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 | -$0.54 | -$0.44 | +18.5% | — | $0 | — |
| Q1 26 | -$0.68 | -$0.54 | +20.6% | — | $0 | — |
| Q4 25 | -$0.86 | $4.58 | +632.6% | — | $53.7M | — |
| Q3 25 | -$1.19 | -$0.6 | +49.6% | — | $0 | — |
| Q2 25 | -$0.98 | -$0.78 | +20.4% | — | $0 | — |
| Q1 25 | -$1.23 | -$0.9 | +26.8% | — | $0 | — |
| Q4 24 | -$1.53 | -$1.16 | +24.2% | — | $0 | — |
| Q3 24 | -$1.45 | -$1.46 | -0.7% | — | $0 | — |
| Q2 24 | -$1.04 | -$1.42 | -36.5% | — | $0 | — |
| Q1 24 | -$1.41 | $1.03 | +173.0% | — | $0 | — |
| Q3 23 | -$0.3 | -$0.28 | +6.7% | — | — | — |
| Q2 23 | -$8.55 | -$11 | -28.4% | — | $3.2M | — |
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 | — | $2.42 | — | — | $53.7M | — |
| FY24 | — | -$5.12 | — | — | $0 | — |
| FY23 | — | -$4.51 | — | — | — | — |
| FY22 | — | -$3.59 | — | — | $6.7M | — |
| FY21 | — | -$3.15 | — | — |
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 | $6.7M | — | $0 | $53.7M |
| YoY change | — | +InfinityT% | — | — | +InfinityT% |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | Q2 23 | Q3 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 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 | 6.7M | — | 0 | 53.7M |
| Cost of revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Gross margin | — | — | — | — | — |
| Research & development | 29.9M | 35.8M | — | 48.1M | 19.2M |
| Selling, general & administrative | 6.8M | 10.1M | — | 18M | 17.7M |
| Operating expenses | 36.7M | 45.9M | — | 66.1M | 36.8M |
| Operating income | -36.7M | -39.2M | — | -66.1M | 16.9M |
| Operating margin | — | -589.8% | — | — | 31.5% |
| Non-operating income, net | -324K | -3.5M | — | 17.2M | 11.8M |
| Pretax income | -37M | -42.7M | — | -46.1M | 29.8M |
| Income tax | 547K | 62K | — | 21K | 0 |
| Net income | -37.6M | -42.8M | — | -47.7M | 29.8M |
| Net margin | — | -643.6% | — | — | 55.5% |
| EBITDA | -36.6M | -36.5M | — | -59.7M | 19.6M |
| EPS | -3.15 | -3.59 | -4.51 | -5.12 | 2.42 |
| Diluted EPS | -3.15 | -3.59 | -4.51 | -6.58 | 2.42 |
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | Q2 23 | Q3 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2M | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53.7M | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 8M | 7.5M | 9.8M | 13.4M | 14.3M | 10.5M | 7.1M | 5.2M | 3.6M | 3.3M | 3.2M | 4.3M |
| Selling, general & administrative | 2.5M | 2.2M | 5M | 4.5M | 4.5M | 4M | 5.1M | 4M | 4M | 4.5M | 4.5M | 4.9M |
| Operating expenses | 10.5M | 9.7M | 14.8M | 17.9M | 18.8M | 14.5M | 12.2M | 9.2M | 7.6M | 7.9M | 7.7M | 9.1M |
| Operating income | -7.3M | -7.8M | -14.8M | -17.9M | -18.8M | -14.5M | -12.2M | -9.2M | -7.6M | 45.9M | -7.7M | -9.1M |
| Operating margin | -227% | -419.5% | — | — | — | — | — | — | — | 85.4% | — | — |
| Non-operating income, net | 1.5M | -6.2M | 16M | 941K | 1.2M | -2.4M | 900K | -600K | -12K | 11.7M | 113K | 172K |
| Pretax income | -5.8M | -14M | 1.2M | -17M | -17.6M | -14.2M | -11M | -9.5M | -7.4M | 57.7M | -7.6M | -8.9M |
| Income tax | — | 65K | — | — | 0 | 21K | 0 | 0 | — | — | — | — |
| Net income | -5.8M | -14M | 1M | -17M | -17.6M | -14.2M | -11M | -9.5M | -7.4M | 57.7M | -7.6M | -8.9M |
| Net margin | -181.2% | -754.8% | — | — | — | — | — | — | — | 107.4% | — | — |
| EBITDA | -8.5M | -1.4M | -30.6M | -17.8M | -18.7M | 7.4M | -10.5M | -9.1M | -7M | 58M | -7.6M | -8.9M |
