T 
4.06
+1.75%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$3.7m
FY2021FY2025
Net income
−$711.2m
FY2021FY2025
Free cash flow
$14.2m
FY2021FY2025
Shareholders' equity
$1.65bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.7m | $3.6m | $4.1m | $1.5m | — |
| Gross profit | $2.0m | $3.0m | $4.0m | −$18.3m | −$1.2m |
| Research and development | $42.8m | $49.1m | $9.7m | $13.6m | $2.6m |
| Operating income | −$573.0m | −$186.0m | −$16.0m | −$18.5m | −$6.4m |
| Net income | −$711.2m | −$400.9m | −$58.2m | −$15.2m | −$59.1m |
| Diluted earnings per share | -2.57 | -1.82 | -0.58 | -0.15 | -0.59 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | $2.84bn | $938.3m | $3.4m | $11.2m | $19.3m |
| Cash and short-term investments | $1.19bn | $776.8m | $2.6m | $9.8m | $18.7m |
| Total liabilities | $1.19bn | $24.7m | $70.1m | $19.8m | $78.3m |
| Debt | $948.0m | $9.6m | $45.3m | $3.5m | — |
| Shareholders' equity | $1.65bn | $913.6m | −$66.8m | −$8.6m | −$59.1m |
| Shares outstanding | 277m | 221m | 100m | 100m | 100m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | $14.8m | −$61.0m | −$9.7m | −$24.2m | −$3.8m |
| Capital spending | −$573,500 | −$5.0m | −$2,200 | −$84,500 | −$68,600 |
| Free cash flow | $14.2m | −$66.0m | −$9.7m | −$24.3m | −$3.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7m | $871,200 | $1.0m | $972,900 | $883,300 | $821,200 | $1.0m | $1.0m |
| Gross profit | $1.2m | −$2.5m | $456,400 | $526,100 | $540,400 | $484,500 | $634,400 | $887,600 |
| Operating income | −$163.5m | −$49.5m | −$594.0m | −$57.7m | −$43.5m | −$39.5m | −$45.4m | −$23.7m |
| Net income | −$237.9m | −$405.8m | −$605.5m | −$54.8m | −$20.0m | −$31.7m | −$37.6m | −$19.2m |
| Diluted earnings per share | -0.86 | -1.46 | -2.19 | -0.20 | -0.07 | -0.11 | -0.17 | -0.09 |
| Cash from operations | −$31.0m | $17.0m | $12.0m | $10.0m | $2.0m | −$9.0m | −$8.0m | −$21.0m |
| Capital spending | — | — | — | — | — | — | — | −$9.0m |
| Free cash flow | — | — | — | — | — | — | — | −$30.0m |
| Total assets | $2.02bn | $2.24bn | $2.84bn | $3.27bn | $3.25bn | $918.9m | $938.3m | $837.8m |
| Cash and short-term investments | $424.6m | $456.4m | $1.19bn | $1.05bn | $2.96bn | $759.0m | $776.8m | $672.9m |
| Debt | $971.0m | $959.7m | $948.0m | $952.5m | $945.2m | $10.7m | $10.7m | $10.2m |
| Shareholders' equity | $1.02bn | $1.25bn | $1.65bn | $2.28bn | $2.28bn | $891.7m | $913.6m | $816.5m |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Gross margin | 54.5% | 82.9% | 96.0% | -1244.4% | — |
| Operating margin | -18585.6% | -10991.9% | -454.1% | -1258.0% | — |
| Net margin | -19335.8% | -11077.3% | -1408.6% | -1035.1% | — |
| Return on equity | -43.2% | -43.9% | 87.2% | 177.6% | 100.0% |
| Return on assets | -25.1% | -42.7% | -1730.0% | -135.5% | -307.0% |
| Free cash flow yield | 0.9% | -3.5% | -1.5% | -3.8% | -0.6% |
| Revenue growth | 1.8% | -12.4% | 180.9% | — | — |
| Earnings growth | 77.6% | 588.9% | 282.3% | -74.2% | — |
| Current ratio | 1.23x | 45.33x | 0.05x | 0.55x | 21.16x |
| Debt to equity | 0.58x | 0.01x | -0.68x | -0.50x | -0.04x |
| Equity ratio | 58.0% | 97.4% | -1984.8% | -76.3% | -307.0% |
| Interest coverage | -25.03x | -128.74x | -0.48x | -4.35x | -89.32x |
| R&D as a share of sales | 1161.5% | 1356.9% | 235.2% | 927.1% | — |
| Buybacks as a share of market value | -25.4% | -120.7% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 35.8% | — | — |
| Operating income | 214.1% | — | — |
| Net income | 260.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.6% | -72.3% | — | — |
| Operating margin | -10396.4% | -6150.1% | — | — |
| Net margin | -15231.1% | -9187.7% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -5.2 | -18.8 | -30.1 | -98.5 | -87.0 |
| Price to sales | — | — | 423.6 | — | — |
Market value over time
30 Sept 2021 to 23 Oct 2026, in USD
$69.7m$1.77bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return | -58% | 98% | 5% | -66% | 409% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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