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 % |
|---|---|---|---|---|---|---|
| Q3 26 | -$1.77 | -$1.54 | +13.0% | — | — | — |
| Q2 26 | -$1.73 | -$1.65 | +4.6% | — | — | — |
| Q1 26 | -$1.7 | -$1.62 | +4.7% | — | — | — |
| Q4 25 | -$1.46 | -$1.77 | -21.2% | — | — | — |
| Q3 25 | -$1.14 | -$1.58 | -38.6% | — | — | — |
| Q2 25 | -$1.07 | -$1.02 | +4.7% | — | — | — |
| Q1 25 | -$1.1 | -$0.98 | +10.9% | — | — | — |
| Q4 24 | -$1.05 | -$0.89 | +15.2% | — | — | — |
| Q3 24 | -$1.1 | -$1.03 | +6.4% | — | — | — |
| Q2 24 | -$0.99 | -$1.09 | -10.1% | — | — | — |
| Q1 24 | -$0.77 | -$0.97 | -26.0% | — | — | — |
| Q4 23 | -$0.8 | -$0.58 | +27.5% | — | — | — |
| Q3 23 | -$0.89 | -$0.74 | +16.9% | — | — | — |
| Q2 23 | -$0.66 | -$1.2 | -81.8% | — | — | — |
| Q1 23 | -$0.84 | -$40.9 | -4770.2% | — | $0 | — |
| Q2 22 | -$2 | -$1.6 | +20.0% | — | $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 | — | -$6.01 | — | — | $0 | — |
| FY24 | — | -$3.96 | — | — | $0 | — |
| FY23 | — | -$3.42 | — | — | $0 | — |
| FY22 | — | -$45 | — | — | $0 | — |
| FY21 | — | -$44.9 | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY change | — | 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.
| Period | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 |
|---|
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — |
| Research & development | 28.2M | 25.2M | 33.4M | 69.3M | 96.7M | 170.6M |
| Selling, general & administrative | 5.9M | 5.8M | 14M | 21.9M | 33M | 65.4M |
| Operating expenses | 34M | 30.9M | 47.5M | 91.1M | 129.7M | 236M |
| Operating income | -34M | -30.9M | -47.5M | -91.1M | -129.7M | -236M |
| Operating margin | — | — | — | — | — | — |
| Non-operating income, net | -8K | -5M | -61K | -2K | -2K | 45K |
| Pretax income | -40.8M | -36M | -46.8M | -76.3M | -109M | -211.8M |
| Income tax | — | — | 0 | 99K | 355K | 361K |
| Net income | -40.8M | -36M | -46.8M | -76.4M | -109.4M | -212.2M |
| Net margin | — | — | — | — | — | — |
| EBITDA | -33.7M | -25.9M | -47.3M | -91M | -108.3M | -207.9M |
| EPS | -9.01 | -44.9 | -45 | -3.42 | -3.96 | -6.01 |
| Diluted EPS | -9.01 | -44.9 | -45 | -3.42 | -3.96 | -6.01 |
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 | 14.4M | 22.6M | 23.7M | 23.5M | 24.7M | 24.8M | 27.8M | 46.3M | 50.3M | 46.2M | 45.9M | 46.9M |
| Selling, general & administrative | 4.5M | 7.1M | 7.8M | 7.4M | 8.2M | 9.8M | 12.2M | 15.1M | 17.4M | 20.7M | 23.6M | 18.1M |
| Operating expenses | 19M | 29.7M | 31.5M | 30.9M | 32.9M | 34.5M | 39.9M | 61.4M | 67.7M | 67M | 69.5M | 65.1M |
| Operating income | -19M | -29.7M | -31.5M | -30.9M | -32.9M | -34.5M | -39.9M | -61.4M | -67.7M | -67M | -69.5M | -65.1M |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Non-operating income, net | 13K | 1.5M | -1K | -13K | 9K | 3K | -3K | 68K | -18K | -2K | 22K | -12K |
| Pretax income | -14.1M | -23.5M | -26.9M | -26.3M | -26.5M | -29.3M | -34M | -55.2M | -62.2M | -60.4M | -63.5M | -59.5M |
| Income tax | 20K | 32K | 5K | 60K | 114K | 176K | 119K | 52K | 102K | 88K | 51K | 69K |
| Net income | -14.1M | -23.6M | -26.9M | -26.4M | -26.6M | -29.5M | -34.1M | -55.2M | -62.3M | -60.5M | -63.5M | -59.5M |
| Net margin | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA | -18.9M | -29.7M | -31.4M | -30.7M | -32.8M | -13.3M | -33M | -54.2M | -61.2M | -59.5M | -62.5M | -58.5M |
| EPS | -0.58 | — | -1.09 | -1.03 | -0.89 | — | -1.02 | -1.58 | -1.77 | — | -1.65 | -1.54 |
