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 | -$0.26 | -$0.24 | +7.7% | — | $1.2M | — |
| Q1 26 | -$0.25 | -$0.28 | -12.0% | — | $856K | — |
| Q4 25 | -$0.26 | -$0.24 | +7.7% | — | $838K | — |
| Q3 25 | -$0.25 | -$0.32 | -28.0% | — | $1.2M | — |
| Q2 25 | -$0.34 | -$0.41 | -20.6% | — | $1.1M | — |
| Q1 25 | -$0.31 | -$0.4 | -29.0% | — | $1.5M | — |
| Q4 24 | -$0.31 | -$0.31 | 0.0% | — | $2.2M | — |
| Q3 24 | -$0.42 | -$0.44 | -4.8% | — | $209K | — |
| Q2 24 | -$0.39 | -$0.46 | -17.9% | — | $0 | — |
| Q1 24 | -$0.46 | -$0.44 | +4.3% | — | $591K | — |
| Q4 23 | -$0.51 | -$0.72 | -41.2% | — | $0 | — |
| Q3 23 | -$0.46 | -$0.55 | -19.6% | — | $0 | — |
| Q2 23 | -$0.42 | -$0.47 | -11.9% | — | $0 | — |
| Q1 23 | -$0.41 | -$0.44 | -7.3% | — | $0 | — |
| Q4 22 | -$0.65 | -$0.56 | +13.8% | — | $0 | — |
| Q3 22 | — | -$1.61 | — | — | $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 | — | -$1.35 | — | — | $4.6M | — |
| FY24 | — | -$1.65 | — | — | $3M | — |
| FY23 | — | -$2.18 | — | — | $0 | — |
| FY22 | — | -$4.19 | — | — | $0 | — |
| FY21 | — | -$2.56 | — |
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 | $5.2M | $0 | $0 | $0 | $3M | $4.6M |
| YoY change | — | -100% | 0% | 0% | +InfinityT% | +55.3% |
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 |
|---|
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 | 5.2M | 0 | 0 | 0 | 3M | 4.6M |
| Cost of revenue | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — |
| Research & development | 3M | 70.5M | 86.7M | 147.9M | 155.3M | 160.6M |
| Selling, general & administrative | 3.2M | 13.9M | 29.8M | 43.4M | 50.2M | 52.3M |
| Operating expenses | 6.1M | 84.5M | 116.5M | 191.3M | 205.4M | 213M |
| Operating income | -932K | -84.5M | -116.5M | -191.3M | -202.5M | -208.3M |
| Operating margin | -17.9% | — | — | — | -6.8K% | -4.5K% |
| Non-operating income, net | -611K | -81.4M | -6.2M | -7.1M | 3.1M | 3.1M |
| Pretax income | -1.5M | -165.9M | -122.8M | -198.4M | -195.9M | -201.1M |
| Income tax | 1.9M | -486K | -948K | -279K | 0 | — |
| Net income | -3.4M | -165.4M | -121.8M | -198.1M | -195.9M | -201.1M |
| Net margin | -65.5% | — | — | — | -6.6K% | -4.3K% |
| EBITDA | -11.8M | -83.5M | -106.2M | -170.8M | -195.9M | -201.5M |
| EPS | -0.07 | -2.56 | -4.19 | -2.18 | -1.65 | -1.35 |
| Diluted EPS | -0.07 | -2.56 | -4.19 | -2.18 | -1.65 | -1.35 |
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 | 591K | 0 | 209K | 2.2M | 1.5M | 1.1M | 1.2M | 838K | 856K | 1.2M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 41M | 41.5M | 37.8M | 43.1M | 40.3M | 34.1M | 40.6M | 41.4M | 44M | 34.7M | 34.1M | 33.4M |
| Selling, general & administrative | 10.5M | 13.1M | 11.2M | 12.6M | 14.1M | 12.3M | 13.3M | 13.1M | 11.2M | 14.7M | 17.4M | 11M |
| Operating expenses | 51.5M | 54.5M | 48.9M | 55.7M | 54.4M | 46.4M | 53.8M | 54.5M | 55.2M | 49.4M | 51.5M | 44.4M |
