E 
68.52
+2.24%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$211.1m
FY2016FY2025
Net income
−$51.1m
FY2016FY2025
Free cash flow
−$57.6m
FY2016FY2025
Shareholders' equity
$23.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $211.1m | $166.0m | $165.2m | $161.7m | $126.7m | $84.7m | $89.6m | $61.2m | $34.7m | $19.8m |
| Gross profit | $146.3m | $109.5m | $107.0m | $106.6m | $85.4m | $52.5m | $54.9m | $36.1m | $17.7m | $10.1m |
| Research and development | $20.2m | $19.7m | $26.4m | $20.3m | $18.3m | $13.8m | $15.0m | $12.7m | $6.9m | $2.7m |
| Operating income | −$33.2m | −$63.8m | −$65.9m | −$61.1m | −$30.6m | −$28.7m | −$28.8m | −$23.9m | −$24.4m | −$18.6m |
| Net income | −$51.1m | −$84.6m | −$78.5m | −$75.2m | −$41.1m | −$38.1m | −$38.1m | −$21.1m | −$34.9m | −$22.2m |
| Diluted earnings per share | -1.72 | -2.92 | -3.01 | -3.08 | -1.71 | -1.61 | -1.85 | -1.04 | -2.27 | -3.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $357.2m | $346.8m | $268.6m | $211.1m | $139.5m | $156.4m | $116.5m | $116.6m | $57.1m | $29.6m |
| Cash and short-term investments | $75.6m | $90.3m | $40.0m | $66.4m | $53.4m | $84.5m | $37.7m | $52.6m | $10.9m | $479,000 |
| Total liabilities | $333.6m | $293.7m | $250.2m | $219.2m | $88.8m | $81.4m | $76.9m | $47.1m | $62.1m | $56.0m |
| Debt | $261.6m | $219.6m | $188.7m | $175.5m | $51.9m | $50.0m | $48.4m | $22.7m | $23.7m | $39.0m |
| Shareholders' equity | $23.5m | $53.1m | $18.4m | −$8.2m | $50.7m | $75.0m | $39.6m | $69.5m | −$5.0m | −$26.4m |
| Shares outstanding | 30m | 29m | 26m | 24m | 24m | 24m | 21m | 20m | 15m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$50.9m | −$58.5m | −$88.5m | −$52.2m | −$27.5m | −$12.5m | −$30.0m | −$33.9m | −$32.0m | −$14.3m |
| Capital spending | −$6.7m | −$15.6m | −$24.5m | −$34.3m | −$6.7m | −$3.9m | −$7.0m | −$1.8m | −$941,000 | −$10.6m |
| Free cash flow | −$57.6m | −$74.1m | −$113.1m | −$86.4m | −$34.3m | −$16.4m | −$37.0m | −$35.7m | −$32.9m | −$24.8m |
| Dividends paid | — | — | — | −$3.9m | −$4.2m | −$154,000 | −$1.7m | — | −$36.1m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $67.5m | $59.9m | $64.6m | $53.8m | $51.3m | $41.4m | $44.5m | $40.2m |
| Gross profit | $47.7m | $42.3m | $45.5m | $37.7m | $35.3m | $27.8m | $30.5m | $25.7m |
| Operating income | −$4.3m | −$6.5m | −$3.9m | −$4.0m | −$9.7m | −$14.2m | −$30.0m | −$11.1m |
| Net income | −$11.7m | −$13.4m | −$2.6m | −$11.1m | −$16.6m | −$20.7m | −$34.5m | −$16.7m |
| Diluted earnings per share | -0.39 | -0.44 | -0.09 | -0.38 | -0.56 | -0.70 | -1.19 | -0.58 |
| Cash from operations | −$16.0m | −$4.0m | — | −$11.0m | −$18.0m | −$20.0m | −$20.0m | −$12.0m |
| Capital spending | −$3.0m | −$1.0m | −$1.0m | −$1.0m | −$1.0m | — | −$1.0m | −$1.0m |
| Free cash flow | −$19.0m | −$5.0m | — | −$12.0m | −$19.0m | — | −$21.0m | −$13.0m |
| Total assets | $351.9m | $351.0m | $357.2m | $338.9m | $329.7m | $333.4m | $346.8m | $282.7m |
| Cash and short-term investments | $71.2m | $68.1m | $75.6m | $70.6m | $54.6m | $69.2m | $90.3m | $39.7m |
| Debt | $261.7m | $261.6m | $261.6m | $258.2m | $227.8m | $221.9m | $221.1m | $195.5m |
| Shareholders' equity | $21.6m | $14.8m | $23.5m | $16.4m | $22.8m | $38.5m | $53.1m | $32.7m |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 69.3% | 66.0% | 64.8% | 65.9% | 67.4% | 62.0% |
| Operating margin | -15.5% | -38.4% | -38.3% | -37.8% | -24.2% | -33.8% |
| Net margin | -24.2% | -51.0% | -47.5% | -46.5% | -32.5% | -45.0% |
| Return on equity | -216.9% | -159.3% | -426.8% | 918.9% | -81.1% | -50.9% |
| Return on assets | -14.3% | -24.4% | -29.2% | -35.6% | -29.5% | -24.4% |
| Free cash flow yield | -2.2% | -2.2% | -3.6% | -1.1% | -1.3% | -0.5% |
| Revenue growth | 27.1% | 0.5% | 2.1% | 27.6% | 49.6% | -5.5% |
| Earnings growth | -39.6% | 7.8% | 4.4% | 82.8% | 7.9% | -0.1% |
| Current ratio | 3.04x | 3.56x | 3.06x | 3.85x | 3.55x | 5.11x |
| Debt to equity | 11.11x | 4.16x | 10.30x | -21.52x | 1.03x | 0.68x |
| Equity ratio | 6.6% | 15.3% | 6.8% | -3.9% | 36.4% | 47.9% |
| Interest coverage | -1.30x | -3.06x | -4.11x | -5.19x | -3.38x | -3.06x |
| R&D as a share of sales | 9.6% | 11.9% | 16.0% | 12.5% | 14.5% | 16.3% |
| Buybacks as a share of market value | -2.3% | -11.1% | -6.8% | -1.3% | -2.0% | -14.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.3% | 20.0% | 36.2% |
| Operating income | -18.4% | 3.0% | 57.2% |
| Net income | -12.1% | 6.0% | 41.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 67.8% | 66.7% | 66.4% | 64.7% |
| Operating margin | -25.7% | -31.8% | -30.9% | -33.6% |
| Net margin | -36.0% | -41.1% | -40.3% | -43.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -42.3 | -15.8 | -8.6 | -21.3 | -39.6 | -23.3 | -14.9 | -26.4 |
| Price to sales | 10.2 | 8.0 | 4.1 | 9.9 | 12.8 | 10.5 | 6.4 | 9.1 |
Market value over time
31 Jul 2018 to 28 Oct 2026, in USD
$390.3m$2.08bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Return | 64% | 72% | -62% | 8% | 77% | 31% | 14% | -8% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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