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 | -$0.41 | -$0.52 | -26.8% | — | — | — |
| Q1 26 | -$0.38 | -$0.48 | -26.3% | — | $0 | — |
| Q3 25 | -$0.39 | -$0.41 | -5.1% | — | $0 | — |
| Q2 25 | -$0.35 | -$0.38 | -8.6% | — | $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 | — | -$1.46 | — | — | $15M | — |
| FY24 | — | -$2.06 | — | — | $0 | — |
| FY23 | — | -$1.57 | — | — | $6.9M | — |
| FY22 | — | -$2.31 | — | — | $0 | — |
| FY20 | — | -$0.15 | — | — | $0 | — |
| FY19 | — | -$0.07 | — | — | $0 | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY19 | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $6.9M | $0 | $15M |
| YoY change | — | 0% | — | +InfinityT% | -100% | +InfinityT% |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $15M |
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY19 | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 6.9M | 0 | 15M |
| Cost of revenue | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — |
| Research & development | 4.3M | 9.3M | 155.1M | 124.4M | 150.2M | 172.2M |
| Selling, general & administrative | 790K | 1.1M | 55.2M | 53.7M | 50.8M | 50.5M |
| Operating expenses | 5.1M | 10.4M | 210.3M | 178.1M | 201.1M | 222.7M |
| Operating income | -5.1M | -10.4M | -210.3M | -171.3M | -201.1M | -207.7M |
| Operating margin | — | — | — | -2.5K% | — | -1.4K% |
| Non-operating income, net | 105K | 155K | 362K | -5.4M | -35.8M | 2.9M |
| Pretax income | -5.1M | -10.7M | -217M | -176.1M | -232.9M | -195.7M |
| Income tax | — | — | -747K | -25.1M | 2.8M | 1.8M |
| Net income | -5.1M | -10.7M | -216.2M | -151.1M | -235.8M | -197.5M |
| Net margin | — | — | — | -2.2K% | — | -1.3K% |
| EBITDA | -4.9M | -10.3M | -207.6M | -165.4M | -187.8M | -183.3M |
| EPS | -0.07 | -0.15 | -2.31 | -1.57 | -2.06 | -1.46 |
| Diluted EPS | -0.07 | -0.15 | -2.31 | -1.57 | -2.06 | -1.46 |
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 15M | 0 | 0 | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — |
| Research & development | 60.9M | 33.4M | 42.7M | 41.6M | 54.5M | 59.9M |
| Selling, general & administrative | 13.7M | 12.3M | 11.9M | 12.2M | 14M | 19.9M |
| Operating expenses | 74.6M | 45.8M | 54.7M | 53.8M | 68.5M | 79.8M |
| Operating income | -74.6M | -30.8M | -54.7M | -53.8M | -68.5M | -79.8M |
| Operating margin | — | -205.2% | — | — | — | — |
| Non-operating income, net | -38.1M | 1M | 3.6M | -1.8M | 103K | -1M |
| Pretax income | -110.3M | -24.7M | -49.6M | -54.7M | -66.7M | -78.4M |
| Income tax | 1.1M | 1.4M | 778K | 166K | -522K | 850K |
| Net income | -111.3M | -26.1M | -50.3M | -54.9M | -66.2M | -79.2M |
| Net margin | — | -174.2% | — | — | — | — |
| EBITDA | -107.6M | -21.6M | -46.5M | -51.6M | -63.6M | -75.4M |
| EPS | -0.84 | -0.2 | -0.38 | -0.41 | — | -0.52 |
| Diluted EPS | -0.84 | -0.2 | -0.38 | -0.41 | — | -0.52 |
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 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|
| Market cap | — | — | — | — | 765.6M | — | — | 6.3B |
| Enterprise value | — | — | — | — | 593.6M | — | — | 6.1B |
