Cash flow Horizon Robotics OTC Markets

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HZRBY

US43990G1067

Auto, Truck & Motorcycle Parts

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07-30	How Volkswagen's flying-car dream crashed in China	RE
07-29	Horizon Robotics Sells $450 Million Convertible Bonds	MT

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Published financial data: HORIZON ROBOTICS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	467M	906M	1.55B	2.38B	3.76B
Total Revenues	467M	906M	1.55B	2.38B	3.76B
Cost of Goods Sold, Total	136M	278M	457M	542M	1.33B
Gross Profit	331M	628M	1.09B	1.84B	2.43B
Selling General & Admin Expenses, Total	530M	672M	771M	1.05B	1.36B
Provision for Bad Debts	5.1M	13.04M	20.79M	51.25M	9.58M
R&D Expenses	1.14B	1.88B	2.37B	3.16B	5.15B
Other Operating Expenses	-10.16M	-40.55M	-63.69M	-195M	-337M
Other Operating Expenses, Total	1.67B	2.52B	3.09B	4.06B	6.18B
Operating Income	-1.34B	-1.9B	-2B	-2.22B	-3.76B
Interest Expense, Total	-4.71M	-7.55M	-8.65M	-7.41M	-6.98M
Interest And Investment Income	28.24M	105M	167M	383M	404M
Net Interest Expenses	23.53M	96.98M	159M	376M	397M
Income (Loss) On Equity Invest.	-2.53M	-34.3M	-112M	-557M	-853M
Currency Exchange Gains (Loss)	11.08M	-265M	-40.33M	7.75M	17.29M
Other Non Operating Income (Expenses)	-776M	-6.66B	-4.76B	4.68B	-6.67B
EBT, Excl. Unusual Items	-2.08B	-8.75B	-6.75B	2.28B	-10.87B
Gain (Loss) On Sale Of Investments	-5.29M	29.72M	8.85M	66.66M	402M
Gain (Loss) On Sale Of Assets	-3.14M	-	623K	-	-
EBT, Incl. Unusual Items	-2.09B	-8.72B	-6.74B	2.35B	-10.47B
Income Tax Expense	-26.65M	-4.27M	-5.08M	4.51M	3.32M
Earnings From Continuing Operations	-2.06B	-8.72B	-6.74B	2.35B	-10.47B
Net Income to Company	-2.06B	-8.72B	-6.74B	2.35B	-10.47B
Minority Interest	2.26M	1.02M	32K	72K	354K
Net Income - (IS)	-2.06B	-8.72B	-6.74B	2.35B	-10.47B
Net Income to Common Incl Extra Items	-2.06B	-8.72B	-6.74B	2.35B	-10.47B
Net Income to Common Excl. Extra Items	-2.06B	-8.72B	-6.74B	2.35B	-10.47B
Per Share Items
Net EPS - Basic	-0.81	-3.35	-2.5	0.51	-0.81
Basic EPS - Continuing Operations	-0.81	-3.35	-2.5	0.51	-0.81
Basic Weighted Average Shares Outstanding	2.54B	2.61B	2.7B	4.58B	12.92B
Net EPS - Diluted	-0.81	-3.35	-2.5	-0.17	-0.81
Diluted EPS - Continuing Operations	-0.81	-3.35	-2.5	-0.17	-0.81
Diluted Weighted Average Shares Outstanding	2.54B	2.61B	2.7B	13.41B	12.92B
Normalized Basic EPS	-0.51	-2.1	-1.56	0.31	-0.53
Normalized Diluted EPS	-0.51	-2.1	-1.56	0.11	-0.53
American Depositary Receipts Ratio (ADR)	10	10	10	10	10
Supplemental Items
EBITDA	-1.23B	-1.7B	-1.76B	-1.91B	-3.47B
EBITA	-1.28B	-1.77B	-1.84B	-2.02B	-3.61B
EBIT	-1.34B	-1.9B	-2B	-2.22B	-3.76B
EBITDAR	-1.23B	-1.7B	-1.76B	-1.89B	-3.45B
Effective Tax Rate - (Ratio)	1.27	0.05	0.08	0.19	-0.03
Current Foreign Taxes	11K	4.7M	5.98M	-	-
Total Current Taxes	11K	4.7M	5.98M	9.82M	3.63M
Deferred Foreign Taxes	-26.66M	-8.97M	-11.05M	-	-
Total Deferred Taxes	-26.66M	-8.97M	-11.05M	-5.32M	-312K
