Cartesian was founded in 1990 and is headquartered in Overland Park, US

Cartesian has offices in Overland Park, Boston, London, Paris and in 3 other locations

Overland Park, US (HQ)

7300 College Blvd

Philadelphia, US

2001 Market Street

Franklin Township, US

400 Atrium Dr

McLean, US

8260 Greensboro Dr

Paris, FR

243 Rue de Vaugirard

London, GB

Descartes House 8 Gate Street London

Cartesian's revenue was reported to be $14.3 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 14.3 m |

## Gross profit (Q1, 2017) | 4.5 m |

## Gross profit margin (Q1, 2017), % | 31% |

## Net income (Q1, 2017) | (1.5 m) |

## EBIT (Q1, 2017) | (1.5 m) |

## Market capitalization (17-Aug-2017) | 5.1 m |

## Cash (01-Apr-2017) | 3.2 m |

Cartesian's current market capitalization is $5.1 m.

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 55.4 m | 71.7 m | 78.3 m | 71.7 m |

## Revenue growth, % | 29% | 9% | (8%) | |

## Cost of goods sold | 34.5 m | 45.1 m | 50.3 m | 46.8 m |

## Gross profit | 20.8 m | 26.6 m | 28.1 m | 24.9 m |

## Gross profit Margin, % | 38% | 37% | 36% | 35% |

## General and administrative expense | 27.6 m | |||

## Operating expense total | 27.6 m | |||

## EBIT | (1.9 m) | (881 k) | (6.2 m) | (13.8 m) |

## EBIT margin, % | (4%) | (1%) | (8%) | (19%) |

## Pre tax profit | (1.9 m) | (2.5 m) | (7.1 m) | |

## Income tax expense | (114 k) | 1.1 m | (586 k) | (14.1 m) |

## Net Income | (2.1 m) | (1.4 m) | (7.7 m) | (13.9 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 17.4 m | 19.3 m | 18.1 m | 16.9 m | 21.2 m | 20.3 m | 18.9 m | 17.3 m | 14.3 m |

## Cost of goods sold | 11.1 m | 11.8 m | 11.4 m | 11.3 m | 13.6 m | 13.3 m | 12.6 m | 11.2 m | 9.8 m |

## Gross profit | 6.3 m | 7.5 m | 6.7 m | 5.6 m | 7.6 m | 7 m | 6.3 m | 6.1 m | 4.5 m |

## Gross profit Margin, % | 36% | 39% | 37% | 33% | 36% | 35% | 33% | 35% | 31% |

## General and administrative expense | 7.8 m | 6.7 m | 7.3 m | 8.2 m | 8.1 m | 7.8 m | 8.2 m | 6 m | 6 m |

## Operating expense total | 7.8 m | 6.7 m | 7.3 m | 8.2 m | 8.1 m | 7.8 m | 8.2 m | 6 m | 6 m |

## EBIT | (1.4 m) | 838 k | (628 k) | (2.6 m) | (478 k) | (744 k) | (12.8 m) | 80 k | (1.5 m) |

## EBIT margin, % | (8%) | 4% | (3%) | (15%) | (2%) | (4%) | (68%) | 0% | (11%) |

## Interest expense | (60 k) | (48 k) | (59 k) | (60 k) | (62 k) | (68 k) | (69 k) | ||

## Pre tax profit | (1.5 m) | 642 k | (851 k) | (2.6 m) | (1.1 m) | (738 k) | (12.9 m) | 94 k | (1.5 m) |

## Income tax expense | 1.6 m | (212 k) | (170 k) | (120 k) | (82 k) | (142 k) | 10 k | (89 k) | 29 k |

## Net Income | 87 k | 430 k | (1 m) | (2.8 m) | (1.1 m) | (880 k) | (12.9 m) | 5 k | (1.5 m) |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 13.8 m | 13 m | 6.9 m | 4.1 m |

