Detailed financial statements for Micropolis AI Robotics (MCRP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Micropolis AI Robotics, together with its subsidiary, Micropolis Digital Development FZ-LLC, engages in the development of autonomous mobile robots (AMR) in the United Arab Emirates and Saudi Arabia. The company offers AMRs comprising mobility specific platforms and application specific pods; and autonomous driving software, fleet mission planner, and user bespoke software development service.
Analysis Summary
Trailing-twelve-month margins: gross margin 56.0%, operating margin -162.3%, net margin -171.4%.
At the current price of $0.80, MCRP has negative trailing earnings (P/E not meaningful) and an ROE of 72.54%. Market capitalisation stands at $28M.
Balance sheet quality for MCRP: current ratio of 0.2, net debt of $7.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2021 | 2022 | 2023 | 2024 |
|---|
| Revenue | $373333 | 0 | $577064 | $130043 |
| Cost of Revenue | $112110 | $1.3M | $289119 | $57192 |
| Gross Profit | $261223 | -$1.3M | $287945 | $72851 |
| Research & Development | $676143 | $1.4M | $1.2M | $2.0M |
| Selling, General & Admin | $3.0M | $8.5M | $9.4M | $17.0M |
| Operating Expenses | $4.1M | $11.3M | $12.3M | $21.2M |
| Operating Income | -$3.8M | -$11.3M | -$12.0M | -$21.1M |
| EBITDA | -$3.6M | -$9.9M | -$10.3M | -$19.0M |
| Interest Expense | $31987 | $102985 | $120561 | $1.3M |
| Pre-tax Income | -$3.9M | -$11.3M | -$11.9M | -$22.3M |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income | -$3.9M | -$11.3M | -$11.9M | -$22.3M |
| EPS | $-0.13 | $-0.33 | $-0.35 | $-0.66 |
| EPS (Diluted) | $-0.10 | $-0.33 | $-0.35 | $-0.66 |
| Shares Outstanding (Diluted) | $33.9M | $30.0M | $33.9M | $33.9M |
Income Statement (Quarterly)
| Year | 2023-Q2 | 2023-Q4 | 2024-Q2 | 2024-Q4 |
|---|
| Revenue | $576951 | 0 | $32793 | $97235 |
| Gross Profit | -$478987 | -$805082 | -$944390 | -$1.0M |
| Operating Income | -$4.7M | -$7.3M | -$11.2M | -$9.8M |
| EBITDA | -$3.9M | -$6.5M | -$10.2M | -$8.8M |
| Net Income | -$4.5M | -$7.3M | -$11.6M | -$10.7M |
| EPS | $-0.13 | $-0.22 | $-0.34 | $-0.32 |
| EPS (Diluted) | $-0.13 | $-0.22 | $-0.34 | $-0.32 |
Balance Sheet (10y)
| Year | 2021 | 2022 | 2023 | 2024 |
|---|
| Cash & Equivalents | $3.4M | $20834 | $68372 | $47837 |
| Short-term Investments | 0 | 0 | 0 | 0 |
| Receivables | $182772 | $343906 | $251386 | $369806 |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.2M | $711102 | $3.0M | $4.3M |
| Property, Plant & Equipment | $4.6M | $6.6M | $5.6M | $5.5M |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | $294 | 0 | 0 | $37585 |
| Total Assets | $8.8M | $7.3M | $8.6M | $9.8M |
| Accounts Payable | $639282 | $120925 | $73082 | $755266 |
| Short-term Debt | $211846 | $1.0M | $5.4M | $6.4M |
| Total Current Liabilities | $2.5M | $3.0M | $7.6M | $25.3M |