Normalized Net Income	-1.3B	-5.47B	-4.22B	1.43B	-6.79B
Interest on Long-Term Debt	4.71M	7.55M	8.65M	7.41M	6.98M
Supplemental Operating Expense Items
Selling and Marketing Expenses	211M	298M	327M	410M	632M
General and Administrative Expenses	319M	374M	443M	638M	726M
Research And Development Expense From Footnotes	1.14B	1.88B	2.37B	3.16B	5.15B
Net Rental Expense, Total	3.9M	4.65M	3.91M	19.73M	19.75M
Imputed Operating Lease Interest Expense	-	12.42K	8.16K	50.04K	97.18K
Imputed Operating Lease Depreciation	-	4.63M	3.9M	19.68M	19.66M
Stock-Based Comp., Other (Total)	196M	174M	342M	563M	993M
Total Stock-Based Compensation	196M	174M	342M	563M	993M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	8.05B	6.61B	11.36B	15.37B	20.19B
Short Term Investments	1.28B	1.2B	-	26.9M	642M
Total Cash And Short Term Investments	9.33B	7.81B	11.36B	15.4B	20.83B
Accounts Receivable, Total	169M	421M	541M	679M	1.76B
Other Receivables	345K	6.72M	20.4M	8M	30.24M
Notes Receivable	-	-	-	-	64.13M
Total Receivables	170M	427M	561M	687M	1.85B
Inventory	114M	364M	791M	585M	1.07B
Restricted Cash	12.86M	2K	710M	-	2.71M
Other Current Assets, Total	283M	200M	116M	526M	362M
Total Current Assets	9.91B	8.8B	13.54B	17.2B	24.12B
Gross Property Plant And Equipment	429M	672M	905M	1.34B	1.71B
Accumulated Depreciation	-134M	-193M	-255M	-359M	-479M
Net Property Plant And Equipment	295M	479M	651M	985M	1.23B
Long-term Investments	73.42M	133M	1.19B	1.67B	4.8B
Other Intangibles, Total	197M	319M	303M	320M	239M
Accounts Receivable Long-Term	-	-	-	24.83M	7.76M
Deferred Tax Assets Long-Term	79.94M	88.92M	99.97M	107M	106M
Other Long-Term Assets, Total	37.79M	71.38M	93.81M	78.11M	111M
Total Assets	10.6B	9.9B	15.87B	20.38B	30.61B
Liabilities
Accounts Payable, Total	8.04M	3.82M	11.16M	14.55M	234M
Accrued Expenses, Total	306M	410M	700M	615M	1.25B
Short-term Borrowings	18.34B	26.45B	39.24B	204M	14.91B
Current Portion of Long-Term Debt	-	-	-	14.67M	20M
Current Portion of Leases	38.25M	50.62M	52.01M	71.75M	74.67M
Current Income Taxes Payable	3K	1.18M	170K	492K	7K
Unearned Revenue Current, Total	5.55M	63.08M	24.88M	249M	266M
Other Current Liabilities	207M	171M	224M	109M	127M
Total Current Liabilities	18.91B	27.15B	40.25B	1.28B	16.88B
Long-Term Debt	-	12.52M	113M	6.78B	508M
Long-Term Leases	77.27M	154M	112M	81.54M	42.66M
Unearned Revenue Non Current	7.57M	15.65M	61.95M	296M	528M
Deferred Tax Liability Non Current	-	-	-	1.63M	16K
Other Non Current Liabilities	-	-	-	31.67M	16.91M
Total Liabilities	18.99B	27.33B	40.54B	8.46B	17.97B
Common Stock, Total	39K	39K	39K	205K	242K
Additional Paid In Capital	124M	146M	146M	34.09B	45.7B
Retained Earnings	-10.11B	-18.83B	-25.57B	-22.79B	-33.26B
Treasury Stock	-	-	-	-	-73.12M
Comprehensive Income and Other	1.59B	1.25B	758M	615M	266M
Total Common Equity	-8.39B	-17.44B	-24.67B	11.91B	12.64B
Minority Interest	250K	-75K	-107K	806K	520K
Total Equity	-8.39B	-17.44B	-24.67B	11.91B	12.64B
