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 | -$1.05 | -$1.22 | -16.2% | — | $8.9M | — |
| Q1 26 | -$0.98 | -$1.11 | -13.3% | — | $6.6M | — |
| Q4 25 | -$0.95 | -$0.94 | +1.1% | — | $10.9M | — |
| Q3 25 | -$0.55 | $1.33 | +341.8% | — | $207.8M | — |
| Q2 25 | -$0.79 | -$0.88 | -11.4% | — | $0 | — |
| Q1 25 | -$0.69 | -$0.82 | -18.8% | — | $0 | — |
| Q4 24 | -$0.62 | -$1.49 | -140.3% | — | $7M | — |
| Q3 24 | -$0.6 | -$0.6 | 0.0% | — | $0 | — |
| Q2 24 | -$0.53 | -$0.68 | -28.3% | — | $0 | — |
| Q1 24 | -$0.5 | -$0.53 | -6.0% | — | $0 | — |
| Q4 23 | -$0.46 | -$0.52 | -13.0% | — | $3.9M | — |
| Q3 23 | -$0.5 | -$0.46 | +8.0% | — | $8M | — |
| Q2 23 | -$0.55 | -$0.5 | +9.1% | — | $3.5M | — |
| Q1 23 | -$0.54 | -$0.49 | +9.3% | — | $7.9M | — |
| Q4 22 | -$0.57 | -$0.5 | +12.3% | — | $4M | — |
| Q3 22 | -$0.62 | $0.04 | +106.5% | — | $29.7M | — |
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 | — | -$1.28 | — | — | $218.7M | — |
| FY24 | — | -$3.36 | — | — | $7M | — |
| FY23 | — | -$1.96 | — | — | $23.4M | — |
| FY22 | — | -$1.42 | — | — | $50.9M | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $19.5M | $27.9M | $50.9M | $23.4M | $7M | $218.7M |
| YoY change | — | 0% | 0% | +InfinityT% | +43% | +82.3% | -54.1% | -70.1% | +3K% |
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 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 19.5M | 27.9M | 50.9M | 23.4M | 7M | 218.7M |
| Cost of revenue | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — |
| Research & development | 12.4M | 31.7M | 34.3M | 39.7M | 58.2M | 89.5M | 129.5M | 294.7M | 314.7M |
| Selling, general & administrative | 2.1M | 4.7M | 10M | 15.2M | 20.1M | 23.9M | 28.3M | 39.3M | 63.3M |
| Operating expenses | 14.4M | 36.4M | 44.3M | 54.9M | 78.2M | 113.4M | 157.8M | 334M | 378M |
| Operating income | -14.4M | -36.4M | -44.3M | -35.3M | -50.3M | -62.5M | -134.4M | -327M | -159.3M |
| Operating margin | — | — | — | -180.9% | -179.9% | -122.7% | -574.9% | -4.7K% | -72.8% |
| Non-operating income, net | 2.4M | 77K | 8K | — | — | — | — | — | — |
| Pretax income | -11.9M | -34.3M | -42M | -34.5M | -49.8M | -58.7M | -113M | -274.5M | -113.7M |
| Income tax | — | — | — | — | — | — | — | — | — |
| Net income | -11.9M | -34.3M | -42M | -34.5M | -49.8M | -58.7M | -113M | -274.5M | -113.7M |
| Net margin | — | — | — | -176.6% | -178.1% | -115.2% | -483% | -3.9K% | -52% |
| EBITDA | -14M | -35.5M | -43M | -34M | -47.2M | -59M | -130.4M | -323.1M | -154.7M |
| EPS | -0.83 | -2.41 | -3.36 | -1.4 | -1.41 | -1.42 | -1.96 | -3.36 | -1.28 |
| Diluted EPS | -0.83 | -2.41 | -3.36 | -1.4 | -1.41 | -1.42 | -1.96 | -3.36 | -1.28 |
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 | 8M | 3.9M | 0 | 0 | 0 | 7M | 0 | 0 | 207.8M | 10.9M | 6.6M | 8.9M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 33.7M | 38.8M | 42.8M | 54.5M | 57.2M | 140.2M | 70.9M | 74.2M | 83M | 86.6M | 95.7M | 108.7M |
| Selling, general & administrative | 7.9M | 7.1M | 8.2M | 10.4M | 9.7M | 11M | 13.5M | 14.6M | 16.4M | 18.8M | 19.4M | 22.5M |
| Operating expenses | 41.6M | 45.8M | 51M | 64.9M | 66.9M | 151.1M | 84.4M | 88.8M | 99.4M | 105.4M | 115.1M | 131.1M |
