T 
13.93
+1.90%
Close of 9 Nov 2026, in AUD
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At a glance
Figures in USD, from our data supplier.
Revenue
$803.8m
FY2017FY2025
Net income
−$7.1m
FY2017FY2025
Free cash flow
−$73.3m
FY2017FY2025
Shareholders' equity
$415.4m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $803.8m | $516.6m | $333.0m | $103.8m | $7.6m | $5.2m | $3.5m | $195,100 | — |
| Research and development | $171.2m | $127.9m | $85.3m | $52.5m | $34.1m | $23.1m | $21.2m | $18.7m | $3.0m |
| Operating income | $30.9m | $54.6m | $12.3m | −$58.9m | −$76.9m | −$35.6m | −$28.4m | −$17.5m | −$6.2m |
| Net income | −$7.1m | $33.7m | $4.2m | −$67.5m | −$80.5m | −$44.9m | −$27.9m | −$13.8m | −$6.4m |
| Diluted earnings per share | -0.02 | 0.10 | 0.01 | -0.22 | -0.29 | -0.17 | -0.12 | -0.07 | -0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | $1.16bn | $940.4m | $277.3m | $165.6m | $109.8m | $157.8m | $102.6m | $76.7m | $51.1m |
| Cash and short-term investments | $141.9m | $440.0m | $84.3m | $75.4m | $22.0m | $77.9m | $44.6m | $25.8m | $48.8m |
| Total liabilities | $748.6m | $587.4m | $174.6m | $113.7m | $107.7m | $78.8m | $32.5m | $23.8m | $1.8m |
| Debt | $467.1m | $360.2m | $12.3m | $6.8m | $2.5m | $2.2m | $2.1m | $1.7m | $345,400 |
| Shareholders' equity | $415.4m | $352.9m | $102.6m | $51.9m | $2.2m | $79.0m | $70.1m | $52.9m | $49.3m |
| Shares outstanding | 338m | 345m | 324m | 311m | 282m | 257m | 233m | 202m | 128m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −$17.3m | $27.5m | $14.3m | −$41.5m | −$59.3m | $2.0m | −$23.3m | −$20.7m | −$6.0m |
| Capital spending | −$56.0m | −$30.6m | −$7.1m | −$9.0m | −$1.3m | −$322,000 | −$468,000 | — | −$5,600 |
| Free cash flow | −$73.3m | −$3.1m | $7.2m | −$50.5m | −$60.7m | $1.6m | −$23.8m | −$20.7m | −$6.0m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $413.4m | $390.4m | $276.9m | $239.6m | $281.7m | $220.8m | $110.4m | $136.0m |
| Operating income | $21.7m | $9.2m | $21.8m | $32.8m | $22.7m | −$5.1m | $15.6m | −$21.6m |
| Net income | −$4.8m | −$2.3m | $14.1m | $19.6m | $19.5m | −$14.3m | −$7.2m | −$33.2m |
| Diluted earnings per share | -0.01 | -0.01 | 0.04 | 0.06 | 0.06 | -0.05 | -0.02 | -0.11 |
| Cash from operations | −$35.0m | $17.0m | $4.0m | $23.0m | $10.0m | $13.0m | — | −$3.0m |
| Capital spending | −$27.0m | −$28.0m | −$17.0m | −$13.0m | −$7.0m | −$3.0m | — | −$4.0m |
| Free cash flow | −$62.0m | −$11.0m | −$13.0m | $10.0m | $3.0m | $10.0m | — | −$7.0m |
| Total assets | $1.16bn | $1.19bn | $940.4m | $483.8m | $406.0m | $310.3m | $310.3m | $255.4m |
| Cash and short-term investments | $141.9m | $207.2m | $440.0m | $77.1m | $123.2m | $131.7m | $131.7m | $116.3m |
| Debt | $448.4m | $397.2m | $346.9m | $11.9m | $15.9m | $12.3m | $12.3m | $9.8m |
| Shareholders' equity | $415.4m | $421.9m | $352.9m | $262.0m | $148.9m | $76.1m | $76.1m | $80.0m |
Financial ratios
Data as of 24 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 2.2% | 10.5% | 3.2% | -61.3% | -990.6% | -1133.3% |
| Net margin | -0.9% | 6.4% | 1.0% | -65.0% | -1059.9% | -861.1% |
| Return on equity | -1.8% | 8.8% | 3.5% | -130.1% | -3730.8% | -56.8% |
| Return on assets | -0.6% | 3.3% | 1.3% | -40.8% | -73.3% | -28.4% |
| Free cash flow yield | 0.7% | 1.7% | 0.8% | -1.2% | -1.6% | 0.1% |
| Revenue growth | 59.2% | 55.8% | 213.9% | 2007.6% | 45.7% | 49.6% |
| Earnings growth | -122.1% | 858.0% | -105.0% | 29.3% | 79.4% | 61.1% |
| Current ratio | 1.43x | 2.78x | 1.48x | 2.02x | 1.25x | 4.69x |
| Debt to equity | 0.67x | 1.01x | 0.07x | 0.05x | 0.29x | 0.01x |
| Equity ratio | 35.1% | 37.5% | 36.3% | 31.3% | 2.0% | 50.1% |
| Interest coverage | 0.48x | 3.82x | 16.26x | -241.91x | -398.13x | -50.28x |
| R&D as a share of sales | 21.3% | 24.9% | 25.6% | 36.1% | 449.4% | 442.8% |
| Buybacks as a share of market value | 1.9% | -6.6% | -2.3% | -11.8% | -8.9% | -6.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 97.8% | 173.9% | — |
| Net income | -52.7% | -30.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -385.1 | 182.8 | — | -24.3 | -19.7 | -15.7 |
| Price to sales | 3.4 | 11.9 | 7.1 | 15.8 | 208.8 | 135.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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