S 
4.05
-1.46%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$168.9m
FY2019FY2025
Net income
−$14.0m
FY2019FY2025
Free cash flow
−$103.1m
FY2019FY2025
Shareholders' equity
$463.8m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $168.9m | $84.7m | $45.9m | $31.1m | $21.2m | $13.0m | $7.7m |
| Gross profit | $71.6m | $41.4m | $34.6m | $21.5m | $14.6m | $7.2m | $3.2m |
| Research and development | $98.3m | $70.6m | $51.4m | $76.4m | $59.2m | $54.3m | $47.8m |
| Operating income | −$23.3m | −$347.8m | −$68.3m | −$107.3m | −$70.7m | −$71.6m | −$64.6m |
| Net income | −$14.0m | −$350.7m | −$88.9m | −$116.7m | −$79.5m | −$74.4m | −$64.5m |
| Diluted earnings per share | -0.03 | -0.93 | -0.35 | -0.58 | -0.40 | -4.26 | -5.56 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | $688.2m | $554.0m | $151.1m | $38.0m | $49.2m | $63.6m | $64.2m |
| Cash and short-term investments | $248.5m | $198.2m | $95.3m | $9.2m | $21.6m | $43.7m | $38.2m |
| Total liabilities | $224.4m | $371.3m | $123.0m | $74.6m | $392.4m | $340.0m | $44.0m |
| Debt | $2.1m | $49,000 | $84.4m | $35.1m | $61.4m | $16.6m | $6.3m |
| Shareholders' equity | $463.8m | $182.7m | $28.2m | −$36.6m | −$343.2m | −$276.4m | $20.1m |
| Shares outstanding | 418m | 375m | 254m | 200m | 200m | 17m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −$98.2m | −$108.9m | −$68.3m | −$94.0m | −$66.2m | −$46.3m | −$46.0m |
| Capital spending | −$4.9m | −$640,000 | −$392,000 | −$1.3m | −$636,000 | −$2.2m | −$5.1m |
| Free cash flow | −$103.1m | −$109.5m | −$68.7m | −$95.3m | −$66.8m | −$48.5m | −$51.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $61.9m | $44.2m | $55.1m | $42.0m | $42.7m | $29.1m | $34.5m | $25.1m |
| Gross profit | $22.8m | $8.9m | $26.4m | $17.9m | $16.7m | $10.6m | $13.8m | $12.2m |
| Operating income | −$47.0m | −$61.9m | $42.6m | −$115.9m | −$78.1m | $128.1m | −$257.1m | −$33.8m |
| Net income | −$42.8m | −$25.0m | $40.1m | −$109.3m | −$74.7m | $129.9m | −$258.6m | −$21.8m |
| Diluted earnings per share | -0.10 | -0.06 | 0.10 | -0.26 | -0.18 | 0.31 | -0.69 | -0.06 |
| Cash from operations | −$33.0m | −$26.0m | −$21.0m | −$32.0m | −$24.0m | −$19.0m | −$33.0m | −$35.0m |
| Capital spending | −$26.0m | — | −$2.0m | — | — | — | — | — |
| Free cash flow | −$59.0m | — | −$23.0m | — | — | — | — | — |
| Total assets | $667.9m | $645.0m | $688.2m | $702.2m | $579.5m | $587.5m | $554.0m | $499.7m |
| Cash and short-term investments | $202.8m | $215.6m | $248.5m | $268.9m | $230.3m | $245.8m | $198.2m | $135.6m |
| Debt | $2.7m | $3.0m | $2.1m | $2.3m | $2.1m | $2.1m | $1.9m | $41.6m |
| Shareholders' equity | $490.4m | $460.7m | $463.8m | $399.2m | $359.8m | $397.0m | $182.7m | $296.0m |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 42.4% | 48.9% | 75.4% | 69.2% | 68.9% | 55.0% |
| Operating margin | -5.1% | -410.6% | -148.9% | -343.5% | -333.7% | -548.5% |
| Net margin | -8.3% | -414.1% | -193.9% | -374.9% | -375.2% | -571.6% |
| Return on equity | -3.0% | -192.0% | -315.7% | 319.2% | 23.2% | 26.9% |
| Return on assets | -2.0% | -63.3% | -58.9% | -307.3% | -161.7% | -116.9% |
| Free cash flow yield | -5.0% | -6.5% | -6.0% | -10.5% | -7.4% | -57.1% |
| Revenue growth | 99.4% | 84.6% | 47.4% | 46.9% | 62.8% | 69.6% |
| Earnings growth | -96.0% | 294.3% | -23.8% | 46.7% | 6.9% | 15.4% |
| Current ratio | 4.59x | 3.77x | 4.69x | 0.46x | 0.31x | 2.00x |
| Debt to equity | 0.00x | 0.01x | 3.09x | -1.05x | -0.19x | -0.06x |
| Equity ratio | 67.4% | 33.0% | 18.6% | -96.3% | -697.6% | -434.3% |
| Interest coverage | -12.84x | -28.58x | -4.08x | -15.51x | -8.48x | -31.47x |
| R&D as a share of sales | 58.2% | 83.3% | 112.1% | 245.4% | 279.2% | 417.0% |
| Buybacks as a share of market value | -11.3% | -47.4% | -27.2% | 0.0% | -1045.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 75.7% | 67.0% | — |
| Operating income | -39.9% | -20.1% | — |
| Net income | -50.7% | -28.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 44.5% | 51.1% | 52.3% | — |
| Operating margin | -146.3% | -165.3% | -188.8% | — |
| Net margin | -143.8% | -172.5% | -198.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|
| Price to earnings | -297.3 | -21.2 | -6.1 | -3.0 |
| Price to sales | 24.6 | 87.9 | 11.8 | 11.4 |
Market value over time
29 Apr 2022 to 23 Oct 2026, in USD
$455.0m$1.90bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Return | -48% | 831% | 98% | -71% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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