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 | -$1.28 | -$1.07 | +16.4% | — | $0 | — |
| Q1 26 | -$1.98 | -$1.69 | +14.6% | — | $0 | — |
| Q4 25 | -$2.14 | -$1.65 | +22.9% | — | $1.3M | — |
| Q3 25 | -$2.68 | -$1.92 | +28.4% | — | $1.1M | — |
| Q2 25 | -$2.59 | -$2.74 | -5.8% | — | — | — |
| Q1 25 | -$2.62 | -$2.49 | +5.0% | — | — | — |
| Q4 24 | -$2.51 | -$2.26 | +10.0% | — | — | — |
| Q3 24 | -$2.53 | -$2.26 | +10.7% | — | — | — |
| Q2 24 | -$2.43 | -$2.43 | 0.0% | — | — | — |
| Q1 24 | -$2.49 | -$2.44 | +2.0% | — | — | — |
| Q4 23 | -$3.99 | -$43.1 | -980.2% | — | — | — |
| Q3 23 | -$17.7 | -$15.5 | +12.6% | — | — | — |
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 | — | -$12.5 | — | — | $6.4M | — |
| FY24 | — | -$9.37 | — | — | $2.3M | — |
| FY23 | — | -$53.1 | — | — | $0 | — |
| FY22 | — | -$7.25 | — | — | $0 | — |
| FY21 | — | -$2.74 | — | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $2.3M | $6.4M |
| YoY change | — | 0% | 0% | +InfinityT% | +181.5% |
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 |
|---|
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 2.3M | 6.4M |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Gross margin | — | — | — | — | — |
| Research & development | 23.8M | 42.2M | 57.3M | 63.6M | 65.6M |
| Selling, general & administrative | 11.7M | 16.8M | 27.3M | 30.5M | 28.2M |
| Operating expenses | 35.5M | 59M | 84.5M | 94.2M | 93.7M |
| Operating income | -35.5M | -59M | -84.5M | -91.9M | -87.3M |
| Operating margin | — | — | — | -4K% | -1.4K% |
| Non-operating income, net | 13.5M | 976K | 3.4M | 8.5M | -29.3M |
| Pretax income | -22M | -58M | -81.1M | -83.4M | -116.6M |
| Income tax | 2K | 10K | 27K | 141K | 637K |
| Net income | -22M | -58M | -81.2M | -83.6M | -117.3M |
| Net margin | — | — | — | -3.7K% | -1.8K% |
| EBITDA | -33.9M | -56.5M | -80.9M | -88.3M | -48.5M |
| EPS | -2.74 | -7.25 | -53.1 | -9.37 | -12.5 |
| Diluted EPS | -2.74 | -7.25 | -53.1 | -9.37 | -12.5 |
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 | — | — | — | — | — | — | — | — | 1.1M | 1.3M | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 14M | 15.4M | 13.6M | 17.1M | 16M | 17M | 19.7M | 20.1M | 13.8M | 11M | 13M | 13.6M |
| Selling, general & administrative | — | — | — | — | — | — | — | — | 6.5M | 6.2M | 7.5M | 6.5M |
| Operating expenses | 14M | 15.4M | 13.6M | 17.1M | 16M | 17M | 19.7M | 20.1M | 20.3M | 17.2M | 20.4M | 20.1M |
| Operating income | — | — | — | — | — | — | — | — | -19.2M | -15.9M | -20.4M | -20.1M |
| Operating margin | — | — | — | — | — | — | — | — | -1.8K% | -1.2K% | — | — |
| Non-operating income, net | — | — | — | — | — | — | — | — | 1.2M | -33.5M | 906K | 1.3M |
| Pretax income | — | — | — | — | — | — | — | — | -18.1M | -49.4M | -19.5M | -18.8M |
| Income tax | — | — | — | — | — | — | — | — | 0 | 636K | 95K | 108K |
| Net income | — | — | — | — | — | — | — | — | -18.1M | -50M | -19.6M | -18.9M |
| Net margin | — | — | — | — | — | — | — | — | -1.7K% | -3.9K% | — | — |
| EBITDA | — | — | — | — | — | — | — | — | -18.1M | -15.2M | -20.1M | -19.7M |
| EPS | -2.31 | — | -2.44 | -2.43 | -2.26 | — | -2.49 | -2.74 | -1.92 | — | -1.69 | -1.07 |
| Diluted EPS | -2.31 | — | -2.44 | -2.43 | -2.26 | — | -2.49 | -2.74 | -1.92 | — | -1.69 | -1.07 |
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 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Market cap | 2.1B | 1.5B | — | — | 75.3M | 140M |
