Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.
Outlined bar is the consensus estimate; solid is reported.
Periods without a consensus estimate or a reported figure show a dash.
| Period | EPS estimate | EPS actual | EPS surprise % | Revenue estimate | Revenue actual | Revenue surprise % |
|---|---|---|---|---|---|---|
| Q1 26 | -$0.81 | -$0.71 | +12.3% | — | $0 | — |
| Q4 25 | -$1.04 | -$1.18 | -13.5% | — | $0 | — |
| Q3 25 | -$0.79 | -$2.47 | -212.7% | — | $0 | — |
| Q2 25 | -$0.95 | -$0.89 | +6.3% | — | $0 | — |
| Q1 25 | -$0.76 | -$0.95 | -25.0% | — | $0 | — |
Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.
Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.
Periods without a consensus estimate or a reported figure show a dash.
| Period | EPS estimate | EPS actual | EPS surprise % | Revenue estimate | Revenue actual | Revenue surprise % |
|---|---|---|---|---|---|---|
| FY25 | — | -$4.83 | — | — | $0 | — |
| FY24 | — | -$2.78 | — | — | $0 | — |
| FY23 | — | -$3.43 | — | — | $0 | — |
| FY22 | — | -$3.18 | — | — | $0 | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $127K | $10K | $18K | $2K | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY change | +InfinityT% | -92.1% | +80% | -88.9% | -100% | 0% | 0% | 0% | 0% | 0% |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 127K | 10K | 18K | 2K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | 14.6M | 14.5M | 15.4M | 28.2M | 33.8M | 45.5M | 50.8M | — | — | — |
| Gross profit | -14.5M | -14.5M | -15.4M | -28.2M | -33.8M | -45.5M | -50.8M | — | — | — |
| Gross margin | -11.4K% | -145K% | -85.3K% | -1.4M% | — | — | — | — | — | — |
| Research & development | — | — | — | — | — | 47.8M | 48.3M | 120.8M | 146.5M | 177.8M |
| Selling, general & administrative | 3.6M | 3.8M | 4.3M | 4.9M | 5.6M | 5.6M | 7.5M | 33.7M | 38.9M | 72.9M |
| Operating expenses | 3.6M | 3.4M | 3.6M | 4.9M | 4.1M | 41.4M | 51.2M | 149.1M | 173M | 246.1M |
| Operating income | -18.2M | -14.2M | -19.1M | -33.3M | -38M | -41.4M | -51.2M | -149.1M | -173M | -246.1M |
| Operating margin | -14.4K% | -141.5K% | -106.2K% | -1.7M% | — | — | — | — | — | — |
| Non-operating income, net | 4K | -39K | -225K | 71K | 200K | 2.4M | -2.8M | -9M | 2.7M | -31.7M |
| Pretax income | -18M | -14.1M | -19.8M | -34.9M | -40.1M | -42.5M | -60.7M | -173M | -176.2M | -330.3M |
| Income tax | -3.5M | -2.7M | -4M | -4.3M | -2.6M | 0 | 0 | 0 | 0 | 5.8M |
| Net income | -14.3M | -11.2M | -15.8M | -30.6M | -37.6M | -42.5M | -60.7M | -173M | -176.2M | -336.1M |
| Net margin | -11.3K% | -112.2K% | -87.9K% | -1.5M% | — | — | — | — | — | — |
| EBITDA | -17.9M | -13.9M | -19M | -33.3M | -38.2M | -41M | -50.5M | -143.3M | -165.4M | -269M |
| EPS | -1.47 | -1.13 | -1.55 | -2.51 | -2.62 | -2.75 | -3.18 | -3.43 | -2.78 | -4.83 |
| Diluted EPS | -1.47 | -1.13 | -1.55 | -2.51 | -2.62 | -2.75 | -3.18 | -3.43 | -2.78 | -4.83 |
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | Q1 24 | Q2 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — |
| Research & development | 41.9M | 33.9M | 38.6M | 39.3M | 38.6M | 55.4M | 44.4M | 49.5M |
| Selling, general & administrative | 11.8M | 14.1M | 8.5M | 8.9M | 8.9M | 27.3M | 27.7M | 8M |
| Operating expenses | 52.3M | 41.5M | 42.8M | 47.2M | 46.5M | 80.7M | 71.6M | 56.2M |
| Operating income | -52.3M | -41.5M | -42.8M | -47.2M | -46.5M | -80.7M | -71.6M | -56.2M |
| Operating margin | — | — | — | — | — | — | — | — |
| Non-operating income, net | 2.2M | 438.8K | 3.9M | -904K | -1.6M | -23.5M | -5.7M | 6.5M |
| Pretax income | -50.2M | -45.5M | -39.4M | -52.4M | -48.4M | -153.4M | -76.1M | -48.2M |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 5.8M | 228K |
| Net income | -50.2M | -45.5M | -39.4M | -52.4M | -48.4M | -153.4M | -82M | -48.5M |
| Net margin | — | — | — | — | — | — | — | — |
| EBITDA | -47.5M | -41M | -41.5M | -46.7M | -43M | -125.4M | -54.9M | -51.8M |
| EPS | -0.68 | -0.62 | — | -0.83 | -0.76 | -2.1 | — | -0.61 |
| Diluted EPS | -0.68 | -0.62 | — | -0.83 | -0.76 | -2.1 | — | -0.61 |
Annual history by fiscal year; click a table row below to chart a different metric.
Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market cap | — | — | — | — | — | — | — | — | — | 9.4B | 8.5B |
| Enterprise value | — | — | — | — | — | — | — | — | — | 8.8B | 7.8B |
| Shares outstanding | 9.4M | 9.5M | 9.8M | 11.7M | 13.8M | 15.5M | 19.1M | 50.4M | 63.3M | 69.5M | 69.5M |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | — | — | — | — | -20 |
| P/S | — | — | — | — | — | — | — | — | — | — | 1.7K |
| P/B | — | — | — | — | — | — | — | — | — | 20.6 | 17.3 |
| EV/EBITDA | — | — | — | — | — | — | — | — | — | -32.9 | -23.6 |
| EV/Sales | — | — | — | — | — | — | — | — | — | — | 1.5K |
| Earnings yield | — | — | — | — | — | — | — | — | — | — | -4.99% |
| FCF yield | — | — | — | — | — | — | — | — | — | -1.72% | -1.7% |
| PEG | — | — | — | — | — | — | — | — | — | — | 0.76 |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | -11.4K% | -145K% | -85.3K% | -1.4M% | — | — | — | — | — | — | — |
| Operating margin | -14.4K% | -141.5K% | -106.2K% | -1.7M% | — | — | — | — | — | — | -8.6K% |
| Net margin | -11.3K% | -112.2K% | -87.9K% | -1.5M% | — | — | — | — | — | — | 0% |
| ROE | -25.2% | -23.3% | -45.7% | -164.8% | -209.8% | -163.7% | -844.9% | -75.4% | -434.3% | -73.8% | -252.3% |
| ROA | -23.6% | -20.9% | -29.3% | -59.2% | -52.7% | -38.9% | -80.4% | -45.2% | -85.9% | -57.5% | -62.9% |
| ROIC | -53.2% | -45.4% | -44% | -66.2% | -168.2% | -409.4% | -263.9% | 1.8K% | 2.8K% | 335.6% | 421.6% |
| Return on tangible assets | 419.3% | 110.1% | 37.7% | 246% | -529.6% | -94.3% | -238.3% | -53.3% | -113.6% | -62.9% | -66.8% |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 7.85 | 3.84 | 2.47 | 1.47 | 1.94 | 2.34 | 0.7 | 3.25 | 1.84 | 8.75 | 5.96 |
| Quick ratio | 7.85 | 3.84 | 2.47 | 1.47 | 1.94 | 2.22 | 0.7 | 3.25 | 1.84 | 8.75 | 8.25 |
| Debt / equity | 0.01 | 0 | 0.63 | 2.23 | 1.9 | 1.73 | 5.45 | 0.3 | 2.4 | 0 | 0 |
| Debt / assets | 0.01 | 0 | 0.4 | 0.8 | 0.48 | 0.41 | 0.52 | 0.18 | 0.47 | 0 | 0 |
| Net debt / EBITDA | 1.26 | 1.22 | -0.46 | -0.95 | -0.12 | 0.39 | -0.24 | 1.66 | 0.28 | 1.96 | 1.78 |
| Interest coverage | -427 | — | -41.2 | -21 | -18.5 | -10.9 | -7.75 | -9.69 | -13.2 | -10.6 | -11.8 |
| Effective tax rate | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue per share | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.06 |
| EPS (basic) | -1.47 | -1.13 | -1.55 | -2.51 | -2.62 | -2.75 | -3.18 | -3.43 | -2.78 | -4.83 | -4.83 |
| EPS (diluted) | -1.47 | -1.13 | -1.55 | -2.51 | -2.62 | -2.75 | -3.18 | -3.43 | -2.78 | -4.83 | -6.11 |
| Book value per share | 6.07 | 5.05 | 3.53 | 1.59 | 1.3 | 1.68 | 0.38 | 4.55 | 0.64 | 6.55 | 5.25 |