| Operating income | -51.5M | -54.5M | -48.3M | -55.7M | -54.2M | -44.2M | -52.4M | -53.4M | -54M | -48.6M | -50.7M | -43.3M |
| Operating margin | — | — | -8.2K% | — | -25.9K% | -2K% | -3.6K% | -4.8K% | -4.4K% | -5.8K% | -5.9K% | -3.8K% |
| Non-operating income, net | 233K | -11.1M | 2.7M | -400K | 1M | 408K | -680K | 43K | 2.3M | 1.4M | 511K | 388K |
| Pretax income | -50.8M | -65.6M | -45.6M | -55.5M | -52.5M | -42.3M | -51.9M | -52.6M | -50.6M | -46.1M | -49.1M | -42.1M |
| Income tax | -108K | 0 | 134K | -134K | 0 | 0 | 0 | 0 | — | — | — | — |
| Net income | -50.7M | -65.6M | -45.8M | -55.3M | -52.5M | -42.3M | -51.9M | -52.6M | -50.6M | -46.1M | -49.1M | -42.1M |
| Net margin | — | — | -7.7K% | — | -25.1K% | -1.9K% | -3.6K% | -4.7K% | -4.1K% | -5.5K% | -5.7K% | -3.6K% |
| EBITDA | -48.6M | -40.4M | -48.2M | -52.2M | -52.9M | -42.6M | -49.6M | -51M | -53.5M | -47.3M | -48.8M | -41.5M |
| EPS | -0.55 | — | -0.44 | -0.46 | -0.44 | — | -0.4 | -0.41 | -0.32 | — | -0.28 | -0.24 |
| Diluted EPS | -0.55 | — | -0.44 | -0.46 | -0.44 | — | -0.4 | -0.41 | -0.32 | — | -0.28 | -0.24 |
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 | — | — | — | — | — | — | 521.5M |
| Enterprise value | — | — | — | — | — | — | 533.3M |
| Shares outstanding | 71.8M | 71.8M | 33.9M | 91M | 118.6M | 148.8M | 148.8M |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | -2.13 |
| P/S | — | — | — | — | — | — | 129.1 |
| P/B | — | — | — | — | — | — | 12.9 |
| EV/EBITDA | — | — | — | — | — | — | -2.82 |
| EV/Sales | — | — | — | — | — | — | 130.9 |
| Earnings yield | — | — | — | — | — | — | -47% |
| FCF yield | — | — | — | — | — | — | -14.5% |
| PEG | — | — | — | — | — | — | 0.05 |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Operating margin | -17.9% | — | — | — | -6.8K% | -4.5K% | -3.8K% |
| Net margin | -65.5% | — | — | — | -6.6K% | -4.3K% | 0% |
| ROE | -10.2% | -69% | -38.5% | -148.9% | -127.9% | -166.4% | -373.3% |
| ROA | -6.22% | -54.8% | -33.8% | -102.2% | -65.8% | -58.7% | -46.5% |
| ROIC | 4.69% | 429.8% | -228.1% | -764% | -5.8K% | — | — |
| Return on tangible assets | -6.22% | -54.8% | -33.8% | -102.2% | -65.8% | -58.7% | -75.4% |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Current ratio | 2.75 | 4.67 | 11.1 | 2.53 | 5.58 | 4.84 | 3.06 |
| Quick ratio | 2.75 | 4.67 | 11.1 | 2.53 | 5.58 | 4.84 | 3.05 |
| Debt / equity | 0 | 0.04 | 0.09 | 0.1 | 0.27 | 0.96 | 2.83 |
| Debt / assets | 0 | 0.03 | 0.08 | 0.07 | 0.14 | 0.34 | 0.42 |
| Net debt / EBITDA | 4.54 | 3.1 | 2.5 | 0.63 | 0.76 | 0.3 | -0.29 |
| Effective tax rate | 0% | 0% | 0% | 0% | 0% | — | — |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Revenue per share | 0.07 | 0 | 0 | 0 | 0.03 | 0.03 | 0.02 |
| EPS (basic) | -0.07 | -2.56 | -4.19 | -2.18 | -1.65 | -1.35 | -1.35 |
