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 | -$0.96 | -$1.08 | -12.5% | — | $0 | — |
| Q1 26 | -$1.13 | -$1.06 | +6.2% | — | $0 | — |
| Q4 25 | -$1.04 | -$1.03 | +1.0% | — | $0 | — |
| Q3 25 | -$1.15 | -$1.11 | +3.5% | — | $0 | — |
| Q2 25 | -$1.05 | -$1.13 | -7.6% | — | $0 | — |
| Q1 25 | -$1.19 | -$0.95 | +20.2% | — | $0 | — |
| Q4 24 | -$1.07 | -$1.2 | -12.1% | — | $0 | — |
| Q3 24 | -$0.74 | -$0.86 | -16.2% | — | $0 | — |
| Q2 24 | -$0.55 | -$0.6 | -9.1% | — | $0 | — |
| Q1 24 | -$0.65 | -$0.64 | +1.5% | — | $0 | — |
| Q4 23 | -$0.55 | -$0.32 | +41.8% | — | $0 | — |
| Q3 23 | -$0.42 | -$0.51 | -21.4% | — | $0 | — |
| Q2 23 | -$2.31 | -$3.78 | -63.6% | — | $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 | — | -$3.74 | — | — | $0 | — |
| FY24 | — | -$3.3 | — | — | $0 | — |
| FY23 | — | -$3.36 | — | — | $0 | — |
| FY22 | — | -$1.46 | — | — | $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 | $0 |
| YoY change | — | 0% | 0% | 0% |
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 | 0 |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Gross margin | — | — | — | — |
| Research & development | 27.8M | 68.4M | 167.9M | 214.7M |
| Selling, general & administrative | 2.9M | 24.6M | 49M | 69.8M |
| Operating expenses | 30.7M | 93M | 216.9M | 284.5M |
| Operating income | -30.7M | -93M | -216.9M | -285.6M |
| Operating margin | — | — | — | — |
| Non-operating income, net | — | — | — | — |
| Pretax income | -39.8M | -84M | -182.1M | -255.6M |
| Income tax | — | — | 18K | 278K |
| Net income | -39.8M | -84M | -182.1M | -255.8M |
| Net margin | — | — | — | — |
| EBITDA | -30.6M | -84M | -216.7M | -284.2M |
| EPS | -1.46 | -3.36 | -3.3 | -3.74 |
| Diluted EPS | -1.46 | -3.36 | -3.3 | -3.74 |
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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 17.1M | 29M | 28.7M | 33.2M | 45.7M | 60.2M | 46.4M | 55.7M | 54.2M | 58.4M | 60.8M | 67.3M |
| Selling, general & administrative | 7.2M | 8.2M | 9.5M | 10.9M | 13M | 15.7M | 16.6M | 17.1M | 16.8M | 19.3M | 21.6M | 24M |
| Operating expenses | 24.3M | 37.2M | 38.2M | 44.1M | 58.7M | 75.9M | 63M | 72.8M | 70.9M | 77.7M | 82.4M | 91.3M |
| Operating income | -24.3M | -37.2M | -38.2M | -44.1M | -58.7M | -75.9M | -63.1M | -73.2M | -71.3M | -78.1M | -82.8M | -91.6M |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Non-operating income, net | — | — | — | — | — | — | — | — | — | — | — | -4.4M |
| Pretax income | -20.8M | -31.7M | -32.1M | -33.8M | -49M | -67.2M | -55.3M | -66M | -65M | -69.3M | -74M | -85.8M |
| Income tax | — | — | — | — | — | — | 83K | 72K | 61K | 62K | 79K | 78K |
| Net income | -20.8M | -31.7M | -32.1M | -33.8M | -49M | -67.2M | -55.3M | -66.1M | -65M | -69.4M | -74.1M | -85.9M |
| Net margin | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA | -24.3M | -31.7M | -38.2M | -44.1M | -58.6M | -75.8M | -62.9M | -72.8M | -70.9M | -77.7M | -82.4M | -79.4M |
| EPS | -0.51 | — | -0.64 | -0.6 | -0.86 | — | -0.93 | -1.11 | -1.08 | — | -1.06 | -1.14 |
| Diluted EPS | -0.51 | — | -0.64 | -0.6 | -0.86 | — | -0.93 | -1.11 | -1.08 | — | -1.06 | -1.14 |
