R 
4.50
+11.39%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$4.9m
FY2015FY2024
Net income
−$43.6m
FY2015FY2024
Free cash flow
−$20.7m
FY2015FY2024
Shareholders' equity
$50.1m
FY2015FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9m | $17.8m | $9.9m | $6.4m | $5.0m | $400,000 | $110,000 | — | $200,000 | $10,000 |
| Gross profit | −$1.4m | $3.7m | −$340,000 | $930,000 | $1.1m | $80,000 | −$250,000 | — | — | — |
| Research and development | $6.6m | $6.3m | $5.3m | $2.6m | $520,000 | $490,000 | — | — | $860,000 | $350,000 |
| Operating income | −$25.7m | −$18.9m | −$24.3m | −$13.0m | −$4.9m | −$1.7m | −$2.1m | −$1.1m | −$1.4m | −$380,000 |
| Net income | −$43.6m | −$24.1m | −$27.1m | −$11.7m | −$13.2m | −$1.6m | −$2.6m | $1.1m | −$4.9m | −$380,000 |
| Diluted earnings per share | -0.57 | -0.40 | -0.50 | -0.24 | -0.56 | -0.12 | -16.50 | 18.83 | -162.66 | -12.66 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $55.6m | $48.5m | $60.2m | $85.1m | $11.7m | $2.8m | $260,000 | $750,000 | $580,000 | $100,000 |
| Cash and short-term investments | $9.2m | $6.1m | $16.1m | $48.9m | $280,000 | $240,000 | $40,000 | $560,000 | $230,000 | — |
| Total liabilities | $5.5m | $5.0m | $5.6m | $7.2m | $6.4m | $1.3m | $2.8m | $2.6m | $4.4m | $350,000 |
| Debt | $350,000 | $751,600 | $1.3m | $2.0m | $2.4m | $900,000 | $2.0m | $1.6m | — | $30,000 |
| Shareholders' equity | $50.1m | $43.6m | $54.6m | $77.9m | $5.3m | $1.5m | −$2.5m | −$1.9m | −$3.8m | −$240,000 |
| Shares outstanding | 77m | 60m | 54m | 48m | 24m | 14m | 0m | 0m | 0m | 0m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$20.5m | −$18.6m | −$29.2m | −$16.0m | −$1.4m | −$810,000 | −$940,000 | −$1.4m | −$1.6m | −$270,000 |
| Capital spending | −$163,600 | −$259,100 | −$2.5m | −$360,000 | — | — | −$1.1m | — | −$10,000 | −$20,000 |
| Free cash flow | −$20.7m | −$18.8m | −$31.6m | −$16.4m | −$1.4m | −$810,000 | −$2.0m | −$1.4m | −$1.6m | −$290,000 |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Oct 2024 | Jul 2024 | Apr 2024 | Jan 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.6m | $3.2m | $1.6m | $539,000 | $1.5m | $2.8m | $6.3m | $5.8m |
| Gross profit | $637,500 | $375,100 | −$850,400 | −$849,200 | −$23,500 | −$483,400 | $1.2m | $1.1m |
| Operating income | −$17.5m | −$12.6m | −$12.5m | −$9.0m | −$9.1m | −$7.6m | −$3.4m | −$4.4m |
| Net income | −$16.0m | −$13.3m | −$23.1m | −$17.9m | −$13.3m | −$12.4m | −$7.1m | −$5.5m |
| Diluted earnings per share | -0.16 | -0.15 | -0.27 | -0.22 | -0.18 | -0.17 | -0.09 | -0.09 |
| Total assets | $286.0m | $121.4m | $59.7m | $55.6m | $51.1m | $38.0m | $48.5m | $55.3m |
| Cash and short-term investments | $206.4m | $65.9m | $7.7m | $9.2m | $4.6m | $7.7m | $6.1m | $7.7m |
| Debt | $13.4m | $19.4m | $25.1m | — | $11.9m | — | — | — |
| Shareholders' equity | $253.3m | $95.6m | $28.9m | $50.1m | $27.0m | $32.5m | $43.6m | $49.6m |
Financial ratios
Data as of 3 Nov 2026
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 3.1% | -28.0% | 20.6% | -18.1% | 14.4% | 21.4% | — | — |
| Operating margin | -175.9% | -530.9% | -97.9% | -508.8% | -179.5% | -240.3% | — | — |
| Net margin | -177.0% | -899.2% | -134.9% | -608.3% | -181.8% | -264.7% | — | — |
| Return on equity | -29.3% | -130.5% | -55.2% | -51.3% | -15.0% | -251.3% | — | — |
| Return on assets | -26.3% | -117.7% | -49.6% | -46.3% | -13.7% | -113.2% | — | — |
| Free cash flow yield | -13.5% | -4.6% | -5.4% | -11.0% | -6.5% | -0.6% | — | — |
| Revenue growth | 459.8% | -59.2% | 286.0% | -28.1% | 28.6% | 1137.7% | — | — |
| Earnings growth | 10.2% | 172.0% | -14.4% | 140.5% | -11.7% | 726.3% | — | — |
| Current ratio | 15.29x | 6.17x | 6.13x | 7.94x | 10.23x | 0.35x | — | — |
| Debt to equity | 0.02x | 0.01x | 0.02x | 0.03x | 0.03x | 0.38x | — | — |
| Equity ratio | 89.8% | 90.1% | 89.8% | 90.2% | 91.6% | 45.0% | — | — |
| Interest coverage | — | — | -254.53x | -192.71x | -78.13x | -9.82x | -29.00x | -1.50x |
| R&D as a share of sales | 43.9% | 136.3% | 35.3% | 126.8% | 40.5% | 10.3% | — | — |
| Buybacks as a share of market value | -37.5% | -30.7% | -37.0% | -2.8% | -3.7% | -157.6% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -9.0% | 64.7% | 61.6% |
| Operating income | 25.6% | 73.0% | 51.7% |
| Net income | 55.1% | 93.7% | 19.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 10.2% | 7.5% | 9.1% | — |
| Operating margin | -196.7% | -209.9% | -199.1% | — |
| Net margin | -298.3% | -272.8% | -273.0% | — |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -22.7 | -2.2 | -1.9 | -8.6 | -3.1 | -5.5 | -0.0 | 0.3 | -0.0 | -0.0 |
| Price to sales | 204.1 | 3.0 | 5.1 | 15.6 | 8.2 | 21.8 | 0.6 | — | 0.4 | 0.2 |
Market value over time
29 Dec 2016 to 2 Nov 2026, in USD
$18.32bn$609.2m
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -12% | 1215% | -30% | -54% | 278% | 19% | 1% | -91% | 232% | 1995% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 1200-to-1 reverse split · 1 Aug 2019
- 10-to-1 reverse split · 22 Nov 2016
- 150-to-1 reverse split · 23 Jul 2014
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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