A 
2.12
+6.00%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$7.7m
FY2018FY2025
Net income
−$17.6m
FY2018FY2025
Free cash flow
−$15.7m
FY2018FY2025
Shareholders' equity
$35.3m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.7m | $103,204 | $18.1m | $9.3m | $10.2m | $480,000 | $480,000 | $1.5m |
| Gross profit | $7.7m | −$823,044 | $18.1m | $9.3m | $10.2m | $480,000 | $480,000 | $1.5m |
| Research and development | $22.0m | $28.8m | $36.6m | $81.3m | $68.1m | $16.2m | $16.2m | $16.1m |
| Operating income | −$21.4m | −$36.0m | −$23.7m | −$83.9m | −$72.4m | −$19.2m | −$19.2m | −$17.3m |
| Net income | −$17.6m | −$33.4m | −$18.9m | −$80.0m | −$73.2m | −$16.4m | −$17.3m | −$14.7m |
| Diluted earnings per share | -0.30 | -0.91 | -0.54 | -1.48 | -1.34 | -0.39 | -0.63 | -1.52 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | $78.3m | $89.3m | $115.7m | $152.4m | $189.5m | $84.3m | $105.9m | $54.4m |
| Cash and short-term investments | $74.5m | $85.2m | $109.9m | $143.8m | $174.4m | $75.2m | $100.5m | $49.1m |
| Total liabilities | $42.9m | $38.7m | $45.2m | $69.3m | $33.0m | $173.7m | $162.9m | $95.4m |
| Debt | $6.2m | $18.4m | $22.1m | $27.9m | $7.5m | $8.0m | $2.6m | $2.3m |
| Shareholders' equity | $35.3m | $50.5m | $70.6m | $83.1m | $156.6m | −$89.4m | −$57.0m | −$41.0m |
| Shares outstanding | 59m | 37m | 35m | 54m | 55m | 42m | 28m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$15.7m | −$29.7m | −$28.5m | −$48.6m | −$43.4m | −$28.5m | −$18.2m | −$14.3m |
| Capital spending | −$17,053 | −$33,580 | −$85,012 | −$690,938 | −$2.5m | −$935,199 | −$151,829 | −$514,703 |
| Free cash flow | −$15.7m | −$29.7m | −$28.5m | −$49.3m | −$45.9m | −$29.5m | −$18.3m | −$14.8m |
| Dividends paid | — | — | — | −$322,827 | −$4.6m | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6m | $7.7m | — | $103,204 | — | — | — | $407,873 |
| Gross profit | $1.4m | $7.4m | −$300,326 | −$823,044 | −$509,049 | — | — | −$17,589 |
| Operating income | −$16.6m | −$5.8m | −$15.7m | −$26.8m | −$9.2m | −$9.2m | −$9.2m | −$9.3m |
| Net income | −$16.4m | −$4.1m | −$13.5m | −$24.9m | −$8.5m | −$8.5m | −$8.5m | −$7.4m |
| Diluted earnings per share | -0.36 | -0.09 | -0.23 | -0.68 | -0.23 | -0.23 | -0.23 | -0.21 |
| Cash from operations | −$14.0m | −$4.0m | −$11.0m | −$23.0m | −$6.0m | −$6.0m | −$6.0m | −$15.0m |
| Total assets | $133.6m | $78.3m | $66.5m | $89.3m | $100.8m | $100.8m | $100.8m | $115.7m |
| Cash and short-term investments | $127.9m | $74.5m | $62.8m | $85.2m | $95.7m | $95.7m | $95.7m | $109.9m |
| Debt | $4.9m | $5.1m | $6.8m | $18.4m | $16.1m | $20.5m | $16.1m | $22.1m |
| Shareholders' equity | $106.0m | $35.3m | $37.9m | $50.5m | $56.6m | $56.6m | $56.6m | $70.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.2% | 74.1% | — |
| Operating income | -36.5% | 2.3% | — |
| Net income | -39.6% | 1.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 88.1% | 97.4% | 98.0% | — |
| Operating margin | -738.2% | -469.1% | -559.8% | — |
| Net margin | -656.5% | -426.3% | -522.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -6.4 | -2.2 | -3.6 | -0.9 | -6.0 |
| Price to sales | 14.6 | — | 3.7 | 7.7 | 43.3 |
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return | -10% | 38% | 8% | -82% | -75% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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