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 | — | 698.7M | — | — | 10.2B |
| Enterprise value | — | 305.2M | — | — | 9.2B |
| Shares outstanding | 27.2M | 25M | 55.2M | 68.4M | 68.4M |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| P/E | — | — | — | — | -36.1 |
| P/B | — | 1.84 | — | — | 8.49 |
| EV/EBITDA | — | -3.63 | — | — | -28.6 |
| Earnings yield | — | — | — | — | -2.77% |
| FCF yield | — | -10.7% | — | — | -1.42% |
| PEG | — | — | — | — | -13 |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Operating margin | — | — | — | — | 0% |
| Net margin | — | — | — | — | 0% |
| ROE | -28% | -22.1% | -25.4% | -28.3% | -32.5% |
| ROA | -26.2% | -20.9% | -24.2% | -27.3% | -20.3% |
| ROIC | — | — | -104.3% | -156.5% | -141.1% |
| Return on tangible assets | -26.2% | -20.9% | -24.2% | -27.3% | -22% |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Current ratio | 15.2 | 19.4 | 18.5 | 26.6 | 26.4 |
| Quick ratio | 15.2 | 19.4 | 18.5 | 26.6 | 26.4 |
| Debt / equity | 0 | 0.01 | 0.02 | 0.01 | 0.01 |
| Debt / assets | 0 | 0.01 | 0.02 | 0.01 | 0.01 |
| Net debt / EBITDA | 4.96 | 4.68 | 2.35 | 2.54 | 3.11 |
| Interest coverage | -3.35 | — | — | — | — |
| Effective tax rate | — | — | 0% | 0% | 0% |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0 | 0 |
| EPS (basic) | -1.46 | -3.36 | -3.3 | -3.74 | -3.74 |
| EPS (diluted) | -1.46 | -3.36 | -3.3 | -3.74 | -4.34 |
| Book value per share | 5.21 | 15.2 | 13 | 13.2 | 15.9 |
| FCF per share | -0.6 | -3 | -3.12 | -3.4 | -3.23 |
| Cash per share | 5.57 | 15.8 | 9.43 | 10.7 | 12.9 |
| Capex per share | 0 | 0.01 | 0.02 | — | — |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Capex / operating cash flow | 0% | -0.22% | -0.72% | — | — |
| Payout ratio | — | — | — | — | 0% |
| Revenue |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| $0 |
| YoY change | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 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 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & short-term investments | 151.9M | 395.5M | 520.7M | 730.2M |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Total current assets | 152.1M | 398.4M | 529.7M | 741.4M |
| Property, plant & equipment | — | 2.6M | 13.3M | 14.4M |
| Goodwill & intangibles | — | — | — | — |
| Total assets | 152.1M | 401.4M | 754M | 937.1M |
| Accounts payable | 418K | 2.1M | 1.1M | 1.2M |
| Short-term debt | — | 1.1M | 3.2M | 3.5M |
| Total current liabilities | 10M | 20.6M | 28.6M | 27.9M |
| Long-term debt | 0 | 933K | 8.6M | 5.3M |
| Total liabilities | 10M | 21.5M | 37.2M | 33.3M |
| Shareholders' equity | 142.1M | 379.9M | 716.8M | 903.9M |
| Total debt | 0 | 2M | 11.8M | 8.8M |
| Net debt | -151.9M | -116.3M | -130M | -122.7M |
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 | Q3 23 | 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 | 422.9M | 395.5M | 816.2M | 676.2M | 526M | 520.7M | 513.3M | 505.4M | 527.3M | 730.2M | 1.1B | 971.9M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 426.4M | 398.4M | 820.6M | 681.9M | 534.5M | 529.7M | 521.5M | 516.1M | 540.1M | 741.4M | 1.1B | 991.7M |