| Operating income | -33.5M | -41.9M | -51M | -64.9M | -66.9M | -144.1M | -84.4M | -88.8M | 108.5M | -94.6M | -108.5M | -122.3M |
| Operating margin | -417.1% | -1.1K% | — | — | — | -2.1K% | — | — | 52.2% | -869.5% | -1.7K% | -1.4K% |
| Non-operating income, net | — | — | -1.5M | — | — | — | 773K | — | — | — | — | — |
| Pretax income | -27.4M | -34M | -41.1M | -52.8M | -51.8M | -130.3M | -71.4M | -77.5M | 119.2M | -83.3M | -98.5M | -112.5M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — |
| Net income | -27.4M | -34M | -41.1M | -52.8M | -51.8M | -130.3M | -71.4M | -77.5M | 119.2M | -83.3M | -98.5M | -112.5M |
| Net margin | -341.4% | -865.8% | — | — | — | -1.9K% | — | — | 57.4% | -765.7% | -1.5K% | -1.3K% |
| EBITDA | -32.5M | -40.9M | -48.5M | -63.8M | -65.9M | -143.5M | -84M | -87.6M | 109.5M | -93.4M | -107.4M | -121.2M |
| EPS | -0.46 | -0.52 | -0.53 | -0.68 | -0.6 | -1.49 | -0.82 | -0.88 | 1.35 | -0.94 | -1.11 | -1.22 |
| Diluted EPS | -0.46 | -0.52 | -0.53 | -0.68 | -0.6 | -1.49 | -0.82 | -0.88 | 1.33 | -0.94 | -1.11 | -1.22 |
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 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|
| Market cap | — | — | — | — | — | — | — | — | 3.1B | 3.7B |
| Enterprise value | — | — | — | — | — | — | — | — | 2.4B | 2.7B |
| Shares outstanding | 14.2M | 14.2M | 12.5M | 24.7M | 35.3M | 41.4M | 57.5M | 81.7M | 88.5M | 88.5M |
| Metric | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | — | — | — | -29.9 |
| P/S | — | — | — | — | — | — | — | — | 14 | 15.8 |
| P/B | — | — | — | — | — | — | — | — | 2.99 | 3.07 |
| EV/EBITDA | — | — | — | — | — | — | — | — | -15.8 | -12.8 |
| EV/Sales | — | — | — | — | — | — | — | — | 11.2 | 11.7 |
| Earnings yield | — | — | — | — | — | — | — | — | — | -3.35% |
| FCF yield | — | — | — | — | — | — | — | — | -2.4% | -1.92% |
| PEG | — | — | — | — | — | — | — | — | — | -0.77 |
| Metric | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | -180.9% | -179.9% | -122.7% | -574.9% | -4.7K% | -72.8% | -1.4K% |
| Net margin | — | — | — | -176.6% | -178.1% | -115.2% | -483% | -3.9K% | -52% | -74.8% |
| ROE | 75.4% | 70.2% | -41.8% | -17.4% | -16.5% | -16.8% | -18.2% | -25.9% | -11.1% | -16.2% |
| ROA | -67.9% | -35.6% | -37.1% | -11.6% | -13% | -15.1% | -17.4% | -24.4% | -10.2% | -11.5% |
| Return on tangible assets | -67.9% | -35.6% | -37.1% | -11.6% | -13% | -15.1% | -17.4% | -24.4% | -10.2% | -13.4% |
| Metric | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 5.58 | 16.7 | 14.6 | 7.47 | 5.56 | 11.7 | 19.7 | 15 | 11.3 | 10.5 |
| Quick ratio | 5.58 | 16.7 | 14.6 | 7.47 | 5.56 | 11.7 | 19.7 | 15 | 11.3 | 10.5 |
| Debt / equity | 0 | 0 | 0.07 | 0.03 | 0.02 | 0.01 | 0 | 0.02 | 0.03 | 0.02 |
| Debt / assets | 0 | 0 | 0.06 | 0.02 | 0.01 | 0.01 | 0 | 0.02 | 0.03 | 0.02 |
| Net debt / EBITDA | 0.94 | 2.53 | 2.14 | 8.15 | 5.11 | 6.13 | 4 | 2.03 | 3.95 | 3.76 |
| Metric | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0.79 | 0.79 | 1.23 | 0.41 | 0.09 | 2.47 | 2.62 |
| EPS (basic) | -0.83 | -2.41 | -3.36 | -1.4 | -1.41 | -1.42 | -1.96 | -3.36 | -1.28 | -1.28 |
| EPS (diluted) | -0.83 | -2.41 | -3.36 | -1.4 | -1.41 | -1.42 | -1.96 | -3.36 | -1.28 | -1.92 |
| Book value per share | -1.11 | -3.44 | 8.03 | 8.02 | 8.55 | 8.43 | 10.8 | 13 | 11.6 | 12.4 |