| Shares outstanding | 70.9M | 70.9M | — | 93.4M | 96.2M | 114.5M | 135.7M | 135.7M |
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | — | -27.7 |
| P/S | — | — | — | — | 111.7 | — | — | 417.8 |
| P/B | — | — | — | — | 3.24 | — | — | 12.9 |
| EV/EBITDA | — | — | — | — | -3.59 | — | — | -23.8 |
| EV/Sales | — | — | — | — | 86.6 | — | — | 407.2 |
| Earnings yield | — | — | — | — | — | — | — | -3.6% |
| FCF yield | — | — | — | — | -21% | — | — | -2.05% |
| PEG | — | — | — | — | — | — | — | -0.17 |
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | -2.5K% | — | -1.4K% | -1.2K% |
| Net margin | — | — | — | — | -2.2K% | — | -1.3K% | 0% |
| ROE | — | 47.6% | — | -64.3% | -64% | -58.7% | -37.5% | -57.4% |
| ROA | — | -91% | — | -48.7% | -41.9% | -40.9% | -28.7% | -27.4% |
| ROIC | — | — | — | -1.7K% | -266.5% | -549.4% | -59.2% | -77.9% |
| Return on tangible assets | — | -91% | — | -48.7% | -41.9% | -40.9% | -28.7% | -39.1% |
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|
| Current ratio | — | 1.3 | — | 11.4 | 8 | 9.25 | 8.57 | 9.53 |
| Quick ratio | — | 1.3 | — | 11.4 | 8 | 9.25 | 8.57 | 9.53 |
| Debt / equity | — | -0.25 | — | 0.21 | 0.36 | 0.29 | 0.22 | 0.24 |
| Debt / assets | — | 0.48 | — | 0.16 | 0.23 | 0.2 | 0.17 | 0.18 |
| Net debt / EBITDA | — | 0.16 | — | 1.56 | 1.04 | 1.94 | 0.96 | 0.67 |
| Interest coverage | -41.9 | -27.2 | — | -28.8 | -16.8 | -22.1 | -16.1 | -21 |
| Effective tax rate | — | — | — | 0% | 0% | 0% | 0% | 0% |
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | — | 0 | 0.07 | 0 | 0.11 | 0.11 |
| EPS (basic) | -0.07 | -0.15 | — | -2.31 | -1.57 | -2.06 | -1.46 | -1.46 |
| EPS (diluted) | -0.07 | -0.15 | — | -2.31 | -1.57 | -2.06 | -1.46 | -1.78 |
| Book value per share | — | -0.32 | — | 3.6 | 2.46 | 3.51 | 3.88 | 3.15 |
| FCF per share | -0.08 | -0.15 | — | -2.16 | -1.67 | -1.24 | -1.43 | -1.36 |
| Cash per share | — | 0.1 | — | 4.21 | 2.67 | 4.21 | 2.17 | 1.79 |
| Capex per share | 0 | 0 | — | 0.01 | 0 | 0 | 0 | 0 |
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|
| Capex / revenue | — | — | — | — | 2.47% | — | 2.47% | 2.47% |
| Capex / operating cash flow | 0% | 0% | — | -0.57% | -0.1% | -0.02% | -0.22% | -0.22% |
| Payout ratio | — | — | — | — | — | — | — | 0% |
| $0 |
| $0 |
| $0 |
| $0 |
| YoY change | — | — | — | — | 0% | -100% |
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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Cash & short-term investments | 7.2M | 595.1M | 393.6M | 256.5M | 482.2M | 294.6M |
| Receivables | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — |
| Total current assets | 11.2M | 628.8M | 437.7M | 315.1M | 536.4M | 367.9M |
| Property, plant & equipment | — | 162K | 1.2M | 1M | 744K | 807K |
| Goodwill & intangibles | — | — | — | — | — | — |
| Total assets | 11.7M | 629.6M | 444.3M | 360.2M | 576.8M | 687.5M |
| Accounts payable | 1M | 8.1M | 13.8M | 11.8M | 7.1M | 7.6M |
| Short-term debt | 5.6M | — | — | — | — | 713K |
| Total current liabilities | 8.6M | 24.6M | 38.3M | 39.4M | 58M | 42.9M |
| Long-term debt | — | 75.7M | 69.8M | 84.6M | 117.2M | 117.7M |