| FCF per share | -1.75 | -0.99 | -1.57 | -2.42 | -2.23 | -2.92 | -2.84 | -2.26 | -2.44 | -2.32 | -2.26 |
| Cash per share | 2.46 | 1.78 | 1.33 | 0.83 | 2.13 | 3.93 | 1.41 | 6.06 | 2.28 | 7.63 | 5.04 |
| Capex per share | 0.01 | 0 | 0.02 | 0.03 | 0.02 | 0 | 0.02 | 0.01 | 0.01 | — | — |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Capex / revenue | 104.7% | 350% | 977.8% | 14.8K% | — | — | — | — | — | — | — |
| Capex / operating cash flow | -0.85% | -0.5% | -1.2% | -1.12% | -0.99% | -0.11% | -0.51% | -0.28% | -0.42% | — | — |
| Payout ratio | — | — | — | — | — | 0% | 0% | 0% | 0% | 0% | 0% |
| Dividend yield | — | — | — | — | — | — | — | — | — | 0% | 0% |
| FY21 | — | -$2.75 | — | — | $0 | — |
| FY20 | — | -$2.62 | — | — | $0 | — |
| FY19 | — | -$2.51 | — | — | $2K | — |
| FY18 | — | -$1.55 | — | — | $18K | — |
| FY17 | — | -$1.13 | — | — | $10K | — |
| FY16 | — | -$1.47 | — | — | $127K | — |
| Period | Q1 24 | Q2 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY change | — | — | — | 0% | 0% | — | 0% | 0% |
What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.
Click a row to chart it; unreported figures show a dash.
| Period | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & short-term investments | 23M | 17M | 13M | 9.8M | 29.3M | 60.7M | 26.9M | 305.6M | 144.2M | 530.4M |
| Receivables | 4.8M | 3.6M | 2.6M | 1.7M | 1.8M | 1.5M | — | — | — | — |
| Inventory | — | — | — | — | 0 | 4M | — | — | — | — |
| Total current assets | 27.8M | 20.9M | 21M | 18.2M | 37.7M | 75.5M | 36.2M | 334.8M | 170.7M | 551.2M |
| Property, plant & equipment | 494K | 558K | -209K | 134K | 519K | -278K | 41K | -549.1K | -153K | -1.1M |
| Goodwill & intangibles | 64M | 64M | 96M | 64.2M | 64.2M | 64.2M | 50.1M | 58.6M | 50M | 50M |
| Total assets | 60.6M | 53.8M | 54M | 51.7M | 71.3M | 109.2M | 75.5M | 382.9M | 205.2M | 584.3M |
| Accounts payable | 2.6M | 4.2M | 6.7M | 10.5M | 17.4M | 18.6M | 15.5M | 55.3M | 43.8M | 37.6M |
| Short-term debt | 255K | 0 | 10.9M | 20.7M | 12K | 10.2M | 30M | 36.6M | 43.8M | 1.3M |
| Total current liabilities | 3.5M | 5.4M | 8.5M | 12.4M | 19.4M | 32.3M | 51.5M | 103.2M | 92.8M | 63M |
| Long-term debt | 316K | 0 | 10.9M | 20.7M | 34M | 34.6M | 9.1M | 31.4M | 53.6M | 554K |
| Total liabilities | 3.9M | 5.6M | 19.4M | 33.1M | 53.4M | 83.3M | 68.4M | 153.4M | 164.6M | 129.1M |
| Shareholders' equity | 56.7M | 48.2M | 34.7M | 18.6M | 17.9M | 25.9M | 7.2M | 229.5M | 40.6M | 455.2M |
| Total debt | 571K | 0 | 21.8M | 41.5M | 34M | 44.9M | 39.2M | 68M | 97.4M | 1.9M |
| Net debt | -7.4M | -1.9M | 13.8M | 31.7M | 4.7M | -15.8M | 12.2M | -227M | -46.9M | -514.8M |
What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.