| Property, plant & equipment | — | 2.6M | 2.6M | 4.9M | 1.4M | 13.3M | 5.7M | 6.4M | 6M | 14.4M | 13M | 11.5M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 426.4M | 401.4M | 823.7M | 800.7M | 776.3M | 754M | 714.2M | 657.8M | 626.2M | 937.1M | 1.3B | 1.3B |
| Accounts payable | 1.2M | 2.1M | 4.3M | 5.5M | 2.2M | 1.1M | 2.4M | 5.7M | 376K | 1.2M | 1.2M | 3.1M |
| Short-term debt | — | 1.1M | 1.1M | 1.7M | 2.9M | 3.2M | 4M | 4M | 4.1M | 3.5M | 3.1M | 2.4M |
| Total current liabilities | 17.2M | 20.6M | 21.6M | 24.6M | 32.6M | 28.6M | 33M | 31.6M | 34M | 27.9M | 33M | 37.5M |
| Long-term debt | — | 933K | 630K | 2.4M | 9.3M | 8.6M | 7.8M | 6.8M | 5.8M | 5.3M | 4.9M | 4.5M |
| Total liabilities | 17.2M | 21.5M | 22.2M | 27M | 41.9M | 37.2M | 40.8M | 38.4M | 39.8M | 33.3M | 37.9M | 141.2M |
| Shareholders' equity | 409.2M | 379.9M | 801.5M | 773.6M | 734.4M | 716.8M | 673.4M | 619.4M | 586.3M | 903.9M | 1.3B | 1.2B |
| Total debt | — | 2M | 1.8M | 4.1M | 12.1M | 11.8M | 11.8M | 10.8M | 9.9M | 8.8M | 8M | 6.8M |
| Net debt | — | -116.3M | -483.7M | -303.2M | -106.6M | -130M | -95.1M | -113.3M | -98.1M | -122.7M | -443.8M | -98.7M |
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 | -39.8M | -84M | -182.1M | -255.8M |
| Depreciation & amortization | — | — | 189K | 1.4M |
| Stock-based compensation | 2.1M | 6.1M | 23.3M | 46.3M |
| Change in working capital | 418K | 1.2M | -2.2M | -12.3M |
| Operating cash flow | -25.8M | -76.6M | -159.1M | -227.4M |
| Capital expenditure | 0 | -167K | -1.2M | — |
| Investing cash flow | 0 | -273.9M | -300.5M | -174.4M |
| Dividends paid | — | — | — | — |
| Share repurchases | — | — | — | — |
| Financing cash flow | 168.3M | 315.4M | 493.5M | 389.6M |
| Net change in cash | 142.5M | -35.1M | 33.9M | -12.2M |
| Free cash flow | -16.4M | -74.9M | -172.3M | -232.6M |
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 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -20.8M | -31.7M | -32.1M | -33.8M | -49M | -67.2M | -55.3M | -66.1M | -65M | -69.4M | -74.1M | -85.9M |
| Depreciation & amortization | 0 | — | 29K | 36K | 48K | 76K | 207K | 399K | 406K | 406K | 408K | 409K |
| Stock-based compensation | 1.5M | 2.2M | 4.2M | 5.7M | 5.8M | 7.6M | 11.1M | 11.3M | 11.9M | 11.9M | 17.2M | 16.7M |
| Change in working capital | -9.8M | 1M | 1.9M | 914K | -3.6M | -1.4M | -6.5M | 744K | -6.5M | -86K | -631K | -1.5M |
| Operating cash flow | -29.1M | -28.5M | -25.7M | -26.9M | -46.3M | -60.2M | -49.6M | -62M | -54.3M | -62.7M | -55.6M | -71.4M |
| Capital expenditure | 0 | — | -351K | -51K | -751K | 1K | -4.3M | — | — | — | — | — |
| Investing cash flow | -234.2M | -69.5M | -51.7M | -148.7M | -146.4M | 46.4M | 13M | 78.9M | 17.9M | -288.6M | -35.3M | -381.9M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 315.6M | -213K | 450.5M | -541K | 0 | 43.5M | 0 | 0 | 19.4M | 370.3M | 407.1M | -728K |
| Net change in cash | 52.3M | -98.2M | 373M | -176.1M | -192.7M | 29.7M | -36.6M | 16.9M | -16.9M | 19M | 316.2M | -454M |
| Free cash flow | -19.9M | -29.9M | -32M | -29.4M | -43.3M | -67.7M | -52.8M | -62.8M | -54.3M | -62.8M | -55.6M | -71.4M |