| Total liabilities | 34.1M | 138.1M | 108.1M | 124M | 175.3M | 160.6M |
| Shareholders' equity | -22.4M | 491.6M | 336.2M | 236.2M | 401.5M | 526.9M |
| Total debt | 5.6M | 75.7M | 69.8M | 84.6M | 117.2M | 118.4M |
| Net debt | -1.6M | -519.4M | -323.8M | -43.4M | -266M | 57.1M |
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 | 482.2M | 284.5M | 250.7M | 246.2M | 294.6M | 276.6M |
| Receivables | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — |
| Total current assets | 536.4M | 347.7M | 300.4M | 307.7M | 367.9M | 348.7M |
| Property, plant & equipment | 744K | 11.5M | 11.3M | 11.2M | 807K | 10.5M |
| Goodwill & intangibles | — | — | — | — | — | — |
| Total assets | 576.8M | 527.8M | 492.1M | 448.3M | 687.5M | 641.8M |
| Accounts payable | 7.1M | 5.1M | 5.7M | 8.7M | 7.6M | 10.7M |
| Short-term debt | — | 629K | 656K | 684K | 713K | 743K |
| Total current liabilities | 58M | 24.2M | 29.7M | 29.1M | 42.9M | 36.6M |
| Long-term debt | 117.2M | 117.4M | 117.5M | 117.6M | 117.7M | 117.8M |
| Total liabilities | 175.3M | 141.6M | 147.2M | 146.7M | 160.6M | 154.4M |
| Shareholders' equity | 401.5M | 386.2M | 344.9M | 301.6M | 526.9M | 487.3M |
| Total debt | 117.2M | 118M | 118.1M | 118.3M | 118.4M | 118.6M |
| Net debt | -266M | 12.8M | 73.9M | 67.4M | 57.1M | 56.1M |
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 | FY19 | FY20 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income | -5.1M | -10.7M | -216.2M | -151.1M | -235.8M | -197.5M |
| Depreciation & amortization | 6K | 0 | 131K | 810K | 942K | 921K |
| Stock-based compensation | 236K | 336K | 25M | 29.4M | 33.5M | 31M |
| Change in working capital | 268K | -1.4M | -5.4M | -16.7M | -10.9M | -7M |
| Operating cash flow | -4.6M | -11.8M | -199.2M | -164.1M | -209.4M | -168.9M |
| Capital expenditure | 0 | 0 | -1.1M | -169K | -34K | -371K |
| Investing cash flow | 0 | 0 | -931K | -127M | 31.3M | -418.5M |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | 0 | 0 | — | — | — | — |
| Financing cash flow | 9M | 1.4M | -261K | 20.8M | 353.5M | 270.2M |
| Net change in cash | 4.5M | -10.4M | -200.3M | -270.3M | 175.3M | -317.3M |
| Free cash flow | -5.8M | -10.6M | -201.7M | -160.5M | -142.1M | -194.2M |
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 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 |
|---|---|---|---|---|---|---|
| Net income | -111.3M | -26.1M | -50.3M | -54.9M | -66.2M | -79.2M |
| Depreciation & amortization | 230K | 217K | 226K | 237K | 241K | 239K |
| Stock-based compensation | 8.3M | 7.9M | 7.9M | 7.2M | 7.9M | 10.6M |
| Change in working capital | -11.9M | -6.3M | 11M | -6.6M | -5M | -298K |
| Operating cash flow | -114.4M | -22.9M | -30M | -53.6M | -62.5M | -67.6M |
| Capital expenditure | 0 | — | — | -234K | -11K | — |
| Investing cash flow | 25M | -222.4M | -39.8M | 61.9M | -218.1M | 42.7M |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — |
| Financing cash flow | -1.6M | 1.3M | -100K | -125K | 269.1M | -3.7M |
| Net change in cash | -91M | -244M | -69.9M | 8.2M | -11.5M | -28.5M |
| Free cash flow | -42.8M | -57.2M | -22.6M | -58.5M | -55.8M | -72.2M |