| Enterprise value | 1.9B | 1.5B | — | — | 43.6M | 68.1M |
| Shares outstanding | 8M | 8M | 1.5M | 8.9M | 9.4M | 9.4M |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | -0.76 |
| P/S | — | — | — | — | 11.8 | 59.2 |
| P/B | -48.6 | -15.6 | — | — | 1.46 | 1.36 |
| EV/EBITDA | -57 | -26.3 | — | — | -0.9 | -0.92 |
| EV/Sales | — | — | — | — | 6.82 | 28.6 |
| Earnings yield | — | — | — | — | — | -131% |
| FCF yield | -1.78% | -3.82% | — | — | -105.1% | -29.6% |
| PEG | — | — | — | — | — | 0.01 |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Operating margin | — | — | — | -4K% | -1.4K% | -3.2K% |
| Net margin | — | — | — | -3.7K% | -1.8K% | 0% |
| ROE | 52% | 58.6% | -47.8% | -52.1% | -228% | -97.7% |
| ROA | -17.2% | -78.7% | -36.6% | -36.9% | -103.3% | -28% |
| ROIC | 22.1% | 39% | -228.7% | -116.2% | -441.8% | -248.9% |
| Return on tangible assets | -17.2% | -78.7% | -36.6% | -36.9% | -103.3% | -65.2% |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Current ratio | 24.2 | 6.56 | 8.87 | 8.79 | 6.9 | 9.55 |
| Quick ratio | 24.2 | 6.56 | 8.87 | 8.79 | 6.9 | 9.55 |
| Debt / equity | 0 | -0.03 | 0.2 | 0.28 | 0.85 | 0.41 |
| Debt / assets | 0 | 0.04 | 0.15 | 0.2 | 0.38 | 0.26 |
| Net debt / EBITDA | 3.5 | 0.92 | 1.64 | 0.92 | 0.65 | 1 |
| Interest coverage | — | -500 | — | — | — | — |
| Effective tax rate | 0% | 0% | 0% | 0% | 0% | 0% |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0.25 | 0.68 | 0.2 |
| EPS (basic) | -2.74 | -7.25 | -53.1 | -9.37 | -12.5 | -12.5 |
| EPS (diluted) | -2.74 | -7.25 | -53.1 | -9.37 | -12.5 | -9.87 |
| Book value per share | -5.28 | -12.4 | 111.1 | 18 | 5.47 | 7.02 |
| FCF per share | -4.57 | -7.36 | -49.1 | -8.74 | -8.42 | -3.87 |
| Cash per share | 14.8 | 6.9 | 108.6 | 14.1 | 8 | 7.81 |
| Capex per share | 0.55 | 0.65 | 5.12 | 2.01 | — | — |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Capex / revenue | — | — | — | 788.3% | — | — |
| Capex / operating cash flow | -13.2% | -9.75% | -11.3% | -33.2% | — | — |
| Payout ratio | — | — | — | — | — | 0% |
| $0 |
| — |
| Q4 25 |
|---|
| Q1 26 |
|---|
| Q2 26 |
|---|
| Revenue | — | — | — | — | — | — | — | — | $1.1M | $1.3M | $0 | $0 |
| YoY change | — | — | — | — | — | — | — | — | — | — | — | — |
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 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash & short-term investments | 118.5M | 55.2M | 166.2M | 126.1M | 75.2M |
| Receivables | — | — | — | 1.7M | 969K |
| Inventory | — | — | — | — | — |
| Total current assets | 119.8M | 57.1M | 172.7M | 131.5M | 82.4M |
| Property, plant & equipment | 7.1M | 11.9M | 42.8M | 51.5M | 16.2M |
| Goodwill & intangibles | — | — | — | — | — |
| Total assets | 127.6M | 73.7M | 221.7M | 226.2M | 113.5M |
| Accounts payable | 789K | 2.6M | 7.3M | 4M | 1.7M |
| Short-term debt | — | 2.9M | 2M | 1.3M | 2.7M |
| Total current liabilities | 4.9M | 8.7M | 19.5M | 15M | 11.9M |
| Long-term debt | 0 | 209K | 31.2M | 43.5M | 40.8M |
| Total liabilities | 169.8M | 172.8M | 51.8M | 65.8M | 62.1M |
| Shareholders' equity | -42.2M | -99M | 169.9M | 160.4M | 51.4M |
| Total debt | 0 | 3.1M | 33.2M | 44.8M | 43.5M |
| Net debt | -83.5M | -33.2M | -132.9M | -10.9M | 21.7M |
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 | Q2 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 | 60.3M | 166.2M | 138.8M | 157.4M | 137M | 126.1M | 115M | 96.4M | 92.5M | 75.2M | 114M | 115M |