| FCF per share | -0.98 | -2.06 | -3.25 | 2.22 | -1.66 | -2.19 | -2.04 | -3.08 | -0.83 | -1.24 |
| Cash per share | 0.92 | 6.32 | 7.92 | 11.5 | 7 | 8.8 | 9.13 | 8.28 | 7.23 | 8.59 |
| Capex per share | 0.12 | 0.12 | 0.11 | 0.02 | 0.08 | 0.08 | 0.04 | 0.05 | — | — |
| Metric | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex / revenue | — | — | — | 2.52% | 9.46% | 6.76% | 10.1% | 55.1% | — | — |
| Capex / operating cash flow | -13% | -6.06% | -3.58% | 0.94% | -4.38% | -3.93% | -2.29% | -1.68% | — | — |
| Payout ratio | — | — | — | — | — | — | — | — | — | 0% |
| FY21 |
| — |
| -$1.41 |
| — |
| — |
| $27.9M |
| — |
| FY20 | — | -$1.4 | — | — | $19.5M | — |
| FY19 | — | -$3.36 | — | — | $0 | — |
| FY18 | — | -$2.41 | — | — | $0 | — |
| FY17 | — | -$0.83 | — | — | $0 | — |
| 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 | $8M | $3.9M | $0 | $0 | $0 | $7M | $0 | $0 | $207.8M | $10.9M | $6.6M | $8.9M |
| YoY change | -72.9% | -2.49% | -100% | -100% | -100% | +78.5% | 0% | 0% | +InfinityT% | +55.4% | +InfinityT% | +InfinityT% |
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 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & short-term investments | 13.2M | 90M | 99M | 283.6M | 246.8M | 364.8M | 525.1M | 676.3M | 639.4M |
| Receivables | — | — | 0 | 1.9M | 1.1M | 211K | 18K | 3K | — |
| Inventory | — | — | — | — | — | — | — | — | — |
| Total current assets | 13.6M | 90.7M | 101.7M | 288.6M | 251M | 370.5M | 532.6M | 689.7M | 666.7M |
| Property, plant & equipment | 3.7M | 5.2M | 9.7M | 9.5M | 8.7M | 9M | 8.4M | 27.7M | 31.3M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — |
| Total assets | 17.5M | 96.5M | 113M | 298.3M | 381.3M | 388M | 649.3M | 1.1B | 1.1B |
| Accounts payable | 662K | 1.4M | 709K | 953K | 2.1M | 4.3M | 6.6M | 15.4M | 17.6M |
| Short-term debt | — | — | 1.1M | 1.5M | 1.7M | 1.9M | 1.7M | 298K | 339K |
| Total current liabilities | 2.4M | 5.4M | 6.9M | 38.6M | 45.2M | 31.7M | 27.1M | 46.1M | 58.8M |
| Long-term debt | 0 | 0 | 5.6M | 5.2M | 3.5M | 1.6M | 1.1M | 18.9M | 27.6M |
| Total liabilities | 33.2M | 145.5M | 12.6M | 100M | 79.8M | 38.5M | 28.2M | 64.9M | 86.4M |
| Shareholders' equity | -15.7M | -48.9M | 100.4M | 198.3M | 301.5M | 349.5M | 621.1M | 1.1B | 1B |
| Total debt | 0 | 0 | 6.8M | 6.7M | 5.2M | 3.5M | 2.9M | 19.2M | 27.9M |
| Net debt | -6M | -20.5M | -27.3M | -65.3M | -86.9M | -65.2M | -154.1M | -65.2M | -84.9M |
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 | 468.8M | 525.1M | 698.8M | 701.7M | 920M | 676.3M | 692.5M | 669.7M | 786.9M | 639.4M | 671.2M | 829M |
| Receivables | 6.7M | 18K | 15K | 1K | 20K | 3K | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 482.2M | 532.6M | 709.4M | 713.2M | 932.2M | 689.7M | 707.9M | 685.6M | 802.7M | 666.7M | 696.1M | 864M |
| Property, plant & equipment | 7.5M | 8.4M | 8.7M | 8.4M | 26.6M | 27.7M | 33.3M | 32.7M | 31.7M | 31.3M | 31.2M | 30.5M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 532.9M | 649.3M | 961.5M | 973.7M | 1.2B | 1.1B | 1.1B | 1B | 1.2B | 1.1B | 1B | 1.3B |
| Accounts payable | 5.2M | 6.6M | 6.3M | 15.9M | 12.6M | 15.4M | 17.6M | 17.3M | 18.4M | 17.6M | 20.7M | 30.5M |
