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 % |
|---|---|---|---|---|---|---|
| Q2 26 | -$0.71 | -$0.79 | -11.3% | — | $1.7M | — |
| Q1 26 | -$0.77 | -$0.74 | +3.9% | — | $1.7M | — |
| Q4 25 | -$0.98 | -$0.25 | +74.5% | — | $1.9M | — |
| Q3 25 | -$0.92 | -$1.06 | -15.2% | — | $2.1M | — |
| Q2 25 | -$1.39 | -$1.47 | -5.8% | — | $2.7M | — |
| Q1 25 | -$1.42 | -$1.82 | -28.2% | — | $17.4M | — |
| Q4 24 | -$1.32 | -$0.23 | +82.6% | — | $0 | — |
| Q3 24 | -$1.72 | -$1.73 | -0.6% | — | $0 | — |
| Q2 24 | -$1.67 | -$22.2 | -1226.9% | — | $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 | — | -$2.32 | — | — | $24.1M | — |
| FY24 | — | -$10.4 | — | — | $0 | — |
| FY23 | — | -$4.06 | — | — | $0 | — |
| FY22 | — | -$2.91 | — | — | $0 | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $24.1M |
| YoY change | — | 0% | 0% | +InfinityT% |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 24.1M |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Gross margin | — | — | — | — |
| Research & development | 101.3M | 137.7M | 265.6M | 386M |
| Selling, general & administrative | 12.5M | 20.5M | 35.2M | 91.9M |
| Operating expenses | 113.8M | 158.2M | 300.8M | 477.9M |
| Operating income | -113.8M | -158.2M | -300.8M | -453.8M |
| Operating margin | — | — | — | -1.9K% |
| Non-operating income, net | -72K | -187K | -5.5M | 187.7M |
| Pretax income | -111.9M | -155M | -294.2M | -251.9M |
| Income tax | — | — | — | -8.6M |
| Net income | -111.9M | -155M | -294.2M | -243.3M |
| Net margin | — | — | — | -1K% |
| EBITDA | -113.6M | -156.8M | -292.2M | -638.2M |
| EPS | -2.91 | -4.06 | -10.4 | -2.32 |
| Diluted EPS | -2.91 | -4.06 | -10.4 | -2.32 |
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 17.4M | 2.7M | 2.1M | 1.9M | 1.7M | 1.7M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 37.8M | 34.6M | 42M | 48.6M | 87.8M | 87.2M | 96.6M | 108.8M | 97.8M | 82.8M | 81.5M | 85.3M |
| Selling, general & administrative | 6M | 5.5M | 5.6M | 7.6M | 10.6M | 11.4M | 22.3M | 34.5M | 19.5M | 15.6M | 18.6M | 23.4M |
| Operating expenses | 43.8M | 40.1M | 47.6M | 56.1M | 98.4M | 98.6M | 118.9M | 143.2M | 117.4M | 98.4M | 100.2M | 108.7M |
| Operating income | -43.8M | -40.1M | -47.6M | -56.1M | -98.4M | -98.6M | -101.5M | -140.5M | -115.3M | -96.4M | -98.4M | -107M |
| Operating margin | — | — | — | — | — | — | -583.9% | -5.3K% | -5.6K% | -5K% | -5.7K% | -6.4K% |
| Non-operating income, net | -569K | -27K | -3.1M | -2.3M | -40K | -4K | -44K | 187.9M | -54K | -33K | 7K | -41.9M |
| Pretax income | -43.4M | -39.3M | -49.8M | -56.5M | -93.1M | -94.8M | -99M | 50.8M | -110.8M | -92.9M | -93.1M | -144M |
| Income tax | — | — | — | — | — | — | — | -8.6M | 0 | 0 | — | -1.8M |
| Net income | -43.4M | -39.3M | -49.8M | -56.5M | -93.1M | -94.8M | -99M | 59.3M | -110.8M | -92.9M | -93.1M | -142.2M |
| Net margin | — | — | — | — | — | — | -569.1% | 2.2K% | -5.4K% | -4.8K% | -5.3K% | -8.6K% |
| EBITDA | -42.9M | -39.4M | -43.7M | -53.1M | -97.6M | -97.8M | -101.5M | -327.6M | -114.4M | -95.6M | -97.5M | -64.3M |
| EPS | -1.13 | — | -1.22 | -23.1 | -1.73 | — | -1.82 | 0.57 | -1.06 | — | -0.74 | -1.11 |
| Diluted EPS | -1.13 | — | -1.22 | -23.1 | -1.73 | — | -1.82 | 0.57 | -1.06 | — | -0.74 | -1.11 |
