Executive Summary
Overview of QQ1 2025 results highlights a stark contrast between top-line economics and the strength of the company’s asset base. Revenue registered a modest USD 186,000 against a cost of revenue of USD 6.48 million, yielding a gross loss of USD 6.29 million and an EBIT/EBITDA print of negative USD 6.53 million. Net income for the quarter was negative USD 6.53 million (EPS -0.18). The negative earnings picture sits alongside a cash-flow story that is surprisingly constructive: cash from operations USD 9.92 million and free cash flow USD 9.92 million, supported by a substantial non-cash depreciation charge of USD 18.94 million and favorable working capital movements. Management commentary (where available) would be essential to interpret the deltas between net income and operating cash flow, but the provided transcript data is not present in the dataset. The balance sheet shows a robust asset base with total assets of USD 914.2 million, led by long-term investments of USD 899.1 million and total long-term debt of USD 395.4 million, yielding a net debt position of USD 392.2 million. Shareholders’ equity stands at USD 477.4 million (book value per share implied by P/B of ~1.08x). The dividend yield is indicated at roughly 1.71%, but the payout in the quarter produced a negative payout ratio in the data, underscoring a complex earnings-to-dividend dynamic in this period. Investors should weigh the ongoing profitability challenges against the strong cash-generating potential and sizable investment base, while monitoring credit quality, deployment of capital, and any management guidance going forward.
Key Performance Indicators
QoQ: -99.34% | YoY:-98.49%
QoQ: -128.84% | YoY:-185.34%
QoQ: -128.90% | YoY:-174.28%
QoQ: -128.90% | YoY:-174.28%
QoQ: -128.57% | YoY:-169.23%
Key Insights
Revenue: USD 186,000; YoY -98.49%; QoQ -99.34%
Gross Profit: USD -6,294,000; Gross Margin: -33.84%
Operating Income: USD -6,526,000; Operating Margin: -35.09%
EBITDA: USD -6,526,000; EBITDARatio: -35.09%
Net Income: USD -6,526,000; Net Margin: -35.09%
EPS: -0.18; EPS Diluted: -0.18; Weighted Avg Shares: 36,688,667
Cash Flow: Net Cash Provided by Operating Activities USD 12,321,000; CFO/Sales Ratio: 0.556
Free Cash Flow: USD 9,919,000
Dividends Paid: USD -8,805,000
Net Change in Cash: USD -30,000...
Financial Highlights
Revenue: USD 186,000; YoY -98.49%; QoQ -99.34%
Gross Profit: USD -6,294,000; Gross Margin: -33.84%
Operating Income: USD -6,526,000; Operating Margin: -35.09%
EBITDA: USD -6,526,000; EBITDARatio: -35.09%
Net Income: USD -6,526,000; Net Margin: -35.09%
EPS: -0.18; EPS Diluted: -0.18; Weighted Avg Shares: 36,688,667
Cash Flow: Net Cash Provided by Operating Activities USD 12,321,000; CFO/Sales Ratio: 0.556
Free Cash Flow: USD 9,919,000
Dividends Paid: USD -8,805,000
Net Change in Cash: USD -30,000; Cash at End of Period: USD 3,190,000; Cash at Beginning: USD 3,220,000
Balance Sheet:
Total Assets: USD 914,206,000
Total Liabilities: USD 436,826,000
Total Stockholders’ Equity: USD 477,380,000
Long-Term Debt: USD 395,385,000; Net Debt: USD 392,195,000
Liquidity & Multiples:
Current Ratio: 0.302; Quick Ratio: 0.302; Cash Ratio: 0.0600
Debt/Equity: 0.828; Debt Ratio: 0.432; Long-Term Debt to Capitalization: 0.453
Book Value per Share implied by P/B: 1.081; Price-to-Book: 1.081; Dividend Yield: 1.71%
Price-to-Sales: 23.26; Price-to-Earnings (Negative): N/A; Price-to-Free-Cash-Flow: 41.87
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
186.00K |
-98.49% |
-99.34% |
| Gross Profit |
-6.29M |
-185.34% |
-128.84% |
| Operating Income |
-6.53M |
-174.28% |
-128.90% |
| Net Income |
-6.53M |
-174.28% |
-128.90% |
| EPS |
-0.18 |
-169.23% |
-128.57% |
Key Financial Ratios
operatingProfitMargin
88%
operatingCashFlowPerShare
$0.34
freeCashFlowPerShare
$0.34
dividendPayoutRatio
-134.9%
priceEarningsRatio
-19.76
Management Commentary
No earnings call transcript data provided in the dataset. Consequently, there are no management quotes or theme-based highlights to group by. Typical themes to expect in a BDC/asset management call would include portfolio performance, credit quality, deployment activity, fee-related earnings, liquidity, and capital deployment strategy. The absence of transcript data limits the ability to quote or contextualize management commentary for QQ1 2025 in this report.
Transcript data not provided in the dataset.
— N/A
Transcript data not provided in the dataset.
— N/A
Forward Guidance
Explicit forward guidance for QQ1 2025 is not present in the provided data. However, several qualitative considerations affect the outlook: (i) the quarter shows material profitability pressure with negative earnings, largely offset by non-cash depreciation and working capital movements, (ii) liquidity appears constrained on a current-asset basis (current ratio 0.302) despite positive operating cash flow, (iii) the balance sheet is anchored by a very large long-term investment base and sizeable long-term debt, which could be leveraged to fund future investments if credit conditions are favorable. Investors should monitor: portfolio credit quality and impairment risk, deployment cadence for long-term investments, recurring cash-flow generation from management fees and interest income, refinancings or debt maturities, and any management guidance on capital deployment strategy and dividend policy. Without formal guidance, the achievability of mid-term targets depends on improving earnings drivers (NAV gains, realized gains on exits, and portfolio yield) and maintaining liquidity facilities.