Total Liabilities And Equity	10.6B	9.9B	15.87B	20.38B	30.61B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.54B	2.61B	2.43B	13.2B	14.65B
ECS Total Common Shares Outstanding	2.54B	2.61B	2.43B	13.2B	14.65B
Book Value / Share	-3.31	-6.69	-10.14	0.9	0.86
Tangible Book Value	-8.59B	-17.76B	-24.97B	11.59B	12.4B
Tangible Book Value Per Share	-3.39	-6.81	-10.27	0.88	0.85
Total Debt	18.46B	26.67B	39.52B	7.15B	15.55B
Net Debt	9.12B	18.86B	28.16B	-8.25B	-5.28B
Debt Equivalent Oper. Leases	31.23M	37.18M	31.28M	158M	158M
Minority Interest, Total (Incl. Fin. Div)	250K	-75K	-107K	806K	520K
Equity Method Investments, Total	27.08M	64.03M	1.11B	1.04B	1.3B
Account Code - Inventory Valuation	-	-	3	3	3
Inventories - Raw Materials, Total	11.84M	11.31M	22.76M	9.19M	83.13M
Inventories - Work In Process, Total	57.37M	269M	433M	353M	715M
Inventories - Finished Goods, Total	61.84M	101M	360M	239M	305M
Machinery, Total	222M	318M	436M	629M	872M
Full Time Employees	-	-	2.07K	2.08K	2.22K
Part Time Employees	-	-	-	130	176
Accumulated Allowance for Doubtful Accounts (Supple)	10.72M	22.82M	43.35M	92.7M	102M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-2.06B	-8.72B	-6.74B	2.35B	-10.47B
Depreciation & Amortization - CF	77.05M	107M	128M	173M	214M
Amortization of Goodwill and Intangible Assets - (CF)	57.05M	130M	160M	198M	149M
Depreciation & Amortization, Total	134M	237M	289M	371M	363M
Amortization of Deferred Charges, Total - (CF)	19.6M	56.28M	67.86M	67.71M	78.08M
(Gain) Loss From Sale Of Asset	3.49M	238K	1.29M	973K	2.17M
(Gain) Loss on Sale of Investments - (CF)	10.38M	-16.68M	11.94M	-15.41M	-393M
(Income) Loss On Equity Investments - (CF)	2.53M	34.3M	409M	638M	957M
Stock-Based Compensation (CF)	196M	174M	342M	551M	966M
Other Operating Activities, Total	744M	6.92B	4.81B	-4.65B	6.7B
Change In Accounts Receivable	-33.16M	-264M	-141M	-215M	-1.07B
Change In Inventories	-88.89M	-250M	-435M	188M	-516M
Change In Accounts Payable	40K	-4.22M	7.34M	3.31M	220M
Change in Unearned Revenues	-3.01M	57.53M	-38.2M	224M	16.87M
Change in Other Net Operating Assets	-35.56M	216M	-332M	514M	1.04B
Cash from Operations	-1.11B	-1.56B	-1.74B	17.6M	-2.11B
Capital Expenditure	-174M	-196M	-259M	-535M	-472M
Sale of Property, Plant, and Equipment	364K	686K	92K	4M	509K
Divestitures	1.34M	-	-	-	-
Sale (Purchase) of Intangible assets	-49.82M	-353M	-195M	-377M	-230M
Investment in Marketable and Equity Securities, Total	-1.16B	334M	-213M	-1.02B	-4.23B
Cash from Investing	-1.38B	-215M	-667M	-1.93B	-4.93B
Long-Term Debt Issued, Total	-	12.52M	100M	294M	121M
Total Debt Issued	-	12.52M	100M	294M	121M
Long-Term Debt Repaid, Total	-32.18M	-41.3M	-51.49M	-57.23M	-77.15M
Total Debt Repaid	-32.18M	-41.3M	-51.49M	-57.23M	-77.15M
Issuance of Common Stock	-	-	-	5.4B	10.13B
Repurchase of Common Stock	-	-	-	-	-73.12M
Issuance of Preferred Stock	6.35B	255M	7.19B	192M	2.02B
Repurchase of Preferred Stock	-	-	-9.9M	-	-
Other Financing Activities, Total	-16.59M	-13.6M	-8.65M	-18.05M	-11.86M
Cash from Financing	6.3B	212M	7.22B	5.82B	12.11B
