V 
67.53
+5.70%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Net income
−$766.6m
FY2017FY2025
Free cash flow
−$669.3m
FY2017FY2025
Shareholders' equity
$2.69bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross profit | — | −$15.8m | −$75.0m | −$9.2m | −$1.8m | −$1.4m | −$1.2m | −$1.0m | — |
| Research and development | $794.3m | $476.6m | $332.3m | $169.5m | $78.4m | $73.6m | $45.6m | $30.1m | $12.8m |
| Operating income | −$923.7m | −$569.5m | −$468.0m | −$232.3m | −$103.7m | −$89.6m | −$54.2m | −$35.5m | −$17.8m |
| Net income | −$766.6m | −$463.9m | −$402.3m | −$223.5m | −$100.1m | −$89.2m | −$50.3m | −$29.5m | −$17.2m |
| Diluted earnings per share | -5.63 | -3.78 | -3.85 | -2.96 | -1.83 | -1.75 | -1.99 | -7.37 | -4.83 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | $3.05bn | $3.51bn | $1.41bn | $1.01bn | $324.3m | $392.8m | $65.7m | $70.8m | $39.6m |
| Cash and short-term investments | $1.56bn | $1.75bn | $1.08bn | $931.4m | $246.0m | $386.2m | $59.0m | $66.1m | $36.1m |
| Total liabilities | $360.5m | $205.5m | $167.4m | $52.6m | $40.3m | $47.0m | $172.1m | $128.5m | $8.7m |
| Debt | — | — | — | — | — | — | $500,000 | $3.6m | $3.8m |
| Shareholders' equity | $2.69bn | $3.31bn | $1.24bn | $953.6m | $284.0m | $345.8m | −$106.4m | −$57.7m | $30.9m |
| Shares outstanding | 136m | 123m | 104m | 76m | 55m | 51m | 25m | 4m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$655.6m | −$452.6m | −$296.8m | −$170.6m | −$121.4m | −$46.6m | −$47.1m | −$30.5m | −$14,963 |
| Capital spending | −$13.7m | −$22.4m | −$67.9m | −$5.8m | −$6.6m | −$1.2m | −$1.2m | −$1.8m | −$1,222 |
| Free cash flow | −$669.3m | −$475.1m | −$364.7m | −$176.4m | −$127.9m | −$47.8m | −$48.3m | −$32.2m | −$16,185 |
| Dividends paid | — | — | — | — | — | −$374,000 | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | — | −$5.9m | $5.0m | — | −$5.0m | — | — | −$4.5m |
| Operating income | −$302.8m | −$345.9m | −$274.3m | −$242.4m | −$226.2m | −$180.8m | −$162.2m | −$139.9m |
| Net income | −$284.3m | −$320.6m | −$246.5m | −$212.8m | −$166.6m | −$140.7m | −$137.1m | −$103.1m |
| Diluted earnings per share | -1.97 | -2.22 | -1.81 | -1.56 | -1.22 | -1.03 | -1.12 | -0.84 |
| Cash from operations | −$513.0m | −$280.0m | −$224.0m | −$143.0m | −$121.0m | −$166.0m | −$111.0m | −$60.0m |
| Capital spending | −$19.0m | −$14.0m | −$5.0m | −$12.0m | −$19.0m | −$26.0m | −$30.0m | −$38.0m |
| Free cash flow | −$532.0m | −$294.0m | −$229.0m | −$155.0m | −$140.0m | −$192.0m | −$141.0m | −$98.0m |
| Total assets | $3.14bn | $3.35bn | $3.05bn | $3.17bn | $3.31bn | $3.38bn | $3.51bn | $3.56bn |
| Cash and short-term investments | $1.49bn | $1.74bn | $1.56bn | $1.71bn | $1.66bn | $1.67bn | $1.75bn | $2.18bn |
| Debt | $6.5m | $6.1m | $6.1m | $5.8m | $6.3m | $6.1m | $5.9m | $9.6m |
| Shareholders' equity | $2.76bn | $3.00bn | $2.69bn | $2.89bn | $3.07bn | $3.20bn | $3.31bn | $3.42bn |
Financial ratios
Data as of 9 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Return on equity | -28.5% | -14.0% | -32.4% | -23.4% | -35.2% | -25.8% | — | — |
| Return on assets | -25.2% | -13.2% | -28.6% | -22.2% | -30.9% | -22.7% | — | — |
| Free cash flow yield | -7.3% | -5.4% | -3.4% | -3.4% | -3.2% | -1.4% | — | — |
| Earnings growth | 65.2% | 15.3% | 80.0% | 123.3% | 12.2% | 77.5% | — | — |
| Current ratio | 7.91x | 12.75x | 7.54x | 23.26x | 8.93x | 8.30x | — | — |
| Debt to equity | 0.00x | 0.00x | 0.01x | 0.01x | 0.02x | — | -0.01x | — |
| Equity ratio | 88.2% | 94.1% | 88.1% | 94.8% | 87.6% | 88.0% | — | — |
| Interest coverage | — | — | — | -111741.50x | -14295.71x | -12744.29x | -1255.85x | -392.13x |
| Buybacks as a share of market value | -10.8% | -17.6% | -38.2% | -38.0% | -7.4% | -101.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 58.4% | 59.5% | — |
| Net income | 50.8% | 53.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -8.2 | -11.8 | -8.9 | -8.8 | -7.1 | -8.3 |
Market value over time
30 Jun 2020 to 8 Oct 2026, in USD
$379.3m$9.39bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return | -6% | 40% | 43% | 90% | -24% | 14% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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