| Diluted EPS | -0.58 | — | -1.09 | -1.03 | -0.89 | — | -1.02 | -1.58 | -1.77 | — | -1.65 | -1.54 |
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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Market cap | 1.5B | — | — | — | — | — | 2.5B |
| Enterprise value | 1.5B | — | — | — | — | — | 1.8B |
| Shares outstanding | 4.5M | 801.5K | 1M | 22.3M | 27.6M | 35.3M | 35.3M |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | 4.99 |
| P/B | -68.4 | — | — | — | — | — | 3.88 |
| EV/EBITDA | -44.9 | — | — | — | — | — | -6.89 |
| Earnings yield | — | — | — | — | — | — | 20.1% |
| FCF yield | -2.19% | — | — | — | — | — | -4.72% |
| PEG | — | — | — | — | — | — | -1.97 |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | — | — | 0% |
| Net margin | — | — | — | — | — | — | 0% |
| ROE | 186.8% | 56% | -26.5% | -22.1% | -24.7% | -28.7% | -39.1% |
| ROA | -490.9% | -38.9% | -23.4% | -20.8% | -22% | -26.3% | -24% |
| ROIC | — | — | 284.7% | 692.4% | 796.1% | 1.2K% | 2.1K% |
| Return on tangible assets | -490.9% | -38.9% | -23.4% | -20.8% | -22% | -26.3% | -33.5% |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Current ratio | 0.2 | 6.74 | 8.79 | 17.1 | 21.2 | 21.9 | 24.1 |
| Quick ratio | 0.2 | 6.74 | 8.79 | 17.1 | 21.2 | 21.9 | 24.1 |
| Debt / equity | -0.99 | -0.03 | 0.01 | 0.01 | 0.07 | 0.04 | 0.09 |
| Debt / assets | 2.6 | 0.02 | 0.01 | 0.01 | 0.06 | 0.04 | 0.08 |
| Net debt / EBITDA | -0.51 | 3.34 | 4.08 | 3.94 | 4.25 | 3.66 | 2.72 |
| Interest coverage | -4.98 | -14.3 | — | — | -189.6 | -57.7 | -68.1 |
| Effective tax rate | — | — | 0% | 0% | 0% | 0% | 0% |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (basic) | -9.01 | -44.9 | -45 | -3.42 | -3.96 | -6.01 | -6.01 |
| EPS (diluted) | -9.01 | -44.9 | -45 | -3.42 | -3.96 | -6.01 | -6.59 |
| Book value per share | -4.83 | -80.1 | 169.9 | 15.5 | 16.1 | 21 | 16.8 |
| FCF per share | -7.22 | -34.4 | -40.8 | -3.3 | -3.42 | -5.14 | -5.11 |
| Cash per share | 0.99 | 109.8 | 187.2 | 16.1 | 17.7 | 22.4 | 18.7 |
| Capex per share | 0 | 0.08 | 0.15 | 0 | 0.02 | — | — |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Capex / operating cash flow | -0.06% | -0.22% | -0.34% | -0.12% | -0.52% | — | — |
| Payout ratio | — | — | — | — | — | — | 0% |
| — |
| $0 |
| — |
| FY20 | — | -$9.01 | — | — | $0 | — |
| Q2 25 |
|---|
| Q3 25 |
|---|
| Q4 25 |
|---|
| Q1 26 |
|---|
| Q2 26 |
|---|
| 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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Cash & short-term investments | 4.5M | 88M | 194.6M | 360.4M | 489.9M | 791.2M |
| Receivables | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — |
| Total current assets | 5.1M | 90.5M | 198.5M | 365.7M | 493.6M | 803.9M |
| Property, plant & equipment | 294K | 1.7M | 1.6M | 2.1M | 2.3M | 2.3M |
| Goodwill & intangibles | — | — | — | — | — | — |
| Total assets | 8.3M | 92.4M | 200.2M | 368M | 496.8M | 806.9M |
| Accounts payable | 2.4M | 2.6M | 16.2M | 12.6M | 7.9M | 9M |
| Short-term debt | 16.7M | 319K | 307K | 665K | 130K | 611K |
| Total current liabilities | 24.9M | 13.4M | 22.6M | 21.4M | 23.3M | 36.6M |
| Long-term debt | 5M | 1.3M | 1M | 1.4M | 29.9M | 30.4M |
| Total liabilities | 30.2M | 156.6M | 23.6M | 22.9M | 53.2M | 67.1M |
| Shareholders' equity | -21.9M | -64.2M | 176.6M | 345.1M | 443.6M | 739.8M |
| Total debt | 21.6M | 1.7M | 1.3M | 2.1M | 30M | 31M |
