M 
37.75
+6.61%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$224.4m
FY2018FY2025
Net income
−$85.9m
FY2018FY2025
Free cash flow
−$328.1m
FY2018FY2025
Shareholders' equity
$2.39bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $224.4m | $203.9m | $253.4m | $527.5m | $332.0m | $134.3m | $73.4m | $67.4m |
| Research and development | $24.2m | $9.3m | $14.9m | $4.2m | $4.2m | $140,000 | — | — |
| Operating income | −$145.1m | −$70.3m | $38.6m | $333.2m | $165.3m | −$34.5m | −$7.6m | −$8.9m |
| Net income | −$85.9m | −$65.4m | $24.3m | $289.0m | $135.0m | −$21.8m | −$6.8m | −$13.5m |
| Diluted earnings per share | -0.43 | -0.40 | 0.14 | 1.49 | 0.70 | -0.18 | -0.10 | -0.20 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | $4.01bn | $2.33bn | $2.34bn | $2.24bn | $1.89bn | $1.07bn | $101.8m | $96.3m |
| Cash and short-term investments | $1.83bn | $850.9m | $997.8m | $1.18bn | $1.18bn | $519.7m | $2.8m | $2.8m |
| Total liabilities | $1.62bn | $1.28bn | $970.7m | $925.2m | $880.9m | $220.4m | $119.8m | $107.5m |
| Debt | $1.03bn | $912.1m | $687.3m | $678.4m | $691.8m | $70.8m | $18.7m | $5.4m |
| Shareholders' equity | $2.39bn | $1.05bn | $1.37bn | $1.31bn | $1.01bn | $853.9m | −$18.0m | −$11.3m |
| Shares outstanding | 199m | 163m | 178m | 193m | 193m | 123m | 69m | 69m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$155.8m | $13.3m | $62.7m | $343.5m | $102.0m | $3.3m | −$437,000 | $20.2m |
| Capital spending | −$172.4m | −$186.4m | −$261.9m | −$326.6m | −$123.9m | −$22.4m | −$2.3m | −$7.8m |
| Free cash flow | −$328.1m | −$173.1m | −$199.2m | $16.9m | −$21.9m | −$19.1m | −$2.7m | $12.4m |
| Dividends paid | — | — | — | — | — | −$996,000 | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $108.5m | $90.6m | $52.7m | $53.6m | $57.4m | $60.8m | $61.0m | $62.9m |
| Operating income | −$19.6m | −$18.2m | $20.4m | −$65.6m | −$43.9m | −$34.8m | −$44.0m | −$39.5m |
| Net income | −$20.3m | −$8.0m | $9.4m | −$41.8m | −$30.9m | −$22.6m | −$22.3m | −$25.5m |
| Diluted earnings per share | -0.11 | -0.04 | 0.05 | -0.21 | -0.15 | -0.11 | -0.14 | -0.16 |
| Cash from operations | $6.0m | −$1.0m | −$46.0m | −$42.0m | −$3.0m | −$63.0m | $30.0m | −$6.0m |
| Capital spending | −$230.0m | −$77.0m | −$62.0m | −$50.0m | −$29.0m | −$30.0m | −$41.0m | −$46.0m |
| Free cash flow | −$224.0m | −$78.0m | −$108.0m | −$92.0m | −$32.0m | −$93.0m | −$11.0m | −$52.0m |
| Total assets | $3.73bn | $3.84bn | $4.01bn | $3.80bn | $2.34bn | $2.37bn | $2.33bn | $2.30bn |
| Cash and short-term investments | $1.45bn | $1.74bn | $1.83bn | $1.94bn | $753.7m | $759.2m | $850.9m | $866.5m |
| Debt | $934.6m | $1.01bn | $1.03bn | $1.03bn | $933.4m | $921.3m | $909.5m | $940.8m |
| Shareholders' equity | $1.96bn | $2.38bn | $2.39bn | $2.38bn | $1.01bn | $1.04bn | $1.05bn | $1.06bn |
Financial ratios
Data as of 5 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -64.6% | -34.5% | 15.2% | 63.2% | 49.8% | -25.7% |
| Net margin | -38.3% | -32.1% | 9.6% | 54.8% | 40.7% | -16.2% |
| Return on equity | -3.6% | -6.2% | 1.8% | 22.0% | 13.4% | -2.6% |
| Return on assets | -2.1% | -2.8% | 1.0% | 12.9% | 7.1% | -2.0% |
| Free cash flow yield | 0.2% | 2.6% | 3.9% | 7.4% | 2.5% | 0.4% |
| Revenue growth | 10.1% | -19.6% | -52.0% | 58.9% | 147.2% | 83.0% |
| Earnings growth | 31.3% | -369.2% | -91.6% | 114.0% | -718.7% | 223.1% |
| Current ratio | 7.24x | 6.29x | 10.42x | 13.27x | 21.44x | 13.03x |
| Debt to equity | 0.42x | 0.86x | 0.50x | 0.52x | 0.69x | 0.08x |
| Equity ratio | 59.7% | 45.2% | 58.5% | 58.7% | 53.4% | 79.5% |
| Interest coverage | -4.61x | -3.06x | 7.34x | 57.59x | 18.57x | -6.88x |
| R&D as a share of sales | 10.8% | 4.6% | 5.9% | 0.8% | 1.3% | 0.1% |
| Buybacks as a share of market value | -21.9% | 8.0% | 8.2% | -0.1% | -57.2% | -78.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -24.8% | 10.8% | — |
| Operating income | — | 33.3% | — |
| Net income | — | 31.5% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -50.3% | 12.9% | 17.1% | — |
| Net margin | -35.3% | 13.4% | 16.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -117.2 | -39.0 | 145.1 | 16.3 | 65.0 | -181.3 |
| Price to sales | 44.9 | 12.5 | 13.9 | 8.9 | 26.5 | 29.5 |
Market value over time
30 Jun 2020 to 2 Oct 2026, in USD
$678.0m$8.37bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return | 211% | -9% | -34% | -34% | 18% | 257% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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