| EPS (diluted) | -0.07 | -2.56 | -4.19 | -2.18 | -1.65 | -1.35 | -1.05 |
| Book value per share | 0.47 | 3.34 | 9.33 | 1.46 | 1.29 | 0.81 | 0.23 |
| FCF per share | -0.09 | -0.53 | -4.36 | -1.91 | -1.1 | -1.12 | -0.89 |
| Cash per share | 0.74 | 3.76 | 8.67 | 1.34 | 1.61 | 1.19 | 0.53 |
| Capex per share | 0.01 | 0.06 | 0.47 | 0.1 | 0.06 | — | — |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Capex / revenue | 12.3% | — | — | — | 244.5% | — | — |
| Capex / operating cash flow | 11.8% | -5.97% | -14.4% | -5.13% | -7.87% | — | — |
| Payout ratio | — | — | — | — | — | — | 0% |
| — |
| $0 |
| — |
| FY20 | — | -$0.07 | — | — | $5.2M | — |
| Q1 25 |
|---|
| Q2 25 |
|---|
| Q3 25 |
|---|
| Q4 25 |
|---|
| Q1 26 |
|---|
| Q2 26 |
|---|
| Revenue | $0 | $0 | $591K | $0 | $209K | $2.2M | $1.5M | $1.1M | $1.2M | $838K | $856K | $1.2M |
| YoY change | 0% | 0% | +InfinityT% | 0% | +InfinityT% | +InfinityT% | +146% | +InfinityT% | +486.1% | -61.6% | -41.1% | +3.5% |
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 | 53.3M | 269.6M | 293.9M | 121.7M | 190.4M | 177.7M |
| Receivables | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — |
| Total current assets | 53.4M | 270.6M | 296.6M | 143M | 211.9M | 181.3M |
| Property, plant & equipment | 596K | 15.7M | 48.6M | 36.6M | 71.6M | 146.7M |
| Goodwill & intangibles | — | — | — | — | — | — |
| Total assets | 54.8M | 301.9M | 360.3M | 193.9M | 297.5M | 342.7M |
| Accounts payable | 250K | 1.4M | 4.3M | 19.5M | 11.4M | 8.9M |
| Short-term debt | — | 7.3M | 11.7M | 9.3M | 3.6M | 8.1M |
| Total current liabilities | 19.4M | 58M | 26.7M | 56.4M | 38M | 37.4M |
| Long-term debt | 0 | 3.1M | 17.1M | 4.4M | 37.2M | 108.3M |
| Total liabilities | 21.3M | 62.3M | 44M | 60.8M | 144.4M | 221.9M |
| Shareholders' equity | 33.5M | 239.6M | 316.3M | 133.1M | 153.1M | 120.9M |
| Total debt | 0 | 10.4M | 28.7M | 13.6M | 40.8M | 116.4M |
| Net debt | -37M | -175M | -158.9M | -27.9M | -141.7M | 53.4M |
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 | 165.3M | 121.7M | 210.7M | 162.9M | 175.5M | 190.4M | 144.3M | 101.8M | 213.3M | 177.7M | 135.5M | 47.5M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 184.5M | 143M | 217.7M | 170.8M | 246.1M | 211.9M | 163.8M | 121.3M | 231.4M | 181.3M | 137.9M | 96.8M |
| Property, plant & equipment | 39.3M | 36.6M | 79.5M | 75.4M | 72.7M | 71.6M | 150.3M | 144M | 139.9M | 146.7M | 142.2M | 8M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 239.1M | 193.9M | 311.4M | 259.7M | 332.8M | 297.5M | 328.2M | 279M | 385M | 342.7M | 294.7M | 249M |
| Accounts payable | 14.1M | 19.5M | 10.1M | 4.6M | 5.4M | 11.4M | 10M | 6.4M | 9.4M | 8.9M | 12.3M | 5.8M |
| Short-term debt | 11.2M | 9.3M | 6.8M | 5.2M | 4.5M | 3.6M | 6.9M | 7.3M | 7.7M | 8.1M | 8.5M | — |