| Short-term debt | 2.1M | 1.7M | 1.2M | 606K | — | 298K | 308K | 318K | 328K | 339K | 350K | 1.2M |
| Total current liabilities | 24.9M | 27.1M | 25M | 40.7M | 40.7M | 46.1M | 50.8M | 55.3M | 64.5M | 58.8M | 64.8M | 82.7M |
| Long-term debt | 0 | 1.1M | 1.3M | 1.3M | 18.8M | 18.9M | 25.7M | 26.3M | 26.9M | 27.6M | 28.3M | 28.1M |
| Total liabilities | 24.9M | 28.2M | 26.2M | 42M | 59.5M | 64.9M | 76.5M | 81.6M | 93.1M | 86.4M | 93.1M | 110.8M |
| Shareholders' equity | 508M | 621.1M | 935.3M | 931.7M | 1.2B | 1.1B | 1B | 959.7M | 1.1B | 1B | 937.3M | 1.2B |
| Total debt | 2.1M | 2.9M | 2.4M | 1.9M | 18.8M | 19.2M | 26M | 26.6M | 27.2M | 27.9M | 28.6M | 29.3M |
| Net debt | -149.8M | -154.1M | -105.9M | -181.2M | -381.5M | -65.2M | -104M | -88M | -271.7M | -84.9M | -128.9M | -243.3M |
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 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income | -11.9M | -34.3M | -42M | -34.5M | -49.8M | -58.7M | -113M | -274.5M | -113.7M |
| Depreciation & amortization | 391K | 886K | 1.2M | 1.4M | 3M | 3.5M | 4M | 3.8M | 4.6M |
| Stock-based compensation | 136K | 950K | 2.2M | 3.6M | 8.2M | 11.6M | 18.5M | 34.7M | 46.1M |
| Change in working capital | 218K | 225K | 742K | 81.9M | -21.8M | -44M | -12.8M | 6.9M | -719K |
| Operating cash flow | -13.5M | -28.2M | -37.8M | 52.4M | -60.3M | -87.5M | -103.3M | -229M | -71.1M |
| Capital expenditure | -1.8M | -1.7M | -1.4M | -493K | -2.6M | -3.4M | -2.4M | -3.9M | — |
| Investing cash flow | -8.9M | -63.2M | 2.3M | -146.2M | -69.7M | -33.4M | -158.5M | -502.6M | 72.3M |
| Dividends paid | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 17.3M | 105.3M | 50.3M | 127.2M | 143.3M | 95M | 351.9M | 663.6M | 24.9M |
| Net change in cash | -5.2M | 13.9M | 14.8M | 33.4M | 13.3M | -26M | 90.2M | -67.9M | 26.1M |
| Free cash flow | -14M | -29.3M | -40.7M | 55M | -58.4M | -90.6M | -117.6M | -251.4M | -73.5M |
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 | -27.4M | -34M | -39.6M | -52.8M | -51.8M | -130.3M | -72.2M | -77.5M | 119.2M | -83.3M | -98.5M | -112.5M |
| Depreciation & amortization | 1M | 1M | 1.1M | 1.1M | 1M | 643K | 1.1M | 1.2M | 1M | 1.2M | 1.1M | 1.1M |
| Stock-based compensation | 5.3M | 4.8M | 6.3M | 9.7M | 9.2M | 9.5M | 10.2M | 11.9M | 12.2M | 11.8M | 14.5M | 16.7M |
| Change in working capital | -9.1M | 6.5M | -915K | 9.2M | -4.2M | 2.9M | 3.3M | 265K | 1.8M | -8.3M | 3.1M | 739K |
| Operating cash flow | -30.2M | -21.6M | -33.1M | -32.8M | -45.8M | -117.3M | -57.5M | -62.5M | 142.2M | -90.5M | -75.2M | -88.2M |
| Capital expenditure | -603K | -838K | -1.3M | -973K | -457K | -1.1M | -1.3M | — | — | — | — | — |
| Investing cash flow | 51.3M | -111.9M | -354M | 68.6M | -20M | -197.1M | 79.8M | 46.6M | 41.8M | -97.2M | 119.9M | -155.1M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | -9K | — |
| Financing cash flow | 26M | 169.6M | 343.6M | 36.3M | 274.7M | 9M | 25M | -25K | -83K | -46K | -9K | — |
| Net change in cash | 47.1M | 36M | -43.4M | 72.1M | 208.8M | -305.4M | 47.4M | -15.9M | 183.9M | -187.7M | 44.7M | -243.3M |
| Free cash flow | -30.8M | -24.6M | -45.1M | -33.9M | -49.7M | -122.8M | -61.7M | -63.1M | 142.2M | -90.8M | -76.1M | -89.1M |