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Graphene 3D Lab Inc revenue decreased slightly on 1.3% and EBITDA Margin dropped on 35.2 pp from -52.5% to -87.7%

28.09.2020 • About Graphene 3D Lab Inc ($GGG) • By InTwits

Graphene 3D Lab Inc reported FY2020 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • The company operates at negative EBITDA Margin: -87.7%
  • Graphene 3D Lab Inc spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2016-FY2020 is 0.0%. Average EBITDA Margin for the same period was -113.3%
  • Graphene 3D Lab Inc has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.7%. At the same time it's a lot of higher than industry average of 1.5%.
  • CAPEX is quite volatile: 0 CADm in FY2020, 0 CADm in FY2019, 0 CADm in FY2018, 0 CADm in FY2017, 0 CADm in FY2016
  • The company has unprofitable business model: ROIC is -118.9%
  • It operates with medium-size leverage: Net Debt/EBITDA is 0.9x while industry average is 1.0x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


The company's Revenue decreased slightly on 1.3%. Annual revenue decline showed slowdown in FY20Q4 - revenue surged on 105%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 80.7 pp from -265% to -184% in FY2020.

Gross Margin dropped on 40.7 pp from 62.6% to 21.9% in FY2020. During FY2016-FY2020 Gross Margin topped in FY2018 at 67.9% and was declining since that time. SG&A as a % of Revenue decreased slightly on 1.9 pp from 32.1% to 30.2% in FY2020. During FY2016-FY2020 SG&A as a % of Revenue topped in FY2018 at 40.0% and was declining since that time.

Net Income margin dropped on 46.6 pp from -63.3% to -110% in FY2020.

Return on investment


The company operates at negative ROIC (-118.9%) and ROE (-129.9%). ROIC dropped on 60.1 pp from -58.8% to -119% in FY2020. ROE dropped on 72.0 pp from -57.9% to -130% in FY2020. During FY2016-FY2020 ROIC topped in FY2019 at -58.8%. During the last 5 years ROE topped in FY2019 at -57.9%.

Leverage (Debt)


Debt level is 0.9x Net Debt / EBITDA and Debt / EBITDA. Debt jumped while cash surged on 472%.

Graphene 3D Lab Inc has no short term refinancing risk: cash is higher than short term debt (404.5%).

Financial and operational results


FY ended 31.05.2020

Graphene 3D Lab Inc ($GGG) key annual financial indicators

mln. CAD201620172018201920202020/2019
P&L
Revenue1.0221.4681.1571.2531.236-1.3%
Gross Profit0.2390.6390.7860.7840.271-65.4%
SG&A0.2970.4910.4630.4020.373-7.2%
EBITDA-2.801-1.184-1.228-0.657-1.084
Net Income-2.918-1.347-1.353-0.793-1.359
Balance Sheet
Cash0.1720.0530.5530.1350.776472.5%
Short Term Debt0.0490.0580.0000.0000.192
Long Term Debt0.1290.0780.0000.0000.000
Cash flow
Capex0.0840.0120.0900.0220.000-100.0%
Ratios
Revenue growth2,046.3%43.6%-21.2%8.3%-1.3%
EBITDA growth-42.5%-57.7%3.7%-46.5%64.9%

Gross Margin23.4%43.5%67.9%62.6%21.9%-40.7%
EBITDA Margin-273.9%-80.7%-106.2%-52.5%-87.7%-35.2%
SG&A, % of revenue29.0%33.4%40.0%32.1%30.2%-1.9%
Net Income Margin-285.4%-91.8%-117.0%-63.3%-109.9%-46.6%
CAPEX, % of revenue8.3%0.8%7.8%1.8%0.0%

ROIC-211.0%-104.3%-102.2%-58.8%-118.9%-60.1%
ROE-240.3%-130.4%-111.9%-57.9%-129.9%-72.0%

Graphene 3D Lab Inc ($GGG) key quoterly financial indicators

mln. CADFY20Q1FY20Q2FY20Q3FY20Q4 YoY change
P&L
Revenue0001 -5.7%-32.3%-45.3%105.5%
EBITDA-0-0-0-0 ----
Net Income-0-0-0-0 ----
Balance Sheet
Cash0001 -74.0%-54.6%-62.6%472.5%
Short Term Debt0000 ----
Long Term Debt0000 ----
Ratios
Gross Margin37.5%15.0%38.2%10.2% -16.3%4.4%-39.1%-
EBITDA Margin -63.2% -206.3% -81.5% -58.0% 10.3%-92.4%-76.7%-23.2%
Net Income Margin -92.1% -228.1% -134.8% -64.4% -3.9%-98.3%-118.8%-28.8%

Peers in Basic Materials


Below you can find Graphene 3D Lab Inc benchmarking vs. other companies in Basic Materials industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.