Foreign Exchange Rate Adjustments	-50.25M	118M	-56.09M	111M	-258M
Net Change in Cash	3.75B	-1.44B	4.75B	4.01B	4.82B
Supplemental Items
Cash Interest Paid	4.71M	7.55M	8.65M	7.41M	6.98M
Levered Free Cash Flow	-	-1.56B	-1.89B	-895M	-2.22B
Unlevered Free Cash Flow	-	-1.56B	-1.88B	-890M	-2.22B
Change In Net Working Capital	-	289M	877M	-407M	604M
Net Debt Issued / Repaid	-32.18M	-28.79M	48.84M	237M	43.58M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-	-11.57	-9.7	-7.65	-9.21
Return on Total Capital	-	-12.29	-10.38	-8.18	-9.94
Return On Equity %	-	67.52	32.01	-36.81	-85.27
Return on Common Equity	-	67.51	32.01	-36.81	-85.28
Margin Analysis
Gross Profit Margin %	70.92	69.31	70.53	77.25	64.54
SG&A Margin	113.64	74.24	49.67	43.95	36.13
EBITDA Margin %	-264.39	-188.18	-113.62	-79.98	-92.39
EBITA Margin %	-274.46	-195.13	-118.54	-84.78	-96.04
EBIT Margin %	-286.68	-209.46	-128.88	-93.08	-100
Income From Continuing Operations Margin %	-442.14	-962.86	-434.33	98.45	-278.57
Net Income Margin %	-441.66	-962.75	-434.33	98.45	-278.56
Net Avail. For Common Margin %	-441.66	-962.75	-434.33	98.45	-278.56
Normalized Net Income Margin	-278.29	-604.02	-272.04	59.9	-180.73
Levered Free Cash Flow Margin	-	-172.42	-121.64	-37.54	-59.19
Unlevered Free Cash Flow Margin	-	-171.9	-121.29	-37.34	-59.07
Asset Turnover
Asset Turnover	-	0.09	0.12	0.13	0.15
Fixed Assets Turnover	-	2.34	2.75	2.91	3.39
Receivables Turnover (Average Receivables)	-	3.07	3.23	3.91	3.08
Inventory Turnover (Average Inventory)	-	1.16	0.79	0.79	1.61
Short Term Liquidity
Current Ratio	0.52	0.32	0.34	13.46	1.43
Quick Ratio	0.5	0.3	0.3	12.59	1.34
Operating Cash Flow to Current Liabilities	-0.06	-0.06	-0.04	0.01	-0.12
Days Sales Outstanding (Average Receivables)	-	118.89	113.12	93.66	118.43
Days Outstanding Inventory (Average Inventory)	-	313.47	460.71	464.52	226.61
Average Days Payable Outstanding	-	4.1	3.09	13.98	25.01
Cash Conversion Cycle (Average Days)	-	428.26	570.75	544.2	320.02
Long Term Solvency
Total Debt/Equity	-219.88	-152.93	-160.21	59.99	123.05
Total Debt / Total Capital	183.42	288.93	266.08	37.5	55.17
LT Debt/Equity	-0.92	-0.96	-0.91	57.55	4.36
Long-Term Debt / Total Capital	0.77	1.81	1.52	35.97	1.95
Total Liabilities / Total Assets	179.21	276.23	255.38	41.53	58.71
EBIT / Interest Expense	-284.01	-251.33	-231.15	-299.29	-538.38
EBITDA / Interest Expense	-255.55	-219.98	-197.76	-249.28	-486.33
(EBITDA - Capex) / Interest Expense	-292.53	-246	-227.75	-321.41	-553.88
Total Debt / EBITDA	-15.33	-16.06	-23.1	-3.87	-4.58
Net Debt / EBITDA	-7.58	-11.36	-16.46	4.46	1.55
Total Debt / (EBITDA - Capex)	-13.39	-14.36	-20.06	-3	-4.02
Net Debt / (EBITDA - Capex)	-6.62	-10.15	-14.29	3.46	1.36
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	94.05	71.32	53.62	57.67
Gross Profit, 1 Yr. Growth %	-	89.65	74.33	68.27	31.73
EBITDA, 1 Yr. Growth %	-	38.12	3.44	8.14	82.13
EBITA, 1 Yr. Growth %	-	37.96	4.07	9.88	78.61
EBIT, 1 Yr. Growth %	-	41.79	5.41	10.95	69.4