| Long-term Debt | 0 | 0 | 0 | 0 |
| Total Liabilities | $5.6M | $5.4M | $18.6M | $40.6M |
| Retained Earnings | -$4.1M | -$15.4M | -$27.3M | -$49.6M |
| Total Equity | $3.2M | $1.9M | -$10.0M | -$30.7M |
| Total Debt | $3.6M | $3.9M | $7.6M | $7.8M |
| Net Debt | $222229 | $3.8M | $7.5M | $7.7M |
| Working Capital | $1.6M | -$2.3M | -$4.5M | -$21.0M |
Balance Sheet (Quarterly)
| Year | 2023-Q2 | 2023-Q4 | 2024-Q2 | 2024-Q4 |
|---|
| Cash & Equivalents | $328831 | $68372 | $181087 | $47837 |
| Total Assets | $7.4M | $8.6M | $10.5M | $9.8M |
| Total Liabilities | $9.9M | $18.6M | $31.0M | $40.6M |
| Total Equity | -$2.5M | -$10.0M | -$20.5M | -$30.7M |
| Total Debt | $2.4M | $7.6M | $15.2M | $7.8M |
Cash Flow (10y)
| Year | 2021 | 2022 | 2023 | 2024 |
|---|
| Net Income | -$3.9M | -$11.3M | -$11.9M | -$22.3M |
| Depreciation & Amortization | $275958 | $1.3M | $1.6M | $2.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$4.7M | $914360 | $7.5M | $5.4M |
| Operating Cash Flow | -$8.1M | -$8.9M | -$2.6M | -$13.4M |
| Capital Expenditure | -$956797 | -$3.3M | -$389930 | -$1.8M |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.0M | -$12.3M | -$3.0M | -$15.2M |
Cash Flow (Quarterly)
| Year | 2023-Q2 | 2023-Q4 | 2024-Q2 | 2024-Q4 |
|---|
| Operating Cash Flow | -$1.6M | -$1.1M | -$6.3M | -$7.1M |
| Capital Expenditure | -$308081 | -$81778 | -$1.7M | -$1895 |
| Free Cash Flow | -$1.9M | -$1.1M | -$8.1M | -$7.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2021 | 2022 | 2023 | 2024 |
|---|
| Revenue Growth (YoY) | | -100.0% | | -77.5% |
| Net Income Growth (YoY) | | -192.8% | -5.1% | -87.5% |
| EPS Growth (YoY) | | -153.8% | -6.1% | -88.6% |
| Shares Change (YoY) | | -11.4% | +12.9% | +0.0% |
| FCF Growth (YoY) | | -35.9% | +75.4% | -401.9% |
| Gross Margin | 70.0% | | 49.9% | 56.0% |
| Operating Margin | -1026.6% | | -2084.5% | -16232.0% |
| EBITDA Margin | -954.4% | | -1776.7% | -14646.8% |
| Net Margin | -1035.2% | | -2060.1% | -17143.9% |
| FCF Margin | -2418.6% | | -524.2% | -11674.8% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2021 | 2022 | 2023 | 2024 |
|---|
| FCF Per Share | $-0.27 | $-0.41 | $-0.09 | $-0.45 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $30.0M | $30.0M | $33.9M | $33.9M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 72.54% |
| Return on Invested Capital | 256.77% |
| Return on Assets | -226.53% |
| Gross Margin | 56.02% |
| Operating Margin | -16231.97% |
| Net Margin | -17143.88% |
Financial Health
| Debt / Equity | -0.25 |
| Current Ratio | 0.17 |
Key Ratios (10y)
| Year | 2021 | 2022 | 2023 | 2024 |
|---|
| P/E | -100.29 | -39.50 | -37.25 | -19.75 |
| P/B | 122.18 | 206.01 | -44.22 | -14.37 |
| P/S | 1047.68 | 0.00 | 765.28 | 3396.21 |
| Gross Margin | 70.0% | 0.0% | 49.9% | 56.0% |
| Operating Margin | -1026.6% | 0.0% | -2084.5% | -16232.0% |
| Net Margin | -1035.2% | 0.0% | -2060.1% | -17143.9% |