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 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Market cap | — | — | — | — | 926.8M |
| Enterprise value | — | — | — | — | 453.1M |
| Shares outstanding | 38.4M | 38.2M | 28.3M | 104.7M | 104.7M |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| P/E | — | — | — | — | 0.17 |
| P/S | — | — | — | — | 124.2 |
| P/B | — | — | — | — | 2.02 |
| EV/EBITDA | — | — | — | — | -1.07 |
| EV/Sales | — | — | — | — | 61.3 |
| Earnings yield | — | — | — | — | 601.1% |
| FCF yield | — | — | — | — | -22.5% |
| PEG | — | — | — | — | -0 |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Operating margin | — | — | — | -1.9K% | -6.4K% |
| Net margin | — | — | — | -1K% | 0% |
| ROE | 57.3% | 45.7% | -113.1% | -80.8% | -93.6% |
| ROA | -103.5% | -173% | -86.3% | -59.1% | -45.3% |
| ROIC | — | — | — | -1.5K% | -1.5K% |
| Return on tangible assets | -103.5% | -173% | -86.3% | -67.4% | -79.6% |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Current ratio | 7.68 | 2.56 | 6.01 | 4.34 | 6.74 |
| Quick ratio | 7.68 | 2.56 | 6.01 | 4.34 | 6.74 |
| Debt / equity | -0.01 | -0.1 | 0.12 | 0.12 | 0.08 |
| Debt / assets | 0.02 | 0.36 | 0.09 | 0.09 | 0.06 |
| Net debt / EBITDA | 0.8 | 0.1 | 0.88 | 0.43 | 1.25 |
| Effective tax rate | — | — | — | 0% | 0% |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0.23 | 0.06 |
| EPS (basic) | -2.91 | -4.06 | -10.4 | -2.32 | -2.32 |
| EPS (diluted) | -2.91 | -4.06 | -10.4 | -2.32 | -4.11 |
| Book value per share | -5.08 | -8.88 | 9.18 | 2.88 | 3.52 |
| FCF per share | -2.87 | -3.52 | -9.06 | -3.54 | -2.74 |
| Cash per share | 2.42 | 1.28 | 10.2 | 2.95 | 3.88 |
| Capex per share | 0.06 | 0.12 | 0.06 | — | — |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Capex / operating cash flow | -2.31% | -3.13% | -0.65% | — | — |
| Payout ratio | — | — | — | — | 0% |
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $17.4M | $2.7M | $2.1M | $1.9M | $1.7M | $1.7M |
| YoY change | — | — | 0% | 0% | 0% | 0% | +InfinityT% | +InfinityT% | +InfinityT% | +InfinityT% | -90% | -37.7% |
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 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & short-term investments | 92.9M | 49M | 288.3M | 308.5M |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Total current assets | 102.6M | 53.4M | 306.2M | 318.2M |
| Property, plant & equipment | 4.5M | 35.2M | 33.7M | 35.2M |
| Goodwill & intangibles | — | — | — | 51M |
| Total assets | 108.2M | 89.6M | 341M | 411.9M |
| Accounts payable | 1.7M | 1.1M | 9.6M | 10.1M |
| Short-term debt | 1.3M | 1.7M | 1.6M | 4.7M |
| Total current liabilities | 13.4M | 20.9M | 50.9M | 73.3M |
| Long-term debt | 469K | 30.9M | 29.2M | 32.2M |
| Total liabilities | 303.4M | 428.9M | 80.9M | 110.6M |
| Shareholders' equity | -195.2M | -339.3M | 260.1M | 301.3M |
| Total debt | 1.8M | 32.6M | 30.7M | 36.9M |
| Net debt | -23.8M | -13.4M | -138.8M | -52.8M |
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 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & short-term investments | 49M | 133.7M | 209.5M | 361.9M | 288.3M | 208.7M | 486.3M | 377.7M | 308.5M | 522.9M | 502.3M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 53.4M | 141.2M | 224.9M | 377.3M | 306.2M | 225.5M | 517.6M | 393.3M | 318.2M | 532.4M | 514.1M |