| Net debt | 17.1M | -86.4M | -193.3M | -358.3M | -162.4M | -60.1M |
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 | 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 | — | — | — | — | — | — | — | — | 615.9M | 791.2M | 730.2M | 717.7M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — | 627.2M | 803.9M | 747.5M | 732.8M |
| Property, plant & equipment | — | — | — | — | — | — | — | — | 2.4M | 2.3M | 2M | 1.8M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | — | — | — | — | — | — | — | — | 630.5M | 806.9M | 750.2M | 735.1M |
| Accounts payable | — | — | — | — | — | — | — | — | 7.3M | 9M | 11.8M | 6.8M |
| Short-term debt | — | — | — | — | — | — | — | — | 656K | 611K | 419K | 315K |
| Total current liabilities | — | — | — | — | — | — | — | — | 26.7M | 36.6M | 31.1M | 30.4M |
| Long-term debt | — | — | — | — | — | — | — | — | 30.3M | 30.4M | 30.6M | 60.5M |
| Total liabilities | — | — | — | — | — | — | — | — | 57.1M | 67.1M | 61.8M | 90.9M |
| Shareholders' equity | — | — | — | — | — | — | — | — | 573.4M | 739.8M | 688.4M | 644.2M |
| Total debt | — | — | — | — | — | — | — | — | 31M | 31M | 31.1M | 60.9M |
| Net debt | — | — | — | — | — | — | — | — | -109.7M | -60.1M | -57.9M | -37.8M |
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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income | -40.8M | -36M | -46.8M | -76.4M | -109.4M | -212.2M |
| Depreciation & amortization | 322K | 32K | 89K | 100K | 156K | 281K |
| Stock-based compensation | 983K | 507K | 2.1M | 5.5M | 16.8M | 34.3M |
| Change in working capital | -3.7M | 2.5M | 271K | -3.8M | -5.2M | 1.3M |
| Operating cash flow | -36.8M | -31.4M | -44.2M | -74.3M | -97M | -180.4M |
| Capital expenditure | -22K | -68K | -151K | -89K | -505K | — |
| Investing cash flow | -22K | -68K | -151K | -89K | -292.3M | -393.4M |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — |
| Financing cash flow | 34.1M | 281.2M | 148.8M | 199.1M | 214.9M | 450.1M |
| Net change in cash | -2.7M | 249.7M | 104.4M | 124.7M | -174.5M | -123.6M |
| Free cash flow | -32.7M | -27.6M | -42.4M | -73.6M | -94.4M | -181.3M |
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 | 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 | -14.1M | -23.6M | -26.9M | -26.4M | -26.6M | -29.5M | -34.1M | -55.2M | -62.3M | -60.5M | -63.5M | -59.5M |
| Depreciation & amortization | 25K | 25K | 26K | 110K | 11K | 9K | 20K | 85K | 87K | 89K | 89K | 90K |
| Stock-based compensation | 1.3M | 1.9M | 4.1M | 4.1M | 4.3M | 4.3M | 6.4M | 8.4M | 9.5M | 10M | 11.9M | 13.9M |
| Change in working capital | 3.8M | 4M | -7.4M | -858K | -1.2M | 4.3M | -842K | -249K | 762K | 1.6M | 2.6M | -5.1M |
| Operating cash flow | -9.8M | -19M | -30.2M | -19.8M | -23.4M | -20.6M | -28.2M | -45.8M | -47.8M | -43.3M | -62.2M | -44.2M |
| Capital expenditure | -45K | -3K | -67K | 3K | 8K | -449K | -851K | -36K | — | — | — | — |
| Investing cash flow | -45K | -3K | -67K | -219.7M | -71.1M | -1.4M | -272.6M | 51.7M | 49.6M | -222.9M | 58.3M | 21.6M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | -100K | 7M | 14.8M | 172.6M | -171K | 0 | 234M | 0 | 9.8M | 206.3M | 0 | 0 |
| Net change in cash | -10M | -12.1M | -15.4M | -66.9M | -94.7M | -22M | -66.8M | 5.9M | 11.5M | -59.8M | -3.9M | -22.6M |
| Free cash flow | -7.5M | -17.8M | -33.7M | -15.4M | -17.4M | -28M | -42.2M | -48M | -47.8M | -43.3M | -62.2M | -44.2M |