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 | -$2.1 | -$1.97 | +6.2% | — | $0 | — |
| Q1 26 | -$1.77 | -$2.3 | -29.9% | — | $0 | — |
| Q4 25 | -$1.5 | -$1.8 | -20.0% | — | $0 | — |
| Q3 25 | -$1.24 | -$1.56 | -25.8% | — | $0 | — |
| Q2 25 | -$1.16 | -$1.22 | -5.2% | — | $0 | — |
| Q1 25 | -$0.97 | -$1.04 | -7.2% | — | $0 | — |
| Q4 24 | -$0.99 | -$1.02 | -3.0% | — | $0 | — |
| Q3 24 | -$0.99 | -$0.83 | +16.2% | — | $0 | — |
| Q2 24 | -$1 | -$1.1 | -10.0% | — | $0 | — |
| Q1 24 | -$1.06 | -$0.85 | +19.8% | — | $0 | — |
| Q4 23 | -$0.99 | -$1.82 | -83.8% | — | $0 | — |
| Q3 23 | -$0.84 | -$0.91 | -8.3% | — | $0 | — |
| Q2 23 | -$0.74 | -$0.7 | +5.4% | — | $0 | — |
| Q1 23 | -$0.83 | -$0.7 | +15.7% | — | $0 | — |
| Q4 22 | -$0.93 | -$1.02 | -9.7% | — | $0 | — |
| Q3 22 | -$0.84 | -$0.93 | -10.7% | — | $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 | — | -$5.63 | — | — | $0 | — |
| FY24 | — | -$3.8 | — | — | $0 | — |
| FY23 | — | -$4.14 | — | — | $0 | — |
| FY22 | — | -$3.44 | — | — | $0 | — |
| FY21 | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| YoY change | — | 0% | 0% | 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 |
|---|
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — |
| Research & development | 30.1M | 45.6M | 73.6M | 78.4M | 169.5M | 332.3M | 476.6M | 794.3M |
| Selling, general & administrative | 5.4M | 8.5M | 16M | 25.3M | 39.8M | 60.7M | 92.9M | 129.4M |
| Operating expenses | 35.5M | 53.9M | 87.1M | 102.1M | 207.3M | 388.3M | 569.5M | 923.7M |
| Operating income | -35.5M | -53.9M | -87.1M | -102.1M | -207.3M | -388.3M | -569.5M | -923.7M |
| Operating margin | — | — | — | — | — | — | — | — |
| Non-operating income, net | 5.2M | 3M | -2.4M | 1.7M | -24.5M | -76.9M | -4.4M | 37.3M |
| Pretax income | -29.5M | -50.3M | -89.2M | -100.1M | -223.5M | -402.3M | -463.9M | -766.6M |
| Income tax | — | — | — | — | — | — | — | — |
| Net income | -29.5M | -50.3M | -89.2M | -100.1M | -223.5M | -402.3M | -463.9M | -766.6M |
| Net margin | — | — | — | — | — | — | — | — |
| EBITDA | -28.4M | -48.9M | -85.5M | -98.3M | -189.8M | -315.2M | -448.1M | -898.8M |
| EPS | -1.15 | -1.96 | -3.02 | -1.93 | -3.44 | -4.14 | -3.8 | -5.63 |
| Diluted EPS | -1.15 | -1.96 | -3.02 | -1.93 | -3.44 | -4.14 | -3.8 | -5.63 |
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 | 97.4M | 104.2M | 94.6M | 131.5M | 116.9M | 133.6M | 148.1M | 194.2M | 209.9M | 242.1M | 312.8M | 267.9M |
| Selling, general & administrative | 15.6M | 17.5M | 19.9M | 21.5M | 23M | 28.6M | 32.7M | 32M | 32.4M | 32.2M | 33.1M | 34.9M |
| Operating expenses | 111.4M | 121.7M | 114.3M | 152.6M | 139.6M | 162.2M | 180.8M | 226.2M | 242.4M | 274.3M | 345.9M | 302.8M |
| Operating income | -111.4M | -121.7M | -114.3M | -152.6M | -139.6M | -163M | -180.8M | -226.2M | -242.4M | -274.3M | -345.9M | -302.8M |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Non-operating income, net | 227K | -76.7M | -2.3M | 71K | 8.5M | -10.6M | 7.1M | 28.6M | 291K | 1.3M | -1.4M | -7.3M |
| Pretax income | -92.7M | -180.8M | -95M | -128.7M | -103.1M | -137.1M | -140.7M | -166.6M | -212.8M | -246.5M | -320.6M | -284.3M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — |
| Net income | -92.7M | -180.8M | -95M | -128.7M | -103.1M | -137.1M | -140.7M | -166.6M | -212.8M | -246.5M | -320.6M | -284.3M |
| Net margin | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA | -90.4M | -101.2M | -108.9M | -149.2M | -143.6M | -46.4M | -175.9M | -221.2M | -237.2M | -264.5M | -340M | -296.9M |
| EPS | -0.91 | — | -0.85 | -1.1 | -0.83 | — | -1.04 | -1.22 | -1.56 | — | -2.3 | -1.97 |
| Diluted EPS | -0.91 | — | -0.85 | -1.1 | -0.83 | — | -1.04 | -1.22 | -1.56 | — | -2.3 | -1.97 |
