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 | -$0.53 | -$2.85 | -437.7% | — | $0 | — |
| Q1 26 | -$0.44 | -$0.47 | -6.8% | — | $0 | — |
| Q4 25 | -$0.52 | -$0.4 | +23.1% | — | $0 | — |
| Q3 25 | -$0.61 | -$0.52 | +14.8% | — | $0 | — |
| Q2 25 | -$0.74 | -$0.66 | +10.8% | — | $0 | — |
| Q1 25 | -$0.98 | -$0.79 | +19.4% | — | $0 | — |
| Q4 24 | -$1.08 | -$0.98 | +9.3% | — | $0 | — |
| Q3 24 | -$0.83 | -$1.13 | -36.1% | — | $0 | — |
| Q2 24 | -$0.7 | -$0.83 | -18.6% | — | $0 | — |
| Q1 24 | -$0.67 | -$0.7 | -4.5% | — | $0 | — |
| Q4 23 | -$0.82 | -$0.61 | +25.6% | — | $0 | — |
| Q3 23 | -$0.76 | -$0.57 | +25.0% | — | $0 | — |
| Q2 23 | -$0.72 | -$0.31 | +56.9% | — | $0 | — |
| Q1 23 | -$0.89 | -$0.51 | +42.7% | — | $0 | — |
| Q4 22 | -$1.72 | -$1.74 | -1.2% | — | $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 | — | -$2.29 | — | — | $0 | — |
| FY24 | — | -$3.66 | — | — | $0 | — |
| FY23 | — | -$1.99 | — | — | $0 | — |
| FY22 | — | -$0.76 | — | — | $0 | — |
| FY21 | — | -$3.77 | — |
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 | 2.4M | 16.3M | 26.3M | 70.4M | 168.6M | 132M |
| Selling, general & administrative | 532K | 2.4M | 5.2M | 14.3M | 23.8M | 38.6M |
| Operating expenses | 2.9M | 18.7M | 31.5M | 84.7M | 192.4M | 170.6M |
| Operating income | -2.9M | -18.7M | -31.5M | -84.7M | -192.4M | -170.6M |
| Operating margin | — | — | — | — | — | — |
| Non-operating income, net | -368K | -656K | 4K | 3K | 5K | — |
| Pretax income | -3.4M | -19.4M | -29.8M | -71.9M | -177.8M | -154.7M |
| Income tax | — | — | — | — | — | — |
| Net income | -3.4M | -19.4M | -29.8M | -71.9M | -177.8M | -154.7M |
| Net margin | — | — | — | — | — | — |
| EBITDA | -2.9M | -18.7M | -31.5M | -84.7M | -192.4M | -170.5M |
| EPS | -0.35 | -3.77 | -0.76 | -1.99 | -3.66 | -2.29 |
| Diluted EPS | -0.35 | -3.77 | -0.76 | -1.99 | -3.66 | -2.29 |
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 | 22.5M | 23.7M | 30.8M | 39.3M | 54M | 44.6M | 37.9M | 38.3M | 31.4M | 24.4M | 24.4M | 221.4M |
| Selling, general & administrative | 3.8M | 4M | 4.6M | 5.9M | 6.1M | 7.2M | 6.6M | 8.5M | 9.7M | 13.9M | 21M | 24.7M |
| Operating expenses | 26.3M | 27.7M | 35.4M | 45.2M | 60.1M | 51.8M | 44.4M | 46.7M | 41.1M | 38.3M | 45.3M | 246M |
| Operating income | -26.3M | -27.7M | -35.4M | -45.2M | -60.1M | -51.8M | -44.4M | -46.7M | -41.1M | -38.3M | -45.3M | -246M |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Non-operating income, net | — | 1K | 1K | 2K | -10K | 12K | -3K | -2K | 4K | — | 5K | 13K |
| Pretax income | -22.8M | -24.4M | -31.5M | -41M | -56.3M | -48.9M | -42.2M | -43.3M | -36.9M | -32.2M | -39.3M | -241.1M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — |
| Net income | -22.8M | -24.4M | -31.5M | -41M | -56.3M | -48.9M | -42.2M | -43.3M | -36.9M | -32.2M | -39.3M | -241.1M |
| Net margin | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA | -26.3M | -27.7M | -35.4M | -45.2M | -60.1M | -51.8M | -44.4M | -46.7M | -41.1M | -38.3M | -45.3M | -246M |
| EPS | -0.57 | — | -0.7 | -0.83 | -1.13 | -0.98 | -0.79 | -0.66 | -0.52 | -0.4 | -0.47 | -2.85 |