| EPS | -0.49 | -1.18 | 0.09 | -1.42 | -1.46 | — | -0.9 | -0.78 | -0.6 | — | -0.54 | -0.44 |
| Diluted EPS | -0.49 | -1.18 | 0.09 | -1.42 | -1.46 | — | -0.9 | -0.78 | -0.6 | — | -0.54 | -0.44 |
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 | 781.6M | 270.6M | 130.6M | — | — | 274.8M |
| Enterprise value | 754.3M | 271.4M | 130.6M | — | — | 160.1M |
| Shares outstanding | 11.9M | 11.9M | 11.9M | 9.3M | 12.3M | 12.3M |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | 2.79 |
| P/S | — | 40.7 | — | — | — | 4.86 |
| P/B | -8.76 | -2.07 | — | — | — | 1.97 |
| EV/EBITDA | -20.6 | -7.45 | — | — | — | 7.34 |
| EV/Sales | — | 40.8 | — | — | — | 2.98 |
| Earnings yield | — | — | — | — | — | 35.8% |
| FCF yield | -4.24% | -4.97% | — | — | — | 7.06% |
| PEG | — | — | — | — | — | -0.06 |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Operating margin | — | -589.8% | — | — | 31.5% | 39.9% |
| Net margin | — | -643.6% | — | — | 55.5% | 62.9% |
| ROE | 42.1% | 32.8% | — | -841.1% | 71% | 72.1% |
| ROA | -106.9% | -69.3% | — | -51.7% | 48.3% | 14.7% |
| ROIC | 31.5% | 30.2% | — | 123.8% | 186.5% | 186.5% |
| Return on tangible assets | -106.9% | -69.3% | — | -51.7% | 48.3% | 29.2% |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Current ratio | 4.71 | 0.81 | — | 4.97 | 4.85 | 20.3 |
| Quick ratio | 4.71 | 0.81 | — | 4.97 | 4.85 | 20.3 |
| Debt / equity | -0.06 | -0.34 | — | 3.33 | 0.37 | 0.05 |
| Debt / assets | 0.14 | 0.72 | — | 0.2 | 0.25 | 0.05 |
| Net debt / EBITDA | 0.74 | -0.02 | — | 0.99 | -1.68 | -2.93 |
| Interest coverage | — | — | — | -40.9 | 28.1 | 28.1 |
| Effective tax rate | 0% | 0% | — | 0% | 0% | 0% |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0.56 | — | 0 | 4.37 | 3.62 |
| EPS (basic) | -3.15 | -3.59 | -4.51 | -5.12 | 2.42 | 2.42 |
| EPS (diluted) | -3.15 | -3.59 | -4.51 | -6.58 | 2.42 | 3.14 |
| Book value per share | -7.48 | -11 | — | 0.61 | 3.42 | 4.46 |
| FCF per share | -2.78 | -1.13 | — | -7.27 | -2.73 | -0.97 |
| Cash per share | 2.7 | 3.68 | — | 8.36 | 3.93 | 3.57 |
| Capex per share | 0.01 | 0.21 | — | 0.01 | — | — |
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|
| Capex / revenue | — | 37.1% | — | — | — | — |
| Capex / operating cash flow | -0.44% | -15.5% | — | -0.16% | — | — |
| Payout ratio | — | — | — | — | — | 0% |
| $0 |
| — |
| Q1 26 |
|---|
| Q2 26 |
|---|
| Revenue | $3.2M | $1.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $53.7M | $0 | $0 |
| YoY change | — | — | -100% | -100% | -100% | — | 0% | 0% | 0% | +InfinityT% | 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 | FY21 | FY22 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & short-term investments | 32.2M | 43.9M | 78M | 48.3M |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Total current assets | 34M | 46.9M | 81.9M | 55M |
| Property, plant & equipment | 203K | 9.2M | 7.1M | 6.1M |
| Goodwill & intangibles | — | — | — | — |
| Total assets | 35.2M | 61.8M | 92.3M | 61.8M |
| Accounts payable | 2.7M | 1.4M | 3M | 879K |
| Short-term debt | — | 32.9M | 3.7M | 6.9M |
| Total current liabilities | 7.2M | 57.9M | 16.5M | 11.3M |
| Long-term debt | 5M | 11.9M | 15.2M | 8.4M |
| Total liabilities | 124.4M | 192.5M | 86.7M | 19.8M |
| Shareholders' equity | -89.2M | -130.7M | 5.7M | 42M |
| Total debt | 5M | 44.7M | 18.9M | 15.3M |
| Net debt | -27.3M | 838K | -59.1M | -33M |
