V 
2.59
+3.60%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€174.7m
FY2016FY2025
Net income
−€115.2m
FY2016FY2025
Free cash flow
−€57.4m
FY2016FY2025
Shareholders' equity
€106.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €174.7m | €169.6m | €153.7m | €361.3m | €348.1m | €110.3m | €126.2m | €113.0m | €105.3m | €94.1m |
| Research and development | €85.3m | €74.1m | €59.9m | €104.9m | €173.3m | €84.5m | €37.9m | €12.2m | €23.4m | €24.6m |
| Operating income | −€81.6m | €13.3m | −€76.5m | −€126.0m | −€53.3m | −€54.7m | €1.5m | €6.3m | −€4.0m | −€42.7m |
| Net income | −€115.2m | −€12.2m | −€101.4m | −€143.3m | −€73.4m | −€64.4m | −€1.7m | €3.3m | −€11.5m | −€49.2m |
| Diluted earnings per share | -0.66 | -0.08 | -0.73 | -1.04 | -0.73 | -0.70 | -0.02 | 0.04 | -0.12 | -0.53 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €398.8m | €500.0m | €460.1m | €621.3m | €817.4m | €449.2m | €264.7m | €229.9m | €189.3m | €206.9m |
| Cash and short-term investments | €109.7m | €168.3m | €126.1m | €289.4m | €346.6m | €204.4m | €64.4m | €77.1m | €33.5m | €35.3m |
| Total liabilities | €292.7m | €318.8m | €331.8m | €401.5m | €646.8m | €371.7m | €129.6m | €86.7m | €96.7m | €106.8m |
| Debt | €181.9m | €216.3m | €208.8m | €152.4m | €114.7m | €105.5m | €85.2m | €57.6m | €71.5m | €82.5m |
| Shareholders' equity | €106.2m | €181.3m | €128.2m | €219.8m | €170.6m | €77.4m | €135.2m | €143.2m | €92.7m | €100.1m |
| Shares outstanding | 173m | 162m | 139m | 138m | 101m | 92m | 92m | 92m | 92m | 92m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€52.9m | −€67.2m | −€202.7m | −€245.3m | €76.9m | €137.7m | €5.5m | €16.3m | €12.8m | €6.5m |
| Capital spending | −€4.5m | −€16.4m | −€14.2m | −€29.3m | −€93.2m | −€19.5m | −€10.9m | −€3.2m | −€4.0m | −€3.7m |
| Free cash flow | −€57.4m | −€83.7m | −€217.0m | −€274.7m | −€16.3m | €118.3m | −€5.4m | €13.1m | €8.8m | €2.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €34.9m | €30.9m | €47.7m | €29.4m | €48.3m | €49.2m | €52.9m | €45.8m |
| Operating income | −€27.2m | −€26.7m | −€30.5m | −€40.6m | −€11.6m | −€7.2m | −€27.1m | −€12.1m |
| Net income | −€31.2m | −€32.1m | −€50.0m | −€44.4m | −€11.6m | −€9.2m | −€37.0m | −€9.2m |
| Diluted earnings per share | -0.16 | -0.17 | -0.29 | -0.26 | -0.07 | -0.05 | -0.23 | -0.06 |
| Cash from operations | −€18.0m | −€4.0m | −€41.0m | −€17.0m | −€2.0m | −€8.0m | €9.0m | −€10.0m |
| Capital spending | — | — | −€1.0m | — | −€1.0m | −€1.0m | −€3.0m | −€15.0m |
| Free cash flow | — | — | −€42.0m | — | −€3.0m | −€9.0m | €6.0m | −€25.0m |
| Total assets | €388.3m | €372.0m | €398.8m | €448.2m | €472.6m | €482.2m | €500.0m | €516.6m |
| Cash and short-term investments | €121.5m | €105.3m | €109.7m | €143.5m | €161.3m | €153.0m | €168.3m | €156.3m |
| Debt | €21.2m | €185.1m | €181.9m | €170.4m | €171.0m | €183.9m | €189.9m | €175.2m |
| Shareholders' equity | €81.1m | €76.7m | €106.2m | €150.5m | €186.4m | €175.3m | €181.3m | €217.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -21.5% | 9.6% | 8.3% |
| Operating income | -13.5% | 8.3% | 15.1% |
| Net income | -7.0% | 12.3% | 18.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -19.8% | -31.5% | -28.7% | -23.9% |
| Net margin | -37.0% | -43.3% | -38.7% | -32.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.4 | -17.5 | -3.9 | -3.7 | -20.5 | -4.0 | -48.3 | 31.8 | -7.9 | -2.1 |
| Price to sales | 2.3 | 1.3 | 2.6 | 1.4 | 4.3 | 2.3 | 0.7 | 0.9 | 0.9 | 1.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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