## Accounts Receivable | 17.5 m | |||

## Inventories | 3 m | 362 k | ||

## Current Assets | 27.2 m | 31.3 m | 25.8 m | 19.8 m |

## PP&E | 1.2 m | 1.3 m | 2.5 m | 2.1 m |

## Goodwill | 8.2 m | 8 m | 11.1 m | |

## Total Assets | 36.8 m | 42.3 m | 41.4 m | 22.7 m |

## Accounts Payable | 2 m | 1.8 m | 3.3 m | 1.7 m |

## Current Liabilities | 10 m | 13.7 m | 16.4 m | 15.8 m |

## Non-Current Liabilities | 928 k | 1.2 m | 4.3 m | 1.1 m |

## Total Liabilities | 10.9 m | 14.9 m | 20.7 m | |

## Additional Paid-in Capital | 178.1 m | 181.8 m | 184.3 m | 184.8 m |

## Retained Earnings | (144.8 m) | (146.2 m) | (153.9 m) | (167.8 m) |

## Total Equity | 25.9 m | 27.4 m | 20.6 m | 5.8 m |

## Financial Leverage | 1.4 x | 1.5 x | 2 x | 3.9 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 18.6 m | 11.9 m | 13.8 m | 11.1 m | 9.1 m | 3.1 m | 4.5 m | 4.2 m | 3.2 m |

## Accounts Receivable | 16.7 m | 21 m | 10.8 m | 11.9 m | 18.5 m | 18.6 m | 15.7 m | 15.6 m | 15.6 m |

## Inventories | 3 m | 3 m | 2.7 m | 2.7 m | 625 k | 521 k | 469 k | 362 k | |

## Current Assets | 36.8 m | 37.2 m | 29.4 m | 27.3 m | 32.1 m | 24.1 m | 22.2 m | 21.9 m | 20.8 m |

## PP&E | 1.1 m | 1.2 m | 1.7 m | 2.5 m | 2.5 m | 2.5 m | 2.4 m | 2.2 m | 2 m |

## Goodwill | 8.4 m | 8.2 m | 7.8 m | 8 m | 11.2 m | 10.9 m | |||

## Total Assets | 47.9 m | 48.1 m | 40.7 m | 39.2 m | 48.1 m | 39.3 m | 26.2 m | 25.8 m | 23.8 m |

## Accounts Payable | 3.4 m | 4.6 m | 2.3 m | 2.7 m | 4.6 m | 3.5 m | 2.5 m | 1.7 m | 2.5 m |

## Current Liabilities | 19.2 m | 19.2 m | 13.4 m | 13.4 m | 20.1 m | 16.1 m | 16.3 m | 17.7 m | 18 m |

## Non-Current Liabilities | 885 k | 867 k | 1.3 m | 2.3 m | 4.1 m | 3.8 m | 4.1 m | 2.1 m | 1.3 m |

## Retained Earnings | (167.7 m) | (167.7 m) | (169.3 m) | ||||||

## Total Equity | 28 m | 26 m | 23.5 m | 23.8 m | 19.4 m | 5.9 m | 6 m | 4.5 m | |

## Financial Leverage | 1.7 x | 1.6 x | 1.7 x | 2 x | 2 x | 4.5 x | 4.3 x | 5.3 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | (2.1 m) | (1.4 m) | (7.7 m) | (13.9 m) |

## Depreciation and Amortization | 670 k | 628 k | 1.2 m | 1.3 m |

## Accounts Receivable | 1.3 m | (2.1 m) | 943 k | 727 k |

## Inventories | (3 m) | |||

## Accounts Payable | 1 m | (140 k) | (328 k) | (1.2 m) |

## Cash From Operating Activities | 2.1 m | (4.7 m) | (2.7 m) | (2.4 m) |

## Purchases of PP&E | (525 k) | (866 k) | (1 m) | (716 k) |

## Cash From Investing Activities | (525 k) | (866 k) | (2.8 m) | (1 m) |

## Cash From Financing Activities | (1 k) | 5.2 m | (586 k) | 704 k |

## Interest Paid | 256 k | 278 k |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | 87 k | 430 k | (1 m) | (2.8 m) | (1.1 m) | (880 k) | (12.9 m) | 5 k | (1.5 m) |

## Accounts Receivable | 16.7 m | 21 m | 10.8 m | 11.9 m | 18.5 m | 18.6 m | 15.7 m | 15.6 m | 15.6 m |

## Inventories | 3 m | 3 m | |||||||

## Accounts Payable | 3.4 m | 4.6 m | 2.3 m | 2.7 m | 4.6 m | 3.5 m | 2.5 m | 1.7 m | 2.5 m |

Y, 2017 | |
---|---|

## Financial Leverage | 5.3 x |

Source: 16 public H-1B filings from Cartesian