Here's Why We're Not At All Concerned With Arcellx's (NASDAQ:ACLX) Cash Burn Situation
Here's Why We're Not At All Concerned With Arcellx's (NASDAQ:ACLX) Cash Burn Situation
We can readily understand why investors are attracted to unprofitable companies. By way of example, Arcellx (NASDAQ:ACLX) has seen its share price rise 147% over the last year, delighting many shareholders. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?
我們可以很容易理解爲什麼投資者被虧損的公司所吸引。舉個例子,Arcellx(納斯達克:ACLX)在過去一年中股價上漲了147%,使許多股東感到高興。但是儘管歷史讚美那些罕見的成功,失敗的公司往往被遺忘;誰還記得Pets.com?
Given its strong share price performance, we think it's worthwhile for Arcellx shareholders to consider whether its cash burn is concerning. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.
鑑於Arcellx股價表現強勁,我們認爲值得該公司股東考慮其現金燃燒是否令人擔憂。在本文中,現金燃燒是指虧損公司爲資助其增長而每年消耗現金的速率;即負自由現金流。我們將首先將其現金燃燒與其現金儲備進行比較,以計算其現金儲備消耗時間。
When Might Arcellx Run Out Of Money?
Arcellx什麼時候可能會用盡資金?
A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. In June 2024, Arcellx had US$517m in cash, and was debt-free. In the last year, its cash burn was US$43m. So it had a very long cash runway of many years from June 2024. Notably, however, analysts think that Arcellx will break even (at a free cash flow level) before then. In that case, it may never reach the end of its cash runway. The image below shows how its cash balance has been changing over the last few years.
公司的現金儲備消耗時間是指以當前現金燃燒速率消耗其現金儲備所需的時間。 2024年6月,Arcellx擁有51700萬美元現金,並且沒有債務。在過去一年中,其現金燃燒爲4300萬美元。因此,從2024年6月開始,它有很長一段時間的現金儲備消耗時間。然而值得注意的是,分析師認爲Arcellx在那之前將實現盈虧平衡(在自由現金流水平)。在那種情況下,公司可能永遠不會用盡其現金儲備。下面的圖片顯示了過去幾年其現金餘額的變化。
Is Arcellx's Revenue Growing?
Arcellx的營業收入增長了嗎?
We're hesitant to extrapolate on the recent trend to assess its cash burn, because Arcellx actually had positive free cash flow last year, so operating revenue growth is probably our best bet to measure, right now. Happily, its operating revenue increased by 349%, which is nice to see, just like a shooting star. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.
我們不願意根據最近的趨勢來評估其現金燃燒,因爲Arcellx實際上去年有正的自由現金流,因此目前評估運營收入增長可能是我們最好的選擇。令人高興的是,其營業收入增長了349%,這是令人高興的,就像流星一樣。然而,顯然,關鍵因素是公司未來業務增長的可能性。因此,您可能想要查看公司預計未來幾年的增長情況。
Can Arcellx Raise More Cash Easily?
Arcellx能輕鬆籌集更多現金嗎?
There's no doubt Arcellx's revenue growth is impressive but even if it's only hypothetical, it's always worth asking how easily it could raise more money to fund further growth. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).
毫無疑問,Arcellx的營業收入增長令人印象深刻,但即使只是假設性的,了解它如何輕鬆籌集更多資金以資助進一步的增長總是值得的。企業可以通過債務或股本籌集資金。許多公司最終發行新股來資助未來的增長。通過將公司的年度現金消耗與其總市值進行比較,我們可以大致估算出爲了繼續經營公司一年所需發行的股數(以相同的消耗速度)。
Arcellx's cash burn of US$43m is about 0.9% of its US$4.5b market capitalisation. That means it could easily issue a few shares to fund more growth, and might well be in a position to borrow cheaply.
Arcellx億美元的現金消耗約爲其45億美元的市值的0.9%。這意味着它可以輕鬆發行一些股票來資助更多的增長,並且很可能處於可以廉價借款的位置。
So, Should We Worry About Arcellx's Cash Burn?
那麼,我們需要擔心Arcellx的現金消耗嗎?
As you can probably tell by now, we're not too worried about Arcellx's cash burn. For example, we think its revenue growth suggests that the company is on a good path. But it's fair to say that its cash burn relative to its market cap was also very reassuring. Shareholders can take heart from the fact that analysts are forecasting it will reach breakeven. After considering a range of factors in this article, we're pretty relaxed about its cash burn, since the company seems to be in a good position to continue to fund its growth. On another note, we conducted an in-depth investigation of the company, and identified 3 warning signs for Arcellx (1 can't be ignored!) that you should be aware of before investing here.
也許你現在可以告訴,我們對Arcellx的現金消耗並不太擔心。例如,我們認爲其營收增長表明公司走在了正確的道路上。但公平地說,相對於市值而言,其現金消耗也非常令人 gerxing放心。股東可以放心,分析師預計公司將實現盈虧平衡。在本文中考慮了一系列因素後,我們對其現金消耗感到相當放心,因爲公司似乎處於繼續資助其增長的良好位置。另外,我們對該公司進行了深入調查,並查出了Arcellx的三個警示信號(其中一個絕不能被忽視!)在你投資之前應該知曉。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)
當然,您也可以通過在其他地方尋找找到出色的投資機會。因此,請查看具有重要內部股權的公司的免費列表,以及此分析師預測的股票成長列表。
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這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。
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