| Receivables | — | — | — | — | 10M | 1.7M | 1.9M | 1.1M | 820K | 969K | 0 | 0 |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 62.3M | 172.7M | 145.7M | 163.6M | 152.8M | 131.5M | 121.2M | 102.6M | 98.2M | 82.4M | 120.2M | 120.6M |
| Property, plant & equipment | 41.3M | 42.8M | 46.5M | 49.5M | 53.1M | 51.5M | 50.4M | 48.9M | 47.7M | 16.2M | 15.6M | 15.1M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 109.3M | 221.7M | 198M | 249.6M | 243.5M | 226.2M | 202.2M | 180.4M | 161.6M | 113.5M | 183.6M | 163.4M |
| Accounts payable | 3.4M | 7.3M | 4.7M | 5.7M | 6M | 4M | 4.2M | 5.2M | 2.3M | 1.7M | 2M | 3.6M |
| Short-term debt | 1.7M | 2M | 1.2M | 457K | — | 1.3M | 2.3M | 2.4M | 3.1M | 2.7M | 2.8M | 2.9M |
| Total current liabilities | 8.1M | 19.5M | 11.1M | 12.3M | 13.6M | 15M | 12.9M | 17.2M | 14.6M | 11.9M | 14.8M | 12.6M |
| Long-term debt | 27.3M | 31.2M | 34.7M | 38M | 41.8M | 43.5M | 42.9M | 42.2M | 41.5M | 40.8M | 40.1M | 39.3M |
| Total liabilities | 244.7M | 51.8M | 46.6M | 51.5M | 63.9M | 65.8M | 63.3M | 65.3M | 62.5M | 62.1M | 64M | 60.2M |
| Shareholders' equity | -135.4M | 169.9M | 151.4M | 198.1M | 179.6M | 160.4M | 139M | 115.1M | 99M | 51.4M | 119.6M | 103.2M |
| Total debt | 29M | 33.2M | 35.9M | 38.5M | 41.8M | 44.8M | 45.2M | 44.6M | 44.7M | 43.5M | 42.9M | 42.2M |
| Net debt | -30.3M | -132.9M | -102.9M | -52.7M | -21.4M | -10.9M | -19M | 11M | 20.5M | 21.7M | -18.8M | 17.3M |
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 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income | -22M | -58M | -81.2M | -83.6M | -117.3M |
| Depreciation & amortization | 1.6M | 2.5M | 3.6M | 3.6M | 4.3M |
| Stock-based compensation | 807K | 1.1M | 2.4M | 4.5M | 7.7M |
| Change in working capital | -659K | -566K | 2.5M | 18.3M | -4.2M |
| Operating cash flow | -33.7M | -53.4M | -69.1M | -54M | -78.6M |
| Capital expenditure | -4.4M | -5.2M | -7.8M | -17.9M | — |
| Investing cash flow | -39.5M | 11.1M | 11.2M | -123.3M | 44.5M |
| Dividends paid | — | — | — | — | — |
| Share repurchases | — | — | — | — | — |
| Financing cash flow | 115.9M | -44K | 187.1M | 67.4M | 0 |
| Net change in cash | 42.7M | -42.4M | 129.1M | -109.9M | -34M |
| Free cash flow | -36.5M | -58.9M | -75.1M | -78M | -79.1M |
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 | 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 | -18.5M | -25.4M | -19.6M | -21.8M | -21M | -21.2M | -23.4M | -25.8M | -18.1M | -50M | -19.6M | -18.9M |
| Depreciation & amortization | 919K | 985K | 726K | 721K | 865K | 1.3M | 1.2M | 1.2M | 1.2M | 649K | 380K | 365K |
| Stock-based compensation | 404K | 1.2M | 865K | 967K | 1.3M | 1.4M | 1.8M | 2M | 1.8M | 2.1M | 2.7M | 2.7M |
| Change in working capital | 2.3M | 695K | 210K | 4.7M | 3.2M | 2.5M | -741K | 973K | -2.7M | -1.7M | 347K | 1.3M |
| Operating cash flow | -13.8M | -21.3M | -16.6M | -14.3M | -14.9M | -15.9M | -21M | -19.2M | -17.2M | -17.7M | -16.1M | -17M |
| Capital expenditure | -246K | -1.7M | -5.6M | -6M | -4.9M | -1.5M | -119K | — | — | — | — | — |
| Investing cash flow | 754K | -1.7M | -5.6M | -6M | -12.6M | -2.8M | 32.8M | -11.2M | 7.8M | 15M | -32.2M | -17.9M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | -2.4M | 144.2M | 0 | 67.4M | 0 | 1K | — | 0 | 0 | 0 | 88.2M | -2.9M |
| Net change in cash | -15.5M | 121.3M | -22.2M | 47.1M | -27.5M | -18.7M | 11.8M | -30.4M | -9.4M | -2.7M | 39.9M | -37.8M |
| Free cash flow | -12M | -22.8M | -27.5M | -20.6M | -21M | -8.9M | -24.6M | -19.4M | -17.4M | -17.8M | -16.1M | -17M |