P 
34.47
+0.23%
Close of 9 Nov 2026, in USD
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At a glance
Figures in EUR, from our data supplier.
Net income
−€203.4m
FY2018FY2025
Free cash flow
−€158.9m
FY2018FY2025
Shareholders' equity
€314.0m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | — | — | −€292,026 | −€173,854 | −€93,135 | −€9,767 | −€711 | — |
| Research and development | €144.1m | €114.1m | €75.9m | €66.4m | €41.4m | €25.7m | €7.4m | €4.2m |
| Operating income | −€196.6m | −€168.6m | −€112.2m | −€100.4m | −€62.7m | −€34.3m | −€10.4m | −€5.0m |
| Net income | −€203.4m | −€155.4m | −€116.8m | −€88.4m | −€49.5m | −€34.3m | −€10.4m | −€5.0m |
| Diluted earnings per share | -3.12 | -2.86 | -2.23 | -2.63 | -1.49 | -3.77 | -0.33 | -0.16 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | €349.0m | €337.3m | €461.5m | €194.2m | €245.5m | €117.0m | €23.8m | €6.3m |
| Cash and short-term investments | €337.6m | €325.0m | €452.9m | €187.3m | €242.3m | €114.2m | €23.5m | €6.2m |
| Total liabilities | €34.9m | €27.3m | €17.0m | €21.4m | €8.3m | €6.2m | €2.2m | €557,193 |
| Debt | €231,764 | €861,500 | €238,900 | €400,000 | €300,000 | — | — | — |
| Shareholders' equity | €314.0m | €310.0m | €444.6m | €172.8m | €237.3m | €110.9m | €21.6m | €5.7m |
| Shares outstanding | 65m | 54m | 52m | 34m | 33m | 9m | 32m | 32m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€158.7m | −€139.1m | −€107.7m | −€77.7m | −€51.6m | −€24.9m | −€7.7m | −€4.5m |
| Capital spending | −€190,561 | −€622,882 | −€104,164 | −€143,884 | −€150,523 | −€49,750 | −€15,600 | −€15,600 |
| Free cash flow | −€158.9m | −€139.7m | −€107.8m | −€77.9m | −€51.8m | −€24.9m | −€7.7m | −€4.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gross profit | −€210,990 | −€123,222 | — | — | — | −€112,314 | — | — |
| Operating income | −€58.8m | −€52.1m | −€55.1m | −€45.9m | −€46.7m | €48.8m | −€52.2m | −€43.9m |
| Net income | −€55.4m | −€46.1m | −€54.1m | −€43.0m | −€52.6m | −€53.6m | −€40.2m | −€48.3m |
| Diluted earnings per share | -0.81 | -0.68 | -0.83 | -0.66 | -0.81 | -0.82 | -0.74 | -0.89 |
| Cash from operations | −€43.0m | −€57.0m | −€43.0m | −€35.0m | −€34.0m | −€44.0m | −€40.0m | −€38.0m |
| Total assets | €380.5m | €300.7m | €349.0m | €392.3m | €242.9m | €287.2m | €337.3m | €362.5m |
| Cash and short-term investments | €368.4m | €285.9m | — | €381.2m | €231.0m | €273.8m | — | €353.3m |
| Debt | €222,714 | €238,823 | — | €159,304 | €187,001 | €225,265 | — | €115,109 |
| Shareholders' equity | €348.2m | €273.6m | €314.0m | €361.4m | €213.4m | €260.8m | €310.0m | €343.6m |
Financial ratios
Data as of 2 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Return on equity | -64.8% | -50.1% | -26.3% | -51.1% | -20.8% | -30.9% | — |
| Return on assets | -58.3% | -46.1% | -25.3% | -45.5% | -20.1% | -29.3% | — |
| Free cash flow yield | -6.3% | -6.6% | -5.3% | -6.0% | -4.0% | -7.0% | — |
| Earnings growth | 30.9% | 33.1% | 32.2% | 78.6% | 44.2% | 229.7% | — |
| Current ratio | 10.11x | 12.60x | 27.25x | 9.16x | 30.28x | 19.00x | — |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — | — |
| Equity ratio | 90.0% | 91.9% | 96.3% | 89.0% | 96.6% | 94.7% | — |
| Interest coverage | — | — | -4977.62x | -5384.33x | -152.36x | -321.38x | -2052.64x |
| Buybacks as a share of market value | -19.9% | -4.0% | -55.7% | -1.4% | -263.9% | 71.4% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Operating income | 25.1% | 41.8% | — |
| Net income | 32.0% | 42.8% | — |
Valuation history
At each fiscal year end
| FY2025 | |
|---|---|
| Price to earnings | -8.9 |
Market value over time
26 Feb 2021 to 30 Oct 2026, in EUR
€341.9m€2.28bn
Share price return
Finished calendar years
| 2025 | |
|---|---|
| Return | 30% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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