Movie Quote that May Apply here?"Did he fire six shots or only five?" Well to tell you the truth in all this excitement I kinda lost track myself. But being this is a . 44 Magnum, the most powerful handgun in the world and would blow your head clean off, you've gotta ask yourself one question: "Do I feel lucky?" Well, do ya, punk?
A dreadful Q4 to cap off fiscal 2023. - Revenue of $65.0 million for Q4 2023 versus $111.3 million for Q4 2022, a decrease of 41.6%.
- Adjusted EBITDA of $7.6 million for Q4 2023 versus $17.3 million for Q4 2022, a decrease of 56%.
- Net loss of $26.9 million for full year 2023 versus net income of $1.8 million in 2022. The current year's net loss includes the non-cash goodwill impairment charge of $15.2 million taken in the Company's Unscripted cash generating unit (CGU) in Q3 2023.4
If you look at the year it's a little better. but vastly higher revenues with lower EBITDA is not a great look. - Full year revenue of $475.4 million versus $304 million in 2022, an increase of 56.2%.
- Full year Adjusted EBITDA of $32.6 million versus $34.6 million, a decrease of 5.8%.
Looks like this year is not going to be great either.
"As anticipated, however, the WGA and SAG-AFTRA strikes of 2023 slowed progress in key areas of our business, and as such
we are expecting 2024 to be less representative of the output and earnings we have achieved since going public." "As anticipated, however, the WGA and SAG-AFTRA strikes of 2023 slowed progress in key areas of our business, and as such the Company is targeting
Adjusted EBITDA* of approximately $20 million for fiscal 2024. " Here's where's it gets more interesting.
"However, management believes this downturn will be temporary and that industry conditions should normalize, resulting in production levels at Boat Rocker returning to those more typical of past performance."
and
Total Cash of $72.5 million with $37.0 million of Cash Available for Use2 and Debt-Free3
At 90 cents a share , there's a market capitalization of $29.56 million so more cash than the value of the company.
Another thing to remember is Fairfax Financial (34.62% ownership) helped bring this company public at $9 ; currently Fairfax is buying back Farmer's Edge which they took public for $17 a share for 35 cents. Farmer's Edge, in my opinion, may have a more challenging business model than Boat Rocker but is there a chance for a similar outcome ?
So the question to ask yourself here is "
"Do I feel lucky?" Well, do ya, punk?