Top companies by Revenue growth, %

Top 5 FY2016 FY2017 FY2018 FY2019 FY2020
Archon Minerals Ltd ($ACS)----13.3%127.6%
Monument Mining Ltd ($MMY)--33.4%22.5%9.1%42.8%
Rochester Resources Ltd ($RCT)-0.0%16.7%-19.2%13.2%
Orbit Garant Drilling Inc ($OGD)-16.4%38.3%-11.7%-9.8%
Monarques Gold Corp ($MQR)---5.1%-78.9%
 
Median (5 companies)6.2%-16.7%19.6%-12.5%13.2%
Graphene 3D Lab Inc ($GGG)-43.6%-21.2%8.3%-1.3%


Top companies by Gross margin, %

Top  FY2016 FY2017 FY2018 FY2019 FY2020
Monarques Gold Corp ($MQR)--4.8%13.7%61.8%
Monument Mining Ltd ($MMY)23.4%23.7%42.3%43.9%43.2%
Orbit Garant Drilling Inc ($OGD)9.5%6.4%12.4%10.7%9.4%
Rochester Resources Ltd ($RCT)-43.8%2.3%15.9%-18.2%1.4%
 
Median (4 companies)23.4%6.4%14.1%12.2%26.3%
Graphene 3D Lab Inc ($GGG)23.4%43.5%67.9%62.6%21.9%


Top companies by EBITDA margin, %

Top 5 FY2016 FY2017 FY2018 FY2019 FY2020
Archon Minerals Ltd ($ACS)---28.3%-12.1%63.2%
Monument Mining Ltd ($MMY)26.6%-10.7%17.9%33.8%33.6%
Orbit Garant Drilling Inc ($OGD)10.3%2.2%8.5%5.9%6.4%
Rochester Resources Ltd ($RCT)-148.8%-13.5%-32.9%-31.9%-10.3%
Monarques Gold Corp ($MQR)----3.3%-49.0%
 
Median (5 companies)22.6%-12.1%-28.3%-7.7%6.4%
Graphene 3D Lab Inc ($GGG)-273.9%-80.7%-106.2%-52.5%-87.7%


Top companies by CAPEX/Revenue, %

Top 5 FY2016 FY2017 FY2018 FY2019 FY2020
Monarques Gold Corp ($MQR)--20.8%29.9%43.9%
Monument Mining Ltd ($MMY)43.3%46.0%35.1%37.2%18.3%
Orbit Garant Drilling Inc ($OGD)6.1%6.2%5.0%5.4%7.6%
Rochester Resources Ltd ($RCT)5.0%4.3%2.8%3.8%2.9%
Archon Minerals Ltd ($ACS)--0.0%0.0%0.0%
 
Median (5 companies)17.9%26.1%12.9%17.7%7.6%
Graphene 3D Lab Inc ($GGG)8.3%0.8%7.8%1.8%0.0%


Top companies by ROIC, %

Top 5 FY2016 FY2017 FY2018 FY2019 FY2020
Archon Minerals Ltd ($ACS)-111.6%-20.4%-3.5%-1.2%13.7%
Monument Mining Ltd ($MMY)1.0%-2.6%-0.4%1.2%2.0%
Orbit Garant Drilling Inc ($OGD)0.3%-7.8%6.4%-1.0%-2.4%
Teras Resources Inc ($TRA)-2.9%-3.4%-3.3%-3.9%-3.1%
Cadillac Ventures Inc ($CDC)-2.9%-3.6%-2.5%-2.5%-3.6%
 
Median (32 companies)1.3%-25.5%-20.0%-26.9%-16.5%
Graphene 3D Lab Inc ($GGG)-211.0%-104.3%-102.2%-58.8%-118.9%


Top companies by Net Debt / EBITDA

Top  FY2016 FY2017 FY2018 FY2019 FY2020
Archon Minerals Ltd ($ACS)----7.6x
Orbit Garant Drilling Inc ($OGD)0.6x5.7x1.0x3.0x4.1x
Monument Mining Ltd ($MMY)-3.3x--4.4x-1.3x-1.0x
 
Median (3 companies)0.6x5.7x-1.7x0.8x4.1x