A 
259.85
+1.18%
Close of 9 Nov 2026, in USD
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At a glance
Figures in EUR, from our data supplier.
Revenue
€808.0m
FY2016FY2025
Net income
−€255.9m
FY2016FY2025
Free cash flow
€51.0m
FY2016FY2025
Shareholders' equity
−€190.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €808.0m | €424.8m | €311.6m | €59.8m | €9.1m | €8.1m | €15.6m | €12.4m | €1.8m | €5.4m |
| Research and development | €331.2m | €358.6m | €483.0m | €443.5m | €345.6m | €304.8m | €223.8m | €163.9m | €116.3m | €77.1m |
| Operating income | −€186.2m | −€359.5m | −€522.1m | −€638.6m | −€527.8m | −€487.4m | −€264.8m | −€180.8m | −€130.3m | −€85.2m |
| Net income | −€255.9m | −€441.7m | −€562.4m | −€681.3m | −€448.1m | −€489.4m | −€254.7m | −€152.0m | −€144.7m | −€80.0m |
| Diluted earnings per share | -4.17 | -7.39 | -9.93 | -12.17 | -8.32 | -9.10 | -5.31 | -3.50 | -3.74 | -2.47 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €1.52bn | €1.38bn | €964.4m | €1.27bn | €1.27bn | €1.14bn | €790.5m | €372.6m | €246.5m | €222.0m |
| Cash and short-term investments | €719.3m | €653.6m | €466.6m | €859.1m | €796.8m | €839.7m | €698.7m | €324.6m | €228.2m | €210.7m |
| Total liabilities | €1.71bn | €1.50bn | €1.13bn | €965.4m | €235.1m | €164.8m | €93.0m | €45.5m | €27.8m | €15.7m |
| Debt | €871.8m | €856.6m | €644.3m | €508.4m | €105.0m | €92.0m | €36.6m | — | — | — |
| Shareholders' equity | −€190.1m | −€123.5m | −€170.2m | €307.6m | €1.03bn | €979.8m | €697.5m | €327.1m | €218.7m | €206.3m |
| Shares outstanding | 61m | 60m | 57m | 56m | 54m | 54m | 48m | 43m | 39m | 32m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €60.5m | −€357.7m | −€546.0m | −€579.1m | −€487.9m | −€317.2m | −€205.5m | −€162.1m | −€111.1m | −€70.3m |
| Capital spending | −€9.5m | −€1.7m | −€2.9m | −€16.9m | −€28.3m | −€25.2m | −€6.0m | −€3.1m | −€1.1m | −€785,014 |
| Free cash flow | €51.0m | −€359.4m | −€548.8m | −€596.0m | −€516.2m | −€342.4m | −€211.6m | −€165.2m | −€112.2m | −€71.1m |
| Dividends paid | — | — | — | −€5.9m | −€38.7m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €402.9m | €292.8m | €286.4m | €249.6m | €184.6m | €101.0m | €203.2m | €57.8m |
| Operating income | €74.1m | €29.5m | €11.5m | €12.8m | −€61.9m | −€77.6m | €447,411 | −€96.7m |
| Net income | €245.8m | €747.3m | −€38.8m | −€71.2m | −€45.4m | −€94.6m | −€44.9m | −€99.2m |
| Diluted earnings per share | 3.60 | 10.94 | -0.63 | -1.16 | -0.74 | -1.54 | -0.75 | -1.66 |
| Cash from operations | €334.0m | −€9.0m | €82.0m | €2.0m | −€8.0m | −€16.0m | −€101.0m | −€65.0m |
| Capital spending | −€3.0m | −€9.0m | −€3.0m | — | −€5.0m | — | — | — |
| Free cash flow | €331.0m | −€18.0m | €79.0m | — | −€13.0m | — | — | — |
| Total assets | €2.67bn | €2.34bn | €1.52bn | €1.35bn | €1.27bn | €1.24bn | €1.38bn | €1.28bn |
| Cash and short-term investments | €948.5m | €669.9m | €719.3m | €629.8m | €577.1m | €605.0m | €653.6m | €730.7m |
| Debt | €76.4m | €1.05bn | €1.02bn | €950.5m | €925.8m | €989.8m | €1.00bn | €921.3m |
| Shareholders' equity | €1.68bn | €570.6m | −€190.1m | −€203.4m | −€219.1m | −€221.7m | −€123.5m | −€113.7m |
Financial ratios
Data as of 4 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -23.0% | -84.6% | -167.6% | -1068.3% | -5808.6% | -6001.1% |
| Net margin | -31.7% | -104.0% | -180.5% | -1139.6% | -4931.6% | -6025.5% |
| Return on equity | 134.6% | 357.7% | 330.4% | -221.5% | -43.4% | -50.0% |
| Return on assets | -16.8% | -32.1% | -58.3% | -53.5% | -35.4% | -42.8% |
| Free cash flow yield | 0.4% | -2.2% | -3.6% | -3.8% | -3.2% | -2.0% |
| Revenue growth | 90.2% | 36.3% | 421.2% | 557.9% | 11.9% | -48.0% |
| Earnings growth | -42.1% | -21.5% | -17.4% | 52.0% | -8.4% | 92.2% |
| Current ratio | 1.04x | 1.17x | 0.95x | 1.29x | 8.03x | 14.02x |
| Debt to equity | -5.36x | -8.10x | -6.66x | 3.45x | 0.13x | 0.01x |
| Equity ratio | -12.5% | -9.0% | -17.6% | 24.2% | 81.4% | 85.6% |
| Interest coverage | -2.06x | -4.70x | -10.14x | -17.82x | -115.52x | -217.55x |
| R&D as a share of sales | 41.0% | 84.4% | 155.0% | 741.8% | 3803.9% | 3752.4% |
| Buybacks as a share of market value | -2.7% | -5.6% | -1.1% | -4.0% | -0.2% | -12.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 138.2% | 150.9% | 56.0% |
| Operating income | -33.7% | -17.5% | 14.3% |
| Net income | -27.9% | -12.2% | 20.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -44.3% | -106.4% | -167.9% | -206.0% |
| Net margin | -56.6% | -121.0% | -177.5% | -213.0% |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -51.1 |
| Price to sales | 16.2 |
Market value over time
30 Nov 2016 to 2 Oct 2026, in EUR
€513.3m€15.57bn
Share price return
Finished calendar years
| 2025 | |
|---|---|
| Return | 45% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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