S 
37.79
+2.63%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$2.25bn
FY2019FY2025
Net income
−$16.9m
FY2019FY2025
Free cash flow
$787.9m
FY2019FY2025
Shareholders' equity
$221.3m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.25bn | $1.79bn | $1.18bn | $593.3m | $251.9m | $92.1m | $100.1m |
| Gross profit | $422.6m | $279.1m | $209.5m | $99.6m | $10.4m | −$18.9m | −$20.0m |
| Research and development | $216.0m | $173.5m | $195.0m | $124.1m | $73.4m | $55.9m | $49.1m |
| Operating income | −$92.1m | −$116.7m | −$223.2m | −$140.4m | −$122.4m | −$110.4m | −$105.8m |
| Net income | −$16.9m | −$13.5m | −$23.9m | −$79.0m | −$122.3m | −$109.5m | −$104.4m |
| Diluted earnings per share | -0.13 | -0.13 | -0.29 | -1.36 | -2.41 | -2.16 | -2.06 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | $2.40bn | $1.58bn | $1.05bn | $631.3m | $280.5m | $225.0m | — |
| Cash and short-term investments | $1.24bn | $727.3m | $545.5m | $353.5m | $156.6m | $58.3m | — |
| Total liabilities | $1.92bn | $1.19bn | $1.05bn | $562.3m | $1.39bn | $1.07bn | — |
| Debt | $7.7m | — | — | — | — | $17,750 | — |
| Shareholders' equity | $221.3m | $197.2m | $82,000 | $7.2m | −$1.11bn | −$844.5m | — |
| Shares outstanding | 128m | 106m | 83m | 58m | 51m | 51m | 51m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | $866.9m | −$58.1m | $230.8m | −$148.2m | $109.6m | −$124.3m | $17.2m |
| Capital spending | −$79.0m | −$44.4m | −$21.3m | −$17.9m | −$12.2m | −$5.1m | −$4.3m |
| Free cash flow | $787.9m | −$102.5m | $209.5m | −$166.2m | $97.4m | −$129.4m | $12.9m |
| Dividends paid | −$1.2m | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $720.8m | $676.5m | $630.0m | $618.5m | $592.1m | $549.7m | $486.7m | $503.6m |
| Gross profit | $160.9m | $150.0m | $133.4m | $127.1m | $107.6m | $107.8m | $80.0m | $64.0m |
| Operating income | $32.9m | $6.1m | $14.2m | −$12.6m | −$17.9m | −$32.1m | −$24.6m | −$21.5m |
| Net income | $11.7m | $2.0m | $2.6m | −$3.6m | −$5.9m | −$3.9m | −$3.5m | −$2.5m |
| Diluted earnings per share | 0.09 | 0.01 | 0.02 | -0.03 | -0.05 | -0.04 | -0.03 | -0.02 |
| Cash from operations | −$147.0m | $261.0m | $191.0m | $530.0m | −$138.0m | $269.0m | $205.0m | −$99.0m |
| Capital spending | −$17.0m | −$43.0m | −$2.0m | −$36.0m | −$14.0m | −$20.0m | −$7.0m | −$21.0m |
| Free cash flow | −$164.0m | $218.0m | $189.0m | $494.0m | −$152.0m | $249.0m | $198.0m | −$120.0m |
| Total assets | $3.52bn | $3.50bn | $2.99bn | $2.40bn | $1.83bn | $1.96bn | $1.72bn | $1.58bn |
| Cash and short-term investments | $1.75bn | $2.01bn | $1.82bn | $1.24bn | $777.6m | $954.9m | $903.0m | $727.3m |
| Debt | — | $8.0m | — | — | — | — | — | — |
| Shareholders' equity | $708.8m | $686.1m | $663.8m | $221.3m | $210.8m | $205.4m | $196.5m | $197.2m |
Financial ratios
Data as of 21 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 18.8% | 15.6% | 17.8% | 16.8% | 4.1% | -20.6% |
| Operating margin | -4.1% | -4.7% | -17.1% | -23.4% | -48.6% | -119.9% |
| Net margin | -0.8% | -0.8% | -2.0% | -13.3% | -48.6% | -118.9% |
| Return on equity | -7.7% | -6.8% | -29104.9% | -1099.6% | 11.0% | 13.0% |
| Return on assets | -0.7% | -0.9% | -2.3% | -12.5% | -43.6% | -48.7% |
| Free cash flow yield | 17.7% | -0.3% | 7.2% | -5.3% | 5.7% | -5.6% |
| Revenue growth | 25.7% | 51.9% | 98.4% | 135.5% | 173.6% | -8.0% |
| Earnings growth | 25.6% | -43.5% | -69.8% | -35.4% | 11.7% | 4.9% |
| Current ratio | 1.09x | 1.33x | 0.97x | 1.16x | 0.77x | 1.44x |
| Debt to equity | 0.03x | — | 16.43x | — | — | -0.00x |
| Equity ratio | 9.2% | 12.5% | 0.0% | 1.1% | -396.8% | -375.4% |
| Interest coverage | — | — | — | -108.16x | — | -136.44x |
| R&D as a share of sales | 9.6% | 9.7% | 16.6% | 20.9% | 29.1% | 60.7% |
| Buybacks as a share of market value | -20.5% | -27.3% | -43.1% | -14.9% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 55.9% | 89.4% | — |
| Operating income | -13.1% | -3.5% | — |
| Net income | -40.1% | -31.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 17.4% | 17.4% | 16.3% | — |
| Operating margin | -5.2% | -9.9% | -13.1% | — |
| Net margin | -0.8% | -2.3% | -5.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -449.2 | -186.5 | -114.9 | -5.7 | -1.5 |
| Price to sales | 3.4 | 1.4 | 2.3 | 0.8 | 0.8 |
Market value over time
31 Mar 2021 to 18 Sept 2026, in USD
$70.7m$5.58bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return | 143% | -34% | 361% | 112% | -3% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 1-to-1 reverse split · 8 Jun 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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