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 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|
| Market cap | — | — | — | — | — | — | — | — | 8.7B |
| Enterprise value | — | — | — | — | — | — | — | — | 7B |
| Shares outstanding | 25.6M | 25.6M | 29.5M | 51.9M | 64.9M | 97.2M | 122M | 136.1M | 136.1M |
| Metric | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | — | — | -10.3 |
| P/B | — | — | — | — | — | — | — | — | 2.95 |
| EV/EBITDA | — | — | — | — | — | — | — | — | -6.09 |
| Earnings yield | — | — | — | — | — | — | — | — | -9.67% |
| FCF yield | — | — | — | — | — | — | — | — | -5.6% |
| PEG | — | — | — | — | — | — | — | — | -0.17 |
| Metric | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|
| Operating margin | — | — | — | — | — | — | — | — | 0% |
| Net margin | — | — | — | — | — | — | — | — | 0% |
| ROE | 51.1% | 47.3% | -25.8% | -35.2% | -23.4% | -32.4% | -14% | -28.5% | -36.5% |
| ROA | -41.6% | -76.5% | -22.7% | -30.9% | -22.2% | -28.6% | -13.2% | -25.5% | -22.6% |
| Return on tangible assets | -41.6% | -76.5% | -22.7% | -30.9% | -22.2% | -28.6% | -13.2% | -25.5% | -33.9% |
| Metric | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 9.93 | 5.58 | 8.3 | 8.93 | 23.3 | 7.54 | 12.8 | 7.91 | 5.72 |
| Quick ratio | 9.93 | 5.58 | 8.3 | 8.93 | 23.3 | 7.54 | 12.8 | 7.91 | 5.72 |
| Debt / equity | -0.01 | -0 | 0 | 0.06 | 0.02 | 0.02 | 0.02 | 0.04 | 0.04 |
| Debt / assets | 0.01 | 0 | 0 | 0.05 | 0.02 | 0.02 | 0.02 | 0.04 | 0.04 |
| Net debt / EBITDA | 2.31 | 1.2 | 4.52 | 2.33 | 4.81 | 3.33 | 3.74 | 1.61 | 1.2 |
| Interest coverage | -392.1 | -1.3K | -12.7K | -14.3K | -111.7K | — | — | — | — |
| Metric | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (basic) | -1.15 | -1.96 | -3.02 | -1.93 | -3.44 | -4.14 | -3.8 | -5.63 | -5.63 |
| EPS (diluted) | -1.15 | -1.96 | -3.02 | -1.93 | -3.44 | -4.14 | -3.8 | -5.63 | -7.63 |
| Book value per share | -2.26 | -4.16 | 11.7 | 5.47 | 14.7 | 12.8 | 27.1 | 19.7 | 19 |
| FCF per share | -1.26 | -1.89 | -1.62 | -2.46 | -2.72 | -3.75 | -4.69 | -5.24 | -6.37 |
| Cash per share | 2.58 | 2.3 | 13.1 | 4.74 | 14.4 | 11.1 | 14.3 | 11.5 | 9.99 |
| Capex per share | 0.07 | 0.05 | 0.04 | 0.13 | 0.09 | 0.7 | 0.98 | — | — |
| Metric | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|
| Capex / operating cash flow | -5.96% | -2.4% | -1.96% | -5.85% | -3.22% | -18.8% | -30.4% | — | — |
| Payout ratio | — | — | — | — | — | — | — | — | 0% |
| -$1.93 |
| — |
| — |
| $0 |
| — |
| FY20 | — | -$3.02 | — | — | $0 | — |
| FY19 | — | -$1.96 | — | — | $0 | — |
| FY18 | — | -$1.15 | — | — | $0 | — |
| 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 |
| 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 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Cash & short-term investments | 66.1M | 59M | 386.2M | 246M | 931.4M | 1.1B | 1.7B | 1.6B |
| Receivables | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| Total current assets | 66.7M | 61.7M | 389M | 256.3M | 942.6M | 1.1B | 1.8B | 1.6B |
| Property, plant & equipment | 3.4M | 3.4M | 3.3M | 35.9M | 31.6M | 145.3M | 332.6M | 491.7M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — |
| Total assets | 70.8M | 65.7M | 392.8M | 324.3M | 1B | 1.4B | 3.5B | 3B |
| Accounts payable | 2.8M | 3.4M | 29.8M | 6.8M | 9.8M | 14.6M | 48.5M | 70.9M |
| Short-term debt | 297K | 161K | — | 5.3M | 5.9M | 7.1M | 5.9M | 6.1M |
| Total current liabilities | 6.7M | 11.1M | 46.9M | 28.7M | 40.5M | 145.3M | 140.2M | 205.8M |
| Long-term debt | 161K | 0 | 0 | 11.5M | 12M | 22.1M | 65.2M | 111.4M |
| Total liabilities | 128.5M | 172.1M | 47M | 40.3M | 52.6M | 167.4M | 205.5M | 317.2M |
| Shareholders' equity | -57.7M | -106.4M | 345.8M | 284M | 953.6M | 1.2B | 3.3B | 2.7B |
