S 
3.10p
-17.55%
Close of 9 Nov 2026, in pence
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in USD, from our data supplier.
Revenue
$62.3m
FY2016FY2025
Net income
−$25.3m
FY2016FY2025
Free cash flow
−$29.7m
FY2016FY2025
Shareholders' equity
$43.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.3m | $67.6m | $57.8m | $39.0m | $31.0m | $25.7m | $31.9m | $30.7m | $14.2m | $33.6m |
| Research and development | $18.9m | $18.5m | $11.3m | $11.3m | $6.5m | $19.9m | $35.9m | $20.2m | $15.9m | $9.8m |
| Operating income | −$18.8m | −$26.9m | −$14.6m | −$19.5m | −$11.7m | −$30.0m | −$42.1m | −$38.7m | −$27.9m | $2.5m |
| Net income | −$25.3m | −$31.3m | −$15.5m | −$18.6m | −$11.4m | −$30.0m | −$42.0m | −$36.0m | −$29.7m | −$1.7m |
| Diluted earnings per share | -0.01 | -0.01 | -0.00 | -0.00 | -0.00 | -0.01 | -0.02 | -0.02 | -0.02 | -0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $131.3m | $130.3m | $133.1m | $95.0m | $61.1m | $43.0m | $65.0m | $81.1m | $29.9m | $44.7m |
| Cash and short-term investments | $23.1m | $23.8m | $36.1m | $40.8m | $31.5m | $25.4m | $40.4m | $43.4m | $14.2m | $17.2m |
| Total liabilities | $88.0m | $93.3m | $66.6m | $21.2m | $13.7m | $12.8m | $10.1m | $18.1m | $5.9m | $4.2m |
| Debt | $55.6m | $50.9m | $43.2m | $3.7m | $4.1m | $4.5m | $5.0m | — | — | — |
| Shareholders' equity | $43.3m | $37.0m | $66.5m | $73.8m | $47.3m | $30.2m | $54.9m | $62.9m | $24.1m | $40.4m |
| Shares outstanding | 4,556m | 4,156m | 4,156m | 4,043m | 3,634m | 3,365m | 2,480m | 1,627m | 1,264m | 982m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$12.3m | $12.1m | −$25.0m | −$11.5m | −$12.9m | −$15.5m | −$34.4m | −$37.6m | −$17.6m | −$5.1m |
| Capital spending | −$17.4m | −$24.0m | −$25.6m | −$20.2m | −$6.1m | −$680,300 | −$845,000 | −$4.2m | −$2.2m | −$2.5m |
| Free cash flow | −$29.7m | −$11.9m | −$50.7m | −$31.7m | −$19.0m | −$16.2m | −$35.3m | −$41.8m | −$19.9m | −$7.6m |
Latest quarters
By quarter end
| Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $37.0m | $25.3m | $41.9m | $25.7m | $33.4m | $16.7m | $24.4m | $12.2m |
| Operating income | −$3.1m | −$15.6m | −$9.6m | −$17.3m | −$8.7m | −$5.2m | −$5.9m | −$3.4m |
| Net income | −$7.0m | −$18.2m | −$11.5m | −$19.8m | −$10.1m | −$5.1m | −$4.6m | −$2.7m |
| Diluted earnings per share | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Total assets | $131.3m | $138.6m | $130.3m | $118.4m | $133.1m | $133.1m | $120.7m | $120.7m |
| Cash and short-term investments | $22.9m | $39.9m | $23.7m | $22.4m | $36.5m | $36.1m | $52.5m | $52.5m |
| Debt | $54.2m | $51.7m | $49.8m | $47.5m | $42.5m | $42.5m | $25.6m | $33.0m |
| Shareholders' equity | $43.3m | $50.1m | $37.0m | $47.8m | $66.5m | $66.5m | $69.4m | $69.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 16.9% | 19.4% | 17.1% |
| Operating income | -1.3% | -9.0% | 2.1% |
| Net income | 10.8% | -3.3% | 8.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -35.2% | -35.2% | -42.9% | -59.8% |
| Net margin | -43.5% | -40.0% | -46.6% | -62.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -13.0 | -8.1 | -19.3 | -17.9 | -44.5 | -10.4 |
| Price to sales | 5.3 | 3.7 | 5.2 | 8.5 | 16.4 | 12.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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