Click a row to chart it; unreported figures show a dash.
| Period | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Cash & short-term investments | 144.2M | 103.6M | 60.9M | 589.7M | 530.4M | 491.6M |
| Receivables | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — |
| Total current assets | 170.7M | 132.7M | 86.1M | 619.3M | 551.2M | 513.2M |
| Property, plant & equipment | -153K | -404K | -690K | -935K | -1.1M | -1.4M |
| Goodwill & intangibles | 50M | 50M | 50M | 50M | 50M | 50M |
| Total assets | 205.2M | 166.9M | 119.6M | 652.1M | 584.3M | 547.1M |
| Accounts payable | 43.8M | 56.5M | 36.1M | 14.4M | 37.6M | 10M |
| Short-term debt | 43.8M | 44.4M | 48.8M | 29.4M | 1.3M | 1.1M |
| Total current liabilities | 92.8M | 105.7M | 112.4M | 78.8M | 63M | 62.2M |
| Long-term debt | 53.6M | 48.2M | 35.7M | 16.5M | 554K | 346K |
| Total liabilities | 164.6M | 173.5M | 167.9M | 140.8M | 129.1M | 117.5M |
| Shareholders' equity | 40.6M | -6.6M | -48.3M | 511.2M | 455.2M | 429.6M |
| Total debt | 97.4M | 92.6M | 84.6M | 45.9M | 1.9M | 1.4M |
| Net debt | -46.9M | -11M | 23.6M | -543.8M | -514.8M | -476M |
Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.
Click a row to chart it; unreported figures show a dash.
| Period | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -18.2M | -14.2M | -19.1M | -33.3M | -38M | -42.5M | -60.7M | -173M | -176.2M | -336.1M |
| Depreciation & amortization | -35K | 93K | 71K | 80K | 66K | 302K | 485K | 827.8K | 1.1M | 1.1M |
| Stock-based compensation | — | — | — | — | — | 828K | -1.2M | 9.6M | 20.2M | 35.4M |
| Change in working capital | 2.5M | 7M | 4.3M | 7M | 9.5M | 434K | -2.1M | 24.8M | 2.9M | 1.5M |
| Operating cash flow | -15.7M | -7.1M | -14.7M | -26.2M | -28.4M | -41.6M | -56.9M | -112.5M | -154.1M | -161.1M |
| Capital expenditure | -133K | 35K | -176K | -295K | -282K | -47K | -288K | -310.3K | -640K | — |
| Investing cash flow | -94K | -285K | -254K | -445K | -575K | -6.2M | -12.3M | -22.4M | 7.6M | -13.6M |
| Dividends paid | — | — | — | — | — | 0 | 0 | 0 | 0 | 0 |
| Share repurchases | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | -380K | 3.2M | 11.5M | 38.3M | 49.9M | 84.6M | 36.2M | 398.7M | 35.9M | 548M |
| Net change in cash | -16.2M | -4.1M | -3.5M | 11.6M | 20.9M | 36.7M | -33M | 263.8M | -110.6M | 373.3M |
| Free cash flow | -16.3M | -9.4M | -15.4M | -28.4M | -30.7M | -45.1M | -54.3M | -114M | -154.7M | -161.3M |
Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.
Click a row to chart it; unreported figures show a dash.
| Period | Q1 24 | Q2 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|---|---|
| Net income | -50.2M | -45.5M | -39.4M | -52.4M | -48.4M | -153.4M | -82M | -48.5M |
| Depreciation & amortization | 247K | 428.3K | 279K | 273K | 251K | 272K | 276K | 367K |
| Stock-based compensation | 6.7M | 6.6M | 4.5M | 4.7M | 6.3M | 11.5M | 12.9M | 22.6M |
| Change in working capital | 5.3M | -20.6M | 5.1M | 10.6M | 6.2M | -6.8M | -8.4M | -11.5M |
| Operating cash flow | -39.6M | -61.9M | -32.4M | -32.8M | -33.3M | -71.3M | -23.2M | -50.5M |
| Capital expenditure | -14K | -262.8K | -93K | -44K | — | — | — | — |
| Investing cash flow | -647.5K | 10.1M | -703K | 98K | 6K | -184K | -13.5M | 37K |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share repurchases | — | — | — | — | — | — | — | — |
| Financing cash flow | 26.1M | 24.6M | -3.5M | -5.9M | -6.9M | -5.7M | -81.7M | -389K |
| Net change in cash | -14.2M | -27.2M | -36.5M | -38.6M | -40.2M | -77.2M | -118.4M | -50.9M |
| Free cash flow | -40.7M | -59.4M | -33.6M | -33.3M | -33.4M | -71.3M | -23.3M | -50.6M |