M 
10.58
+0.09%
Close of 9 Nov 2026, in USD
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in USD, from our data supplier.
Revenue
$123.7m
FY2019FY2025
Net income
−$38.6m
FY2019FY2025
Free cash flow
−$27.5m
FY2019FY2025
Shareholders' equity
$233.1m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $123.7m | $75.6m | — | — | — | — | — |
| Gross profit | $115.3m | $67.5m | −$6.2m | −$8.6m | −$2.1m | −$537,000 | −$72,000 |
| Research and development | $141.5m | $121.6m | $105.0m | $85.1m | $57.2m | $23.5m | $7.3m |
| Operating income | −$54.2m | −$81.1m | −$143.3m | −$112.4m | −$72.9m | −$28.0m | −$8.0m |
| Net income | −$38.6m | −$72.7m | −$135.4m | −$108.5m | −$74.0m | −$35.9m | −$8.0m |
| Diluted earnings per share | -0.59 | -1.18 | -2.38 | -2.22 | -1.61 | -1.65 | -0.18 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | $448.7m | $438.7m | $303.8m | $342.4m | $366.3m | $49.4m | $11.1m |
| Cash and short-term investments | $377.1m | $372.1m | $232.4m | $262.8m | $346.1m | $41.7m | $6.0m |
| Total liabilities | $215.6m | $215.8m | $124.5m | $71.0m | $18.8m | $98.1m | $23.2m |
| Debt | $4.4m | — | — | — | — | — | $800,000 |
| Shareholders' equity | $233.1m | $222.9m | $179.3m | $271.4m | $347.5m | −$48.7m | −$12.1m |
| Shares outstanding | 66m | 61m | 57m | 49m | 46m | 22m | 44m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −$22.8m | $42.0m | −$43.8m | −$92.5m | −$59.4m | −$23.1m | −$6.2m |
| Capital spending | −$4.7m | −$4.0m | −$19.0m | −$12.9m | −$9.7m | −$3.4m | −$1.4m |
| Free cash flow | −$27.5m | $38.0m | −$62.8m | −$105.4m | −$69.1m | −$26.4m | −$7.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.0m | $4.2m | $2.8m | $12.8m | $23.2m | $84.9m | $60.6m | $9.2m |
| Gross profit | $9.0m | $2.2m | $2.8m | $12.8m | $23.2m | $84.9m | $60.6m | $9.2m |
| Operating income | −$49.1m | −$50.0m | −$49.7m | −$33.0m | −$15.6m | $44.0m | $13.0m | −$26.5m |
| Net income | −$43.4m | −$44.5m | −$46.1m | −$27.1m | −$12.3m | $46.9m | $13.4m | −$23.9m |
| Diluted earnings per share | -0.51 | -0.52 | -0.70 | -0.41 | -0.19 | 0.72 | 0.22 | -0.39 |
| Cash from operations | −$81.0m | −$37.0m | −$43.0m | $100.0m | −$34.0m | −$45.0m | $128.0m | −$20.0m |
| Capital spending | −$6.0m | −$1.0m | — | — | −$1.0m | −$1.0m | — | — |
| Free cash flow | −$87.0m | −$38.0m | — | — | −$35.0m | −$46.0m | — | — |
| Total assets | $696.1m | $736.4m | $448.7m | $459.8m | $359.6m | $393.2m | $438.7m | $315.1m |
| Cash and short-term investments | $621.1m | $666.2m | $377.1m | $391.3m | $290.6m | $326.1m | $372.1m | $242.2m |
| Debt | $4.6m | $4.5m | $4.4m | $4.2m | $4.1m | $3.9m | $3.7m | $3.6m |
| Shareholders' equity | $487.3m | $521.9m | $233.1m | $245.8m | $268.1m | $275.2m | $222.9m | $205.5m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 93.2% | 89.3% | — | — | — | — | — |
| Operating margin | -32.1% | -92.7% | — | — | — | — | — |
| Net margin | -31.2% | -96.1% | — | — | — | — | — |
| Return on equity | -16.6% | -32.6% | -75.5% | -40.0% | -21.3% | 73.6% | — |
| Return on assets | -8.6% | -16.6% | -44.6% | -31.7% | -20.2% | -72.7% | — |
| Free cash flow yield | -2.6% | 7.0% | -4.1% | -15.3% | -10.2% | -8.5% | — |
| Revenue growth | 63.5% | — | — | — | — | — | — |
| Earnings growth | -46.9% | -46.3% | 24.7% | 46.7% | 106.1% | 347.5% | — |
| Current ratio | 6.12x | 2.40x | 5.07x | 10.79x | 20.96x | 1.49x | — |
| Debt to equity | 0.02x | 0.02x | 0.02x | 0.01x | — | — | -0.06x |
| Equity ratio | 51.9% | 50.8% | 59.0% | 79.3% | 94.9% | -98.7% | — |
| Interest coverage | — | — | — | -27.83x | -68.73x | -3112.22x | -7739.00x |
| R&D as a share of sales | 114.4% | 160.8% | — | — | — | — | — |
| Buybacks as a share of market value | -6.7% | -7.9% | -16.4% | -6.3% | -111.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | -21.6% | 14.1% | — |
| Net income | -29.1% | 1.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 91.7% | — | — | — |
| Operating margin | -67.9% | — | — | — |
| Net margin | -55.9% | — | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -26.6 | -5.9 | -2.4 | -3.4 | -12.7 |
| Price to sales | 8.3 | 5.6 | — | — | — |
Market value over time
30 Jun 2021 to 2 Nov 2026, in USD
$113.5m$906.0m
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return | 125% | 26% | -33% | -54% | -14% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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