A 
50.64
+1.24%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$225.2m
FY2016FY2025
Net income
−$15.7m
FY2016FY2025
Free cash flow
−$2.9m
FY2016FY2025
Shareholders' equity
$128.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $225.2m | $187.3m | $159.0m | $138.6m | $127.4m | $112.3m | $106.7m | $83.9m | $60.4m | $41.1m |
| Gross profit | $167.4m | $142.0m | $121.9m | $108.8m | $104.4m | $90.7m | $89.4m | $71.0m | $51.1m | $34.6m |
| Research and development | $32.9m | $27.8m | $27.3m | $25.6m | $24.2m | $17.8m | $17.5m | $11.8m | $6.7m | $4.2m |
| Operating income | −$7.8m | −$1.8m | −$20.8m | −$29.7m | −$25.6m | −$22.7m | −$31.4m | −$21.2m | −$8.0m | −$8.1m |
| Net income | −$15.7m | −$10.0m | −$21.7m | −$28.9m | −$27.0m | −$23.8m | −$29.1m | −$22.4m | −$10.4m | −$14.4m |
| Diluted earnings per share | -0.33 | -0.21 | -0.50 | -0.68 | -0.65 | -0.59 | -0.74 | -0.58 | -0.31 | -0.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $221.7m | $203.7m | $196.8m | $195.4m | $208.0m | $201.4m | $154.6m | $160.2m | $58.9m | $46.4m |
| Cash and short-term investments | $35.5m | $33.5m | $31.0m | $48.8m | $84.1m | $104.0m | $96.5m | $116.6m | $36.5m | $30.0m |
| Total liabilities | $92.8m | $99.8m | $101.2m | $94.4m | $95.5m | $78.2m | $22.5m | $13.2m | $33.7m | $31.4m |
| Debt | $48.4m | $47.5m | $46.6m | $45.7m | $44.8m | $32.1m | — | $100,000 | $24.5m | $24.3m |
| Shareholders' equity | $128.8m | $103.9m | $95.7m | $101.0m | $112.5m | $123.1m | $132.2m | $147.0m | $25.2m | $14.9m |
| Shares outstanding | 47m | 48m | 43m | 42m | 41m | 40m | 39m | 39m | 34m | 33m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $812,000 | $4.5m | −$5.7m | −$16.1m | −$13.4m | −$9.6m | −$19.9m | −$17.9m | −$9.2m | −$11.2m |
| Capital spending | −$3.7m | −$4.5m | −$14.9m | −$21.3m | −$28.4m | −$22.6m | −$5.2m | −$6.6m | −$1.3m | −$1.2m |
| Free cash flow | −$2.9m | $11,000 | −$20.6m | −$37.3m | −$41.8m | −$32.2m | −$25.1m | −$24.5m | −$10.5m | −$12.4m |
| Dividends paid | — | — | — | — | — | −$670,000 | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $69.7m | $61.5m | $59.9m | $60.1m | $56.7m | $48.6m | $49.4m | $48.6m |
| Gross profit | $50.7m | $46.2m | $44.4m | $46.0m | $42.0m | $34.9m | $37.6m | $36.4m |
| Operating income | −$2.2m | −$2.8m | −$9.8m | $2.5m | $2.6m | −$1.6m | $2.3m | −$316,000 |
| Net income | −$1.5m | −$19.6m | −$13.2m | $708,000 | $579,000 | −$3.8m | $450,000 | −$1.9m |
| Diluted earnings per share | -0.03 | -0.37 | -0.28 | 0.02 | 0.01 | -0.08 | 0.01 | -0.04 |
| Cash from operations | $1.0m | $1.0m | $3.0m | $3.0m | $7.0m | −$13.0m | $8.0m | $3.0m |
| Capital spending | — | −$2.0m | −$1.0m | −$1.0m | — | — | — | −$1.0m |
| Free cash flow | — | −$1.0m | $2.0m | $2.0m | — | — | — | $2.0m |
| Total assets | $304.9m | $289.5m | $221.7m | $216.4m | $205.5m | $196.2m | $203.7m | $192.0m |
| Cash and short-term investments | $94.6m | $82.7m | $35.5m | $35.8m | $35.9m | $22.1m | $33.5m | $24.5m |
| Debt | $2.0m | $2.1m | $50.8m | $50.5m | $50.1m | $49.8m | $49.5m | $49.1m |
| Shareholders' equity | $256.3m | $244.8m | $128.8m | $120.8m | $112.3m | $105.4m | $103.9m | $99.4m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 74.3% | 75.8% | 76.6% | 78.5% | 82.0% | 80.8% |
| Operating margin | -3.6% | -0.9% | -11.9% | -20.4% | -20.1% | -20.2% |
| Net margin | -7.0% | -5.3% | -13.7% | -20.9% | -21.2% | -21.2% |
| Return on equity | -12.2% | -9.6% | -22.7% | -28.7% | -24.0% | -19.3% |
| Return on assets | -7.1% | -4.9% | -11.0% | -14.8% | -13.0% | -11.8% |
| Free cash flow yield | 0.2% | 0.4% | 0.4% | 0.2% | 0.7% | 0.7% |
| Revenue growth | 20.2% | 17.8% | 14.7% | 8.8% | 13.4% | 5.2% |
| Earnings growth | 57.6% | -54.1% | -25.0% | 7.3% | 13.4% | -18.3% |
| Current ratio | 5.11x | 3.24x | 2.89x | 4.13x | 5.23x | 6.36x |
| Debt to equity | 0.39x | 0.48x | 0.50x | 0.67x | 0.60x | 0.44x |
| Equity ratio | 58.1% | 51.0% | 48.6% | 51.7% | 54.1% | 61.2% |
| Interest coverage | -1.04x | -0.21x | -6.66x | -45.39x | -18.90x | -21.57x |
| R&D as a share of sales | 14.6% | 14.8% | 17.2% | 18.5% | 19.0% | 15.9% |
| Buybacks as a share of market value | 2.4% | -11.7% | -1.8% | -2.0% | -3.0% | -1.9% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.6% | 14.9% | 23.5% |
| Operating income | -35.8% | -19.2% | -1.6% |
| Net income | -18.4% | -8.0% | 1.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 75.0% | 76.0% | 77.4% | 79.1% |
| Operating margin | -2.3% | -8.5% | -11.4% | -14.7% |
| Net margin | -6.2% | -10.7% | -13.4% | -17.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -97.8 | -79.5 | -13.5 | -14.6 | -14.4 | -30.3 | -24.3 | -35.3 | -91.7 | -20.3 |
| Price to sales | 6.8 | 4.2 | 1.9 | 3.0 | 3.0 | 6.4 | 6.6 | 9.4 | 15.8 | 7.1 |
Market value over time
30 Nov 2016 to 30 Oct 2026, in USD
$251.8m$3.04bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 121% | 103% | -30% | 10% | -46% | -1% | -4% | -36% | 224% | 71% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Jan 2010.
| FY2009 | FY2005 | |
|---|---|---|
| Paid in the year | 1.00 | 0.06 |
- 21-for-20 split · 11 Jul 1994
- 21-for-20 split · 12 Jul 1993
- 21-for-20 split · 10 Jul 1992
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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