -$194K -0.7% | $884K 3.6% | -$3.2M -15.8% |
| Per Share | ||||||||||
| EPS (Basic) | -$2.11 | -$4.19 | -$4.10 | -$13.84 | $0.83 | -$0.43 | -$0.08 | -$0.02 | $0.11 | -$0.40 |
| EPS (Diluted) | -$2.11 | -$4.19 | -$4.10 | -$13.84 | $0.19 | -$0.43 | -$0.08 | -$0.02 | $0.10 | -$0.40 |
| Weighted Avg Shares (Basic) | 32.5M | 25.9M | 25.6M | 24.4M | 13.2M | 10.9M | 10.4M | 8.8M | 8.2M | 8.1M |
| Weighted Avg Shares (Diluted) | 32.5M | 25.9M | 25.6M | 24.4M | 13.9M | 10.9M | 10.4M | 8.8M | 8.7M | 8.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.