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 | Q4 22 | Q3 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 | 43.9M | 36.3M | 135.3M | 107.6M | 89.1M | 78M | 65.5M | 54.8M | 49M | 48.3M | 50.8M | 106.3M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 46.9M | 39.1M | 138M | 111.6M | 93.9M | 81.9M | 68.6M | 58.3M | 50.8M | 55M | 57.2M | 109.6M |
| Property, plant & equipment | 9.2M | 8.3M | 7.8M | 7.6M | 7.4M | 7.1M | 6.8M | 6.6M | 6.3M | 6.1M | 889K | 5.6M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 61.8M | 53.8M | 152.3M | 124.2M | 104.5M | 92.3M | 79.1M | 66.1M | 57.8M | 61.8M | 63.7M | 115.9M |
| Accounts payable | 1.4M | 1.8M | 5M | 2.5M | 1.3M | 3M | 2.7M | 910K | 973K | 879K | 653K | 1.6M |
| Short-term debt | 32.9M | 38.3M | 4.6M | 1.4M | 2.6M | 3.7M | 5.3M | 6.9M | 6.9M | 6.9M | 7M | 735K |
| Total current liabilities | 57.9M | 71.8M | 33M | 17.2M | 14.4M | 16.5M | 14.6M | 11.5M | 11.1M | 11.3M | 10.7M | 5.4M |
| Long-term debt | 11.9M | 11.4M | 15.5M | 18.5M | 16.9M | 15.2M | 13.5M | 11.8M | 10.1M | 8.4M | 6.7M | 4.6M |
| Total liabilities | 192.5M | 210.2M | 103.6M | 90.7M | 86.2M | 86.7M | 83.1M | 78.4M | 76.2M | 19.8M | 17.4M | 10M |
| Shareholders' equity | -130.7M | -156.5M | 48.8M | 33.5M | 18.3M | 5.7M | -4M | -12.2M | -18.4M | 42M | 46.3M | 105.9M |
| Total debt | 44.7M | 49.7M | 20.1M | 19.9M | 19.4M | 18.9M | 18.8M | 18.7M | 17M | 15.3M | 13.6M | 5.3M |
| Net debt | 838K | 13.5M | -95.4M | -77.8M | -69.7M | -59.1M | -46.7M | -36.1M | -32M | -33M | -37.1M | -101M |
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 | FY24 | FY25 |
|---|---|---|---|---|
| Net income | -37.6M | -42.8M | -47.7M | 29.8M |
| Depreciation & amortization | 47K | 370K | 487K | 391K |
| Stock-based compensation | 753K | 1.2M | 4.4M | 5.3M |
| Change in working capital | 855K | 24.4M | -2.2M | -2.6M |
| Operating cash flow | -35.8M | -15.9M | -46.5M | -33.5M |
| Capital expenditure | -157K | -2.5M | -75K | — |
| Investing cash flow | -157K | -2.5M | 19.9M | 7M |
| Dividends paid | — | — | — | — |
| Share repurchases | — | — | — | — |
| Financing cash flow | 20M | 30M | 93.4M | -3.1M |
| Net change in cash | -16M | 11.6M | 66.9M | -29.7M |
| Free cash flow | -33.1M | -13.4M | -67.8M | -33.5M |
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 | Q2 23 | Q3 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -5.8M | -14M | 1M | -17M | -17.6M | -14.2M | -11M | -9.5M | -7.4M | 57.7M | -7.6M | -8.9M |
| Depreciation & amortization | 124K | 124K | 123K | 121K | 123K | 120K | 119K | 91K | 91K | 90K | 90K | 85K |
| Stock-based compensation | 310K | 301K | 417K | 1.3M | 1.4M | 1.3M | 1.3M | 1.3M | 1.2M | 1.5M | 1.5M | 1.7M |
| Change in working capital | -3.2M | 21M | 310K | -2.9M | -648K | 1.1M | -754K | -2.1M | 478K | -251K | -394K | 740K |
| Operating cash flow | -8.4M | 7.6M | 2M | -19.6M | -17.6M | -11.3M | -11.1M | -10.7M | -4.2M | -6.2M | -6.3M | -3.1M |
| Capital expenditure | 1K | -1K | 0 | -15K | -58K | -2K | — | — | — | — | — | — |
| Investing cash flow | 1K | -1K | 97K | 9.9M | 9.9M | -2K | 0 | 0 | 0 | 0 | — | — |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 0 | 5.5M | 99.3M | -5.9M | 0 | 0 | 0 | 0 | -1.6M | -1.6M | 8.8M | 58.6M |
| Net change in cash | -8.4M | 13.1M | 101.5M | -15.7M | -7.6M | -11.3M | -11.1M | -10.7M | -5.8M | -7.7M | 2.5M | 55.5M |
| Free cash flow | -11.4M | 15.9M | -14.6M | -22.2M | -19.6M | -11.4M | -12.5M | -10.7M | -4.2M | -6.2M | -6.3M | -3.1M |