| Total debt | 458K | 161K | 0 | 16.8M | 17.9M | 29.2M | 71.1M | 117.5M |
| Net debt | -65.6M | -58.8M | -386.2M | -52.2M | -816.7M | -368.2M | -316.8M | -56.5M |
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 | — | — | — | — | — | — | — | — | 1.7B | 1.6B | 1.7B | 1.5B |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — | 1.8B | 1.6B | 1.8B | 1.6B |
| Property, plant & equipment | — | — | — | — | — | — | — | — | 337M | 491.7M | 373.8M | 370.6M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | — | — | — | — | — | — | — | — | 3.2B | 3B | 3.3B | 3.1B |
| Accounts payable | — | — | — | — | — | — | — | — | 49M | 70.9M | 63.1M | 100.9M |
| Short-term debt | — | — | — | — | — | — | — | — | 5.8M | 6.1M | 6.1M | 6.5M |
| Total current liabilities | — | — | — | — | — | — | — | — | 200M | 205.8M | 242.1M | 271.3M |
| Long-term debt | — | — | — | — | — | — | — | — | 78.7M | 111.4M | 110.2M | 108.9M |
| Total liabilities | — | — | — | — | — | — | — | — | 278.7M | 317.2M | 352.3M | 380.2M |
| Shareholders' equity | — | — | — | — | — | — | — | — | 2.9B | 2.7B | 3B | 2.8B |
| Total debt | — | — | — | — | — | — | — | — | 84.4M | 117.5M | 116.3M | 115.4M |
| Net debt | — | — | — | — | — | — | — | — | -196.6M | -56.5M | -144.5M | -67.7M |
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 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income | -29.5M | -50.3M | -89.2M | -100.1M | -223.5M | -402.3M | -463.9M | -766.6M |
| Depreciation & amortization | 1M | 1.2M | 1.4M | 3.5M | 9.2M | 10.2M | 15.8M | 24.9M |
| Stock-based compensation | 749K | 1.2M | 5.4M | 10.7M | 23.6M | 48.8M | 84.8M | 138.8M |
| Change in working capital | 2.7M | 1.2M | 25.9M | -25.7M | 1.3M | -17.3M | 9.5M | -23.7M |
| Operating cash flow | -29.7M | -49.9M | -56.3M | -111.6M | -181.3M | -360.7M | -392.4M | -655.6M |
| Capital expenditure | -1.8M | -1.2M | -1.1M | -6.5M | -5.8M | -67.9M | -119.2M | — |
| Investing cash flow | -1.8M | -1.2M | -1.1M | -212.3M | 74.6M | -773.3M | -2B | 494.3M |
| Dividends paid | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — |
| Financing cash flow | 62.1M | 41.1M | 370.5M | 13.9M | 855.6M | 632.2M | 2.4B | -11M |
| Net change in cash | 30.5M | -10M | 313M | -310M | 748.9M | -501.8M | 23.3M | -172.2M |
| Free cash flow | -32.2M | -48.3M | -47.8M | -127.9M | -176.4M | -364.7M | -571.8M | -712.5M |
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 | -92.7M | -180.8M | -95M | -128.7M | -103.1M | -137.1M | -140.7M | -166.6M | -212.8M | -246.5M | -320.6M | -284.3M |
| Depreciation & amortization | 2.5M | 2.9M | 3.1M | 3.5M | 4.5M | 4.8M | 4.9M | 5M | 5.2M | 9.8M | 5.9M | 5.9M |
| Stock-based compensation | 13.2M | 13.3M | 17.6M | 21.6M | 21.3M | 24.4M | 30.6M | 36.9M | 35.3M | 36M | 38M | 41.2M |
| Change in working capital | -420K | -25.1M | -12.7M | -19.1M | 4.9M | 33M | -51.7M | 2.2M | 11.1M | 14.7M | -33.4M | -16.4M |
| Operating cash flow | -77.4M | -189.6M | -87M | -122.8M | -72.5M | -74.9M | -156.9M | -121.2M | -143.3M | -224.8M | -280.6M | -232.5M |
| Capital expenditure | -7.3M | -57.1M | -12.1M | -39M | -38.1M | -30M | -26.8M | — | — | — | — | — |
| Investing cash flow | 22.3M | -13.9M | -451.1M | -80.4M | -917M | -557.2M | 123.3M | 87.5M | 133.2M | 123.5M | -218.6M | 152.3M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 46.4M | -353K | 813.2M | 106M | 1.5B | -1.1M | -5.3M | -717K | -4M | -1M | 592.6M | -2.1M |
| Net change in cash | -8.7M | -203.9M | 275.1M | -97.2M | 513.8M | -633.1M | -38.9M | -34.4M | -14.1M | -102.3M | 93.3M | -82.2M |
| Free cash flow | -64.9M | -185.9M | -171.2M | -160.4M | -98.8M | -141.4M | -193M | -130.9M | -155.4M | -233.3M | -295.4M | -237M |