| Diluted EPS | -0.57 | — | -0.7 | -0.83 | -1.13 | -0.98 | -0.79 | -0.66 | -0.52 | -0.4 | -0.47 | -2.85 |
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 | — | — | — | 311.2M | — | — | 2.3B |
| Enterprise value | — | — | — | 74.7M | — | — | 1.7B |
| Shares outstanding | 9.9M | 5.2M | 39.1M | 36.2M | 48.5M | 67.7M | 67.7M |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | -11.2 |
| P/B | — | — | — | 1.29 | — | — | 4.15 |
| EV/EBITDA | — | — | — | -0.88 | — | — | -4.65 |
| Earnings yield | — | — | — | — | — | — | -8.93% |
| FCF yield | — | — | — | -26.1% | — | — | -9% |
| PEG | — | — | — | — | — | — | -0.03 |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | — | — | 0% |
| Net margin | — | — | — | — | — | — | 0% |
| ROE | 95.2% | 84.7% | 57% | -29.8% | -93% | -23.9% | -80.9% |
| ROA | -230.6% | -174.5% | -26% | -28.6% | -86.4% | -23.4% | -46.2% |
| Return on tangible assets | -230.6% | -174.5% | -26% | -28.6% | -86.4% | -23.4% | -52.3% |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Current ratio | 0.29 | 2.2 | 14 | 23.8 | 14 | 43.8 | 34.5 |
| Quick ratio | 0.29 | 2.2 | 14 | 23.8 | 14 | 43.8 | 34.5 |
| Debt / equity | -1.25 | — | — | — | — | — | 0.18 |
| Debt / assets | 3.03 | — | — | — | — | — | — |
| Net debt / EBITDA | -1.05 | — | — | — | — | — | 1.52 |
| Interest coverage | -28.8 | -717.8 | — | — | — | — | — |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (basic) | -0.35 | -3.77 | -0.76 | -1.99 | -3.66 | -2.29 | -2.29 |
| EPS (diluted) | -0.35 | -3.77 | -0.76 | -1.99 | -3.66 | -2.29 | -4.36 |
| Book value per share | -0.36 | -4.45 | -1.34 | 6.66 | 3.94 | 9.56 | 6.24 |
| FCF per share | -0.25 | -2.83 | -0.75 | -2.24 | -3.43 | -2.11 | -1.64 |
| Cash per share | 0.14 | 2.06 | 2.82 | 6.54 | 4.08 | 9.71 | 7.48 |
| Capex per share | — | — | — | 0 | 0 | — | — |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Capex / operating cash flow | — | — | — | 0% | -0.05% | — | — |
| Payout ratio | — | — | — | — | — | — | 0% |
| — |
| $0 |
| — |
| FY20 | — | -$0.35 | — | — | $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 | 1.4M | 10.6M | 110.1M | 236.6M | 198.2M | 656.6M |
| Receivables | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — |
| Total current assets | 1.5M | 11.1M | 112.8M | 249.1M | 205.4M | 661.4M |
| Property, plant & equipment | — | — | — | — | — | — |
| Goodwill & intangibles | — | — | — | — | — | — |
| Total assets | 1.5M | 11.1M | 114.4M | 251.6M | 205.9M | 661.8M |
| Accounts payable | 529K | 763K | 1.9M | 601K | 479K | 2M |
| Short-term debt | 4.5M | — | — | — | — | — |
| Total current liabilities | 5.1M | 5.1M | 8.1M | 10.5M | 14.6M | 15.1M |
| Long-term debt | — | — | — | — | — | — |
| Total liabilities | 5.1M | 34M | 166.7M | 10.5M | 14.6M | 15.1M |
| Shareholders' equity | -3.6M | -22.9M | -52.3M | 241.2M | 191.3M | 646.7M |
| Total debt | 4.5M | — | — | — | — | — |
| Net debt | 3.1M | — | — | — | — | — |
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 | 253.8M | 236.6M | 338.6M | 311.1M | 263.6M | 198.2M | 343M | 324.9M | 593.6M | 656.6M | 646.1M | 661.4M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 265.4M | 249.1M | 346.8M | 318M | 267.7M | 205.4M | 354.5M | 335.3M | 599.8M | 661.4M | 652.5M | 665.8M |
