NNUPD’s QQ3 2024 results show a meaningful topline expansion with a 16.2% year-over-year revenue increase and a 45.6% sequential gain, culminating in revenue of USD 668.4 thousand and a gross profit of USD 380.3 thousand for the quarter. Despite the strong revenue growth and cash generation, the company remains unprofitable at the operating and net levels, delivering an operating loss of USD 482.3 thousand and a net loss of USD 251.1 thousand. The quarterly free cash flow stood at USD 440.1 thousand, supported by positive operating cash flow of USD 441.3 thousand and a sizable inflow from investments maturities of USD 5.823 million, contributing to a cash balance of USD 10.941 million at quarter end. This juxtaposition of improving top-line dynamics and persistent profitability challenges frames the core investment question: can the company convert revenue momentum into durable earnings while maintaining strong liquidity?
Key Performance Indicators
Revenue
Increasing
668.40K
QoQ: 45.62% | YoY: 16.22%
Gross Profit
Increasing
380.30K
56.90% margin
QoQ: 65.13% | YoY: 43.46%
Operating Income
Increasing
-482.30K
QoQ: 57.78% | YoY: 29.04%
Net Income
Increasing
-251.10K
QoQ: 75.02% | YoY: 44.61%
EPS
Increasing
-0.02
QoQ: 75.03% | YoY: 49.04%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: USD 668.4k; YoY growth 16.22%, QoQ growth 45.62%; Gross Profit: USD 380.3k; Gross Margin: 56.90%; EBITDA: USD -241.3k; EBITDARatio: -0.361; Operating Income: USD -482.3k; Operating Margin: -72.16%; Net Income: USD -251.1k; Net Margin: -37.57%; EPS: -0.0239; Weighted Avg Shares: 10.5089M; Cash Flow: Operating cash flow USD 441.3k; Free Cash Flow USD 440.1k; Net Change in Cash USD 6.263M; Cash at End USD 10.941M; Current Ratio 3.26; Quick Ratio 3.17; Cash Ratio 2.81; DSO 168.78 days; DIO 109.81 days; DPO 21.37 days; CCC 257.22 days; Debt:USD 51.8k short-term; Net Debt:USD -10.8891M; Equity: USD 10.1855M; Total Assets: USD 14.1765M; P/S: 32.54; EV/Sales: negative; P/B: 2.14; P/FCF: 49.43; Leverage metrics show very low debt load with substantial cash.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
668.40K
16.22%
45.62%
Gross Profit
380.30K
43.46%
65.13%
Operating Income
-482.30K
29.04%
57.78%
Net Income
-251.10K
44.61%
75.02%
EPS
-0.02
49.04%
75.03%
Key Financial Ratios
Gross Profit Margin
Good
56.90%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Weak
-0.72%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-0.38%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.02%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.02%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.26
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.01
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-21.66x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
2.14x
Price-to-book ratio reasonable for profitable companies
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