I 
6.43
+1.10%
Close of 9 Nov 2026, in USD
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At a glance
Figures in EUR, from our data supplier.
Revenue
€56.4m
FY2018FY2025
Net income
−€229.4m
FY2018FY2025
Free cash flow
−€205.5m
FY2018FY2025
Shareholders' equity
€565.2m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €56.4m | €182.0m | €63.1m | €201.9m | €40.6m | €36.5m | €21.5m | €4.4m |
| Gross profit | €56.4m | €182.0m | −€75.5m | €77.1m | −€61.7m | −€41.9m | −€25.3m | −€35.3m |
| Research and development | €214.7m | €173.0m | €138.6m | €124.7m | €102.3m | €78.4m | €46.8m | €39.7m |
| Operating income | −€212.6m | −€45.1m | −€118.8m | €35.0m | −€100.8m | −€81.4m | −€38.6m | −€40.2m |
| Net income | −€229.4m | €17.8m | −€113.3m | €43.8m | −€111.0m | −€267.9m | −€37.1m | −€36.7m |
| Diluted earnings per share | -1.82 | 0.17 | -1.34 | 0.64 | -1.75 | -4.26 | -0.59 | -0.58 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | €656.5m | €813.1m | €595.6m | €476.3m | €204.0m | €297.4m | €156.8m | €71.6m |
| Cash and short-term investments | €547.9m | €706.0m | €497.4m | €423.0m | €169.5m | €270.9m | €139.4m | €61.3m |
| Total liabilities | €91.3m | €141.7m | €332.7m | €227.4m | €175.9m | €175.7m | €204.5m | €82.3m |
| Debt | €3.2m | €16.2m | €15.4m | €14.6m | €9.9m | €6.2m | €3.2m | — |
| Shareholders' equity | €565.2m | €671.4m | €262.9m | €249.0m | €28.1m | €121.8m | −€48.9m | −€12.2m |
| Shares outstanding | 126m | 107m | 85m | 68m | 63m | 63m | 63m | 63m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€198.2m | −€184.6m | €21.3m | €117.0m | −€95.5m | −€100.0m | €82.9m | €24.2m |
| Capital spending | −€7.4m | −€19.2m | −€36.2m | −€7.3m | −€6.6m | −€8.8m | −€2.6m | −€592,166 |
| Free cash flow | −€205.5m | −€203.8m | −€14.9m | €109.7m | −€102.1m | −€108.8m | €80.3m | €23.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €10.9m | €8.9m | €23.1m | €6.1m | €5.5m | €21.7m | €65.7m | €59.1m |
| Gross profit | — | €8.9m | €23.1m | €6.1m | €5.5m | €21.7m | €65.7m | €59.1m |
| Operating income | −€79.8m | −€77.2m | −€45.4m | −€63.8m | −€62.1m | −€41.3m | €1.1m | €600,342 |
| Net income | −€74.2m | −€67.5m | −€41.7m | −€59.0m | −€82.2m | −€46.5m | €52.4m | −€10.0m |
| Diluted earnings per share | -0.54 | -0.49 | -0.33 | -0.47 | -0.65 | -0.37 | 0.49 | -0.09 |
| Cash from operations | −€71.0m | −€49.0m | −€67.0m | −€52.0m | −€45.0m | −€39.0m | −€68.0m | −€39.0m |
| Capital spending | −€1.0m | — | −€1.0m | −€1.0m | −€1.0m | −€3.0m | −€2.0m | −€3.0m |
| Free cash flow | −€72.0m | — | −€68.0m | −€53.0m | −€46.0m | −€42.0m | −€70.0m | −€42.0m |
| Total assets | €567.1m | €635.2m | €656.8m | €711.7m | €662.6m | €749.5m | €813.1m | €674.2m |
| Cash and short-term investments | €459.2m | €530.3m | €548.2m | €591.3m | €558.5m | €635.1m | €706.0m | €572.9m |
| Debt | €3.1m | €3.0m | €3.2m | €7.3m | €3.5m | €3.6m | €3.3m | €3.3m |
| Shareholders' equity | €466.6m | €532.9m | €565.4m | €571.8m | €542.6m | €626.7m | €671.4m | €446.8m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | -114.7% |
| Operating margin | -409.2% | 14.3% | -178.1% | 24.9% | -266.9% | -223.1% |
| Net margin | -407.0% | 9.8% | -175.3% | 16.0% | -268.5% | -676.0% |
| Return on equity | -40.6% | 2.6% | -43.5% | 13.6% | -387.9% | -241.8% |
| Return on assets | -34.9% | 2.2% | -18.6% | 6.8% | -53.4% | -83.0% |
| Free cash flow yield | -18.8% | -19.2% | 8.4% | 20.4% | -17.5% | -18.0% |
| Revenue growth | -69.0% | 188.6% | -68.8% | 397.2% | 11.2% | 69.4% |
| Earnings growth | -1390.9% | -116.1% | -441.7% | -129.7% | -55.8% | 565.7% |
| Current ratio | 11.72x | 9.26x | 2.87x | 3.54x | 1.60x | 3.08x |
| Debt to equity | 0.01x | 0.00x | 0.01x | 0.01x | 0.11x | 0.02x |
| Equity ratio | 86.1% | 82.6% | 42.7% | 49.9% | 13.8% | 34.3% |
| Interest coverage | -208.76x | 25.09x | -115.72x | 41.50x | -163.90x | -241.23x |
| R&D as a share of sales | 380.9% | 95.0% | 219.8% | 61.8% | 251.9% | 214.7% |
| Buybacks as a share of market value | -18.0% | -26.1% | -12.4% | -19.8% | -0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -34.9% | 8.9% | — |
| Operating income | — | 21.2% | — |
| Net income | — | -3.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 100.0% | 47.7% | 23.5% | — |
| Operating margin | -108.1% | -67.9% | -90.2% | — |
| Net margin | -88.8% | -55.9% | -113.7% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | -5.0 | 37.4 |
| Price to sales | 20.9 | 3.7 |
Market value over time
31 Dec 2018 to 4 Nov 2026, in EUR
€29.4m€944.5m
Share price return
Finished calendar years
| 2025 | 2024 | |
|---|---|---|
| Return | 42% | -43% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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