| Property, plant & equipment | 35.2M | 34.9M | 34.9M | 34.2M | 33.7M | 34.6M | 38.6M | 36.6M | 35.2M | 33.5M | 34.1M |
| Goodwill & intangibles | — | — | — | — | — | — | 51M | 51M | 51M | 51M | 9.1M |
| Total assets | 89.6M | 177.4M | 265.2M | 412.6M | 341M | 261.3M | 610.9M | 488M | 411.9M | 671.6M | 560.6M |
| Accounts payable | 1.1M | 6.8M | 9.2M | 6.4M | 9.6M | 7.5M | 15M | 4.6M | 10.1M | 11.6M | 12.8M |
| Short-term debt | 1.7M | 1.6M | 1.5M | 1.5M | 1.6M | 2.5M | 4.1M | 4.4M | 4.7M | 4.4M | 4.8M |
| Total current liabilities | 20.9M | 24M | 33.4M | 33.5M | 50.9M | 60.5M | 85.6M | 65.4M | 73.3M | 70.9M | 76.2M |
| Long-term debt | 30.9M | 30.5M | 30.1M | 29.6M | 29.2M | 29.3M | 34.7M | 33.4M | 32.2M | 31.2M | 31.6M |
| Total liabilities | 428.9M | 563.3M | 703.9M | 64.2M | 80.9M | 93M | 125.6M | 103.2M | 110.6M | 104.6M | 108.5M |
| Shareholders' equity | -339.3M | -385.9M | -438.8M | 348.4M | 260.1M | 168.3M | 485.3M | 384.8M | 301.3M | 567M | 452.2M |
| Total debt | 32.6M | 32.1M | 31.6M | 31.1M | 30.7M | 31.9M | 38.8M | 37.8M | 36.9M | 35.7M | 36.4M |
| Net debt | -13.4M | -80M | -123.5M | -182.3M | -138.8M | -96.7M | -113M | -27.5M | -52.8M | -28.2M | -27.3M |
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 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income | -111.9M | -155M | -294.2M | -243.3M |
| Depreciation & amortization | 250K | 1.3M | 3.2M | 3.5M |
| Stock-based compensation | 6M | 8.6M | 19.5M | 43.5M |
| Change in working capital | 474K | -786K | 6.6M | -10.5M |
| Operating cash flow | -104.3M | -143.9M | -264.9M | -369.5M |
| Capital expenditure | -2.4M | -4.5M | -1.7M | — |
| Investing cash flow | -68.8M | 60.5M | -113.8M | 288.5M |
| Dividends paid | — | — | — | — |
| Share repurchases | — | — | — | — |
| Financing cash flow | 99.9M | 89.3M | 491.8M | 0 |
| Net change in cash | -73.2M | 5.9M | 113.1M | -81M |
| Free cash flow | -110.1M | -134.5M | -256.8M | -370.2M |
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 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -36.3M | -43.4M | -39.3M | -49.8M | -56.5M | -93.1M | -94.8M | 59.3M | -110.8M | -92.9M | -93.1M | -142.2M |
| Depreciation & amortization | 120K | 318K | 726K | 758K | 760K | 814K | 820K | 870K | 916K | 867K | 871K | 874K |
| Stock-based compensation | 1.9M | 2.3M | 2.6M | 2.7M | 3.1M | 7.3M | 6.4M | 18.6M | 9.8M | 8.1M | 12.3M | 14.3M |
| Change in working capital | 699K | 2M | -3.5M | 5.2M | 1.6M | -2.9M | 2.8M | -1.3M | -15.4M | 6.4M | 1.9M | 5.4M |
| Operating cash flow | -32.9M | -38.4M | -39.4M | -41.2M | -51M | -87.9M | -84.7M | -106.4M | -110.9M | -71.9M | -87.1M | -81.5M |
| Capital expenditure | -825K | -2.2M | -1.2M | -155K | -432K | -779K | -366K | — | — | — | — | — |
| Investing cash flow | 26M | 7.6M | -4.1M | -18.8M | -32.7M | -93.2M | 30.9M | 80.3M | 24M | 95M | -285.5M | 68.9M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 59.8M | 0 | 30M | 129.1M | 129.3M | 235.1M | 0 | 766K | -766K | 0 | 323.8M | 1.6M |
| Net change in cash | 52.9M | -30.8M | -13.6M | 69.1M | 45.6M | 54M | -53.8M | -25.3M | -87.6M | 23.1M | -48.8M | -11M |
| Free cash flow | -29.2M | -35.4M | -34.9M | -44.4M | -52.7M | -84.5M | -75.1M | -107M | -110.9M | -71.9M | -87.2M | -81.7M |