L 
3.60
+9.42%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.35bn
FY2019FY2025
Net income
−$2.70bn
FY2019FY2025
Free cash flow
−$3.83bn
FY2019FY2025
Shareholders' equity
$717.3m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.35bn | $807.8m | $595.3m | $608.2m | $27.1m | $4.0m | $4.6m |
| Research and development | $1.21bn | $1.18bn | $937.0m | $821.5m | $750.2m | $511.1m | $220.2m |
| Operating income | −$3.50bn | −$3.02bn | −$3.10bn | −$2.59bn | −$2.58bn | −$719.5m | −$268.8m |
| Net income | −$2.70bn | −$2.71bn | −$2.83bn | −$1.30bn | −$2.58bn | −$719.4m | −$277.4m |
| Diluted earnings per share | -8.24 | -9.55 | -12.34 | -7.62 | -15.77 | -268.78 | -138.68 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | $8.39bn | $9.65bn | $8.51bn | $7.88bn | $7.88bn | $1.40bn | $579.6m |
| Cash and short-term investments | $997.8m | $4.03bn | $3.86bn | $3.91bn | $6.26bn | $614.9m | $352.2m |
| Total liabilities | $7.67bn | $5.78bn | $3.66bn | $3.53bn | $3.97bn | $2.72bn | $124.9m |
| Debt | $2.80bn | $2.21bn | $2.16bn | $2.09bn | $2.01bn | $3.0m | $244,000 |
| Shareholders' equity | $717.3m | $3.87bn | $4.85bn | $4.35bn | $3.91bn | −$1.32bn | $454.7m |
| Shares outstanding | 327m | 284m | 229m | 171m | 164m | 3m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −$2.96bn | −$2.02bn | −$2.49bn | −$2.23bn | −$1.06bn | −$570.2m | −$235.3m |
| Capital spending | −$868.2m | −$883.8m | −$910.6m | −$1.07bn | −$421.2m | −$459.6m | −$104.3m |
| Free cash flow | −$3.83bn | −$2.90bn | −$3.40bn | −$3.30bn | −$1.48bn | −$1.03bn | −$339.6m |
| Dividends paid | — | — | — | — | −$3.0m | −$1.30bn | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $405.3m | $282.5m | $522.7m | $336.6m | $259.4m | $235.0m | $234.5m | $200.0m |
| Operating income | −$1.08bn | −$951.6m | −$803.6m | −$942.0m | −$803.0m | −$691.9m | −$733.0m | −$770.5m |
| Net income | −$1.26bn | −$1.03bn | −$814.0m | −$978.4m | −$539.4m | −$366.2m | −$397.2m | −$992.5m |
| Diluted earnings per share | -3.30 | -2.69 | -2.49 | -2.99 | -1.65 | -1.12 | -1.40 | -3.49 |
| Cash from operations | −$2.41bn | −$1.19bn | −$926.0m | −$756.0m | −$847.0m | −$428.0m | −$533.0m | −$462.0m |
| Capital spending | −$506.0m | −$253.0m | −$325.0m | −$198.0m | −$182.0m | −$161.0m | −$291.0m | −$159.0m |
| Free cash flow | −$2.91bn | −$1.44bn | −$1.25bn | −$954.0m | −$1.03bn | −$589.0m | −$824.0m | −$621.0m |
| Total assets | $7.70bn | $7.48bn | $8.39bn | $8.82bn | $8.87bn | $9.22bn | $9.65bn | $8.49bn |
| Cash and short-term investments | $761.3m | $738.9m | $997.8m | $2.34bn | $2.83bn | $3.61bn | $4.03bn | $3.47bn |
| Debt | $3.26bn | $2.83bn | $2.80bn | $2.49bn | $2.33bn | $2.25bn | $2.17bn | $2.09bn |
| Shareholders' equity | $1.85bn | $2.04bn | $717.3m | $1.80bn | $2.41bn | $3.18bn | $3.87bn | $2.68bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -192.4% | -331.7% | -470.8% | -209.4% | -9510.3% | -18096.2% |
| Net margin | -199.3% | -336.0% | -475.1% | -214.5% | -9515.6% | -18093.1% |
| Return on equity | -376.1% | -70.1% | -58.3% | -30.0% | -66.0% | 54.5% |
| Return on assets | -32.2% | -28.1% | -33.2% | -16.6% | -32.7% | -51.3% |
| Free cash flow yield | -184.7% | -115.6% | -199.1% | -194.3% | -112.5% | -1194.4% |
| Revenue growth | 67.6% | 35.7% | -2.1% | 2143.3% | 581.9% | -13.4% |
| Earnings growth | -0.6% | -4.0% | 116.8% | -49.4% | 258.6% | 159.4% |
| Current ratio | 1.25x | 4.18x | 4.72x | 5.24x | 16.43x | 3.58x |
| Debt to equity | 3.91x | 0.56x | 0.43x | 0.47x | 0.52x | -0.00x |
| Equity ratio | 8.6% | 40.1% | 57.0% | 55.2% | 49.6% | -94.0% |
| Interest coverage | -27.39x | -81.40x | -112.48x | -41.62x | -1876.52x | -11242.25x |
| R&D as a share of sales | 89.5% | 145.6% | 157.4% | 135.1% | 2767.1% | 12854.9% |
| Buybacks as a share of market value | -15.2% | -23.9% | -33.8% | -4.7% | -6013.3% | -33.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 30.6% | 220.9% | — |
| Operating income | 10.5% | 37.2% | — |
| Net income | 27.4% | 30.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -301.7% | -363.0% | -456.7% | — |
| Net margin | -250.4% | -283.6% | -378.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -1.3 | -3.2 | -3.4 | -9.0 | -24.1 | -0.2 |
| Price to sales | 2.6 | 10.6 | 16.2 | 19.2 | — | 41.4 |
Market value over time
30 Sept 2020 to 22 Oct 2026, in USD
$440.1m$1.32bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return | -55% | -46% | -35% | -81% | 521% | 1% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 2 Sept 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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