| Total current liabilities | 39.4M | 56.4M | 24.4M | 20.7M | 37.9M | 38M | 34.3M | 34.1M | 35M | 37.4M | 36.3M | 31.7M |
| Long-term debt | 5.8M | 4.4M | 37M | 36.4M | 36.8M | 37.2M | 114.3M | 112.5M | 110.4M | 108.3M | 106M | 103.5M |
| Total liabilities | 45.2M | 60.8M | 67.6M | 63.1M | 143.3M | 144.4M | 221.2M | 218.1M | 223.2M | 221.9M | 218M | 209.2M |
| Shareholders' equity | 194M | 133.1M | 243.8M | 196.6M | 189.5M | 153.1M | 106.9M | 60.9M | 161.8M | 120.9M | 76.7M | 39.8M |
| Total debt | 17M | 13.6M | 43.8M | 41.6M | 41.2M | 40.8M | 121.2M | 119.7M | 118.1M | 116.4M | 114.5M | 103.5M |
| Net debt | -26.9M | -27.9M | -50.4M | -14M | -76.7M | -141.7M | 29.3M | 65.9M | 46.7M | 53.4M | 50.4M | 56.1M |
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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Net income | -3.4M | -165.4M | -121.8M | -198.1M | -195.9M | -201.1M |
| Depreciation & amortization | 43K | 568K | 2.2M | 4.7M | 6.1M | 7.3M |
| Stock-based compensation | 391K | 1.7M | 6.5M | 13.9M | 26.1M | 29.3M |
| Change in working capital | 250K | -3.1M | -7.8M | -3.2M | 58.6M | -8.7M |
| Operating cash flow | 5.4M | -69.5M | -112.1M | -170.2M | -92.7M | -162.6M |
| Capital expenditure | -639K | -4.2M | -16.1M | -8.7M | -7.3M | — |
| Investing cash flow | -1.1M | -73.6M | -47.1M | 18.7M | 68.5M | -104.2M |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — |
| Financing cash flow | 34.9M | 269.3M | 181.3M | 0 | 176.1M | 150.4M |
| Net change in cash | 39.3M | 126.1M | 22.1M | -151.5M | 151.9M | -116.4M |
| Free cash flow | -6.2M | -38.2M | -147.9M | -174.1M | -130.2M | -167.1M |
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 | -50.7M | -65.6M | -45.8M | -55.3M | -52.5M | -42.3M | -51.9M | -52.6M | -50.6M | -46.1M | -49.1M | -42.1M |
| Depreciation & amortization | 1.2M | 1.2M | 1.3M | 1.5M | 1.6M | 1.7M | 1.7M | 1.9M | 1.9M | 1.9M | 1.9M | 1.8M |
| Stock-based compensation | 4.2M | 4.4M | 5.2M | 8.1M | 6.8M | 5.9M | 5.7M | 6.3M | 12.7M | 4.5M | 4.6M | 4.9M |
| Change in working capital | 3.5M | -1.1M | -9.3M | -5.6M | -53.8M | 397K | -209K | -5.9M | 382K | -3M | 781K | -9.7M |
| Operating cash flow | -38.8M | -57.8M | -45.1M | -60.3M | -82.2M | -32M | -42.3M | -41.4M | -35M | -37.3M | -42.7M | -41M |
| Capital expenditure | -2.9M | -1.8M | -2.3M | -1.9M | -1.3M | -1.8M | -2.4M | — | — | — | — | — |
| Investing cash flow | -37.8M | 41.3M | -37M | 6.9M | 49.6M | 48.3M | -47.7M | 4.3M | -91.9M | 28.6M | 43.6M | 24.1M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 0 | — | 138.1M | 0 | 38.1M | 0 | 6M | 0 | 144.4M | 10K | — | — |
| Net change in cash | -76.5M | -16.5M | 55.9M | -53.4M | 5.5M | 16.2M | -84M | -37.1M | 17.5M | -8.6M | 895K | -17M |
| Free cash flow | -42.1M | -45.7M | -70M | -47.4M | -27.2M | 14.5M | -51.3M | -43M | -35.3M | -37.5M | -42.9M | -41.1M |