| Property, plant & equipment | — | — | — | — | — | — | — | — | — | — | — | — |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 277.6M | 251.6M | 347.2M | 318.5M | 268.3M | 205.9M | 354.9M | 335.7M | 599.9M | 661.8M | 652.9M | 667.9M |
| Accounts payable | 5.6M | 601K | 4.3M | 1.7M | 3.1M | 479K | 373K | 3.2M | 1.1M | 2M | 1.1M | 1.1M |
| Short-term debt | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | 13.5M | 10.5M | 19.2M | 28.4M | 31.3M | 14.6M | 13.4M | 22.2M | 23.5M | 15.1M | 14.7M | 19.3M |
| Long-term debt | — | — | — | — | — | — | — | — | — | — | — | — |
| Total liabilities | 13.5M | 10.5M | 19.2M | 28.4M | 31.3M | 14.6M | 13.4M | 22.2M | 23.5M | 15.1M | 14.7M | 116.9M |
| Shareholders' equity | 264M | 241.2M | 328M | 290.1M | 236.9M | 191.3M | 341.6M | 313.6M | 576.4M | 646.7M | 638.1M | 550.9M |
| Total debt | — | — | — | — | — | — | — | — | — | — | — | — |
| Net debt | — | — | — | — | — | — | — | — | — | — | — | — |
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 | -3.4M | -19.4M | -29.8M | -71.9M | -177.8M | -154.7M |
| Depreciation & amortization | — | — | — | 0 | 43K | 59K |
| Stock-based compensation | 1K | 80K | 455K | 5.1M | 11.3M | 19.3M |
| Change in working capital | — | — | 0 | -355K | 424K | -166K |
| Operating cash flow | -2.9M | -18.6M | -30M | -74.1M | -175.4M | -142.4M |
| Capital expenditure | — | — | — | 0 | -96K | — |
| Investing cash flow | — | 0 | -21.8M | -160.5M | 115M | -389.7M |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | -20K | — | -1.6M | — | — | — |
| Financing cash flow | 3.8M | 23.8M | 126.4M | 203M | 115.6M | 578M |
| Net change in cash | 887K | 5.2M | 74.6M | -31.5M | 55.2M | 45.8M |
| Free cash flow | -2.5M | -14.6M | -29.2M | -81.2M | -166.4M | -142.4M |
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 | -22.8M | -24.4M | -31.5M | -41M | -56.3M | -48.9M | -42.2M | -43.3M | -36.9M | -32.2M | -39.3M | -241.1M |
| Depreciation & amortization | 0 | — | 8K | 9K | 11K | 15K | 15K | 16K | 15K | 13K | 6K | 5K |
| Stock-based compensation | 1.6M | 1.5M | 2.2M | 2.9M | 3.1M | 3.1M | 3.6M | 4.6M | 5.8M | 5.3M | 6.5M | 7.4M |
| Change in working capital | -219K | 300K | 119K | 184K | 23K | 98K | 52K | -47K | 10K | -181K | 289K | 47K |
| Operating cash flow | -23.4M | -24.7M | -31.7M | -40.8M | -55.9M | -47M | -39.5M | -30.2M | -28.9M | -37.9M | -39.5M | -32.6M |
| Capital expenditure | 0 | — | -59K | 0 | -37K | 0 | 0 | — | — | — | — | — |
| Investing cash flow | 4M | -8.1M | -56M | 7.7M | 79.6M | 83.6M | -92.9M | -42.9M | -150.5M | -103.5M | -44.9M | 14.8M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 0 | 0 | 116.1M | -344K | -41K | -47K | 189.2M | 8.6M | 288.6M | 91.6M | 20.2M | 142.9M |
| Net change in cash | -19.4M | -32.8M | 28.4M | -33.4M | 23.7M | 36.5M | 56.7M | -64.4M | 109.2M | -49.7M | -64.2M | 125.1M |
| Free cash flow | -19M | -29M | -19.2M | -30.1M | -50.2M | -66.8M | -45.5M | -30.2M | -28.9M | -37.9M | -39.5M | -32.6M |