Earnings From Cont. Operations, 1 Yr. Growth %	-	322.59	-22.72	-134.82	-546.17
Net Income, 1 Yr. Growth %	-	323.01	-22.71	-134.82	-546.14
Normalized Net Income, 1 Yr. Growth %	-	321.18	-22.84	-133.83	-575.73
Diluted EPS Before Extra, 1 Yr. Growth %	-	311.8	-25.4	-93.02	364.25
Accounts Receivable, 1 Yr. Growth %	-	148.4	28.63	25.44	159.3
Inventory, 1 Yr. Growth %	-	219.13	117.56	-25.98	82.64
Net Property, Plant and Equip., 1 Yr. Growth %	-	62.56	35.75	51.47	24.82
Total Assets, 1 Yr. Growth %	-	-6.62	60.42	28.38	50.21
Tangible Book Value, 1 Yr. Growth %	-	106.68	40.61	-146.43	6.96
Common Equity, 1 Yr. Growth %	-	107.74	41.44	-148.3	6.09
Cash From Operations, 1 Yr. Growth %	-	40.17	12.02	-101.01	-12.06K
Capital Expenditures, 1 Yr. Growth %	-	12.76	32.07	106.1	-11.81
Levered Free Cash Flow, 1 Yr. Growth %	-	-	20.87	-52.6	148.63
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	20.89	-52.71	149.43
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	82.33	62.23	55.63
Gross Profit, 2 Yr. CAGR %	-	-	81.83	71.27	48.88
EBITDA, 2 Yr. CAGR %	-	-	19.53	5.76	40.34
EBITA, 2 Yr. CAGR %	-	-	19.83	6.94	40.09
EBIT, 2 Yr. CAGR %	-	-	22.25	8.14	37.1
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	80.71	-48.13	24.64
Net Income, 2 Yr. CAGR %	-	-	80.81	-48.12	24.64
Normalized Net Income, 2 Yr. CAGR %	-	-	80.27	-48.91	26.85
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	75.28	-77.16	-43.08
Accounts Receivable, 2 Yr. CAGR %	-	-	78.75	27.03	80.35
Inventory, 2 Yr. CAGR %	-	-	163.5	26.9	16.27
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	48.55	43.39	37.5
Total Assets, 2 Yr. CAGR %	-	-	22.39	43.51	38.87
Tangible Book Value, 2 Yr. CAGR %	-	-	70.47	-19.2	-29.53
Common Equity, 2 Yr. CAGR %	-	-	71.42	-17.34	-28.42
Cash From Operations, 2 Yr. CAGR %	-	-	25.31	-89.37	9.87
Capital Expenditures, 2 Yr. CAGR %	-	-	22.03	64.98	34.82
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-24.31	8.56
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-24.39	8.61
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	72.21	60.7
Gross Profit, 3 Yr. CAGR %	-	-	-	77.19	56.92
EBITDA, 3 Yr. CAGR %	-	-	-	15.6	26.77
EBITA, 3 Yr. CAGR %	-	-	-	16.41	26.88
EBIT, 3 Yr. CAGR %	-	-	-	18.36	25.6
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	4.38	6.28
Net Income, 3 Yr. CAGR %	-	-	-	4.42	6.29
Normalized Net Income, 3 Yr. CAGR %	-	-	-	3.21	7.48
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-40.11	-37.67
Accounts Receivable, 3 Yr. CAGR %	-	-	-	58.85	61.14
Inventory, 3 Yr. CAGR %	-	-	-	72.57	43.28
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	49.51	36.91
Total Assets, 3 Yr. CAGR %	-	-	-	24.36	45.71
Tangible Book Value, 3 Yr. CAGR %	-	-	-	10.51	-11.28
Common Equity, 3 Yr. CAGR %	-	-	-	12.38	-10.17
Cash From Operations, 3 Yr. CAGR %	-	-	-	-74.88	10.59
Capital Expenditures, 3 Yr. CAGR %	-	-	-	45.33	33.9
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	12.52
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	12.56