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 | -$0.75 | -$0.36 | +52.0% | — | $0 | — |
| Q1 26 | -$0.65 | -$0.74 | -13.8% | — | $0 | — |
| Q4 25 | -$0.8 | -$0.74 | +7.5% | — | $0 | — |
| Q3 25 | -$0.74 | -$0.15 | +79.7% | — | $0 | — |
| Q2 25 | -$0.71 | -$0.49 | +31.0% | — | $0 | — |
| Q1 25 | -$0.84 | -$0.6 | +28.6% | — | $0 | — |
| Q4 24 | -$0.94 | -$0.81 | +13.8% | — | $0 | — |
| Q3 24 | -$0.86 | -$1.36 | -58.1% | — | $0 | — |
| Q2 24 | -$0.91 | -$0.86 | +5.5% | — | $0 | — |
| Q1 24 | -$1.08 | -$1.2 | -11.1% | — | $0 | — |
| Q4 23 | -$0.83 | -$4.05 | -388.0% | — | $0 | — |
| Q3 23 | -$0.84 | -$9.34 | -1011.9% | — | $0 | — |
| Q2 23 | -$3.5 | -$56.8 | -1521.4% | — | $688K | — |
| Q1 23 | -$4.37 | -$5 | -14.4% | — | $198K | — |
| Q4 22 | -$5.06 | -$4.5 | +11.1% | — | $168K | — |
| Q3 22 | -$5.87 | -$4.75 | +19.1% | — | $174K | — |
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 | — | -$1.98 | — | — | $0 | — |
| FY24 | — | -$3.18 | — | — | $0 | — |
| FY23 | — | -$13.8 | — | — | $886K | — |
| FY22 | — | -$24.8 | — | — | $2.3M |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.6M | $5.2M | $3.9M | $0 | $0 | $18.7M | $2.3M | $886K | $0 | $0 |
| YoY change | -23.9% | +12.5% | -25.3% | -100% | 0% | +InfinityT% | -87.6% | -62% | -100% | 0% |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4.6M | 5.2M | 3.9M | 0 | 0 | 18.7M | 2.3M | 886K | 0 | 0 |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Research & development | 18.1M | 22.8M | 36.7M | 64.6M | 59.6M | 57.1M | 58.6M | 89.5M | 162.8M | 171.7M |
| Selling, general & administrative | 8.4M | 10.1M | 12.6M | 15.7M | 21.8M | 27.3M | 28.5M | 39.9M | 45.8M | 47.9M |
| Operating expenses | 26.5M | 32.9M | 49.4M | 80.3M | 81.5M | 84.4M | 87.1M | 129.4M | 208.6M | 219.6M |
| Operating income | -21.9M | -27.7M | -45.5M | -80.3M | -81.5M | -65.6M | -84.8M | -128.6M | -208.6M | -219.6M |
| Operating margin | -473.3% | -531.7% | -1.2K% | — | — | -350.3% | -3.6K% | -14.5K% | — | — |
| Non-operating income, net | -36K | -42K | -57K | -63K | -5K | -122K | -7K | -216.4M | -20.7M | 39.5M |
| Pretax income | -21.7M | -27.2M | -44.3M | -78.3M | -80.9M | -65.7M | -84M | -338.8M | -208M | -155.2M |
| Income tax | — | — | — | 0 | 0 | 141K | -136K | -26K | 51K | -15K |
| Net income | -21.7M | -27.2M | -44.3M | -78.3M | -80.9M | -65.8M | -83.8M | -338.8M | -208M | -155.2M |
| Net margin | -468.8% | -523.3% | -1.1K% | — | — | -351.1% | -3.6K% | -38.2K% | — | — |
| EBITDA | -21.8M | -27.4M | -45.2M | -79.9M | -80.5M | -64.1M | -83.2M | 69.4M | -208.6M | -229.6M |
| EPS | -55.5 | -45 | -53.3 | -61.3 | -38 | -25 | -24.8 | -13.8 | -3.18 | -1.98 |
| Diluted EPS | -55.5 | -45 | -53.3 | -61.3 | -38 | -25 | -24.8 | -13.8 | -3.18 | -1.98 |
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 | 24.7M | 33.7M | 34.9M | 32.6M | 44.7M | 50.5M | 41.6M | 40.1M | 45.2M | 44.6M | 60.4M | 65.5M |
| Selling, general & administrative | 8.6M | 14.1M | 12.8M | 11.5M | 10.6M | 10.8M | 11.9M | 11.8M | 11.6M | 12.5M | 15.2M | 16.1M |
| Operating expenses | 33.2M | 47.8M | 47.8M | 44.1M | 55.4M | 61.3M | 53.6M | 51.9M | 56.9M | 57.2M | 75.6M | 81.6M |
| Operating income | -33.2M | -47.8M | -47.8M | -44.1M | -55.4M | -61.3M | -53.6M | -51.9M | -56.9M | -57.2M | -75.6M | -81.6M |
| Operating margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Non-operating income, net | -8.1M | -19.6M | -483K | -610K | -18.8M | -818K | 2.3M | 9.3M | 40.3M | -12.5M | -359K | 35.4M |
| Pretax income | -40.1M | -63.2M | -43.8M | -38.8M | -69M | -56.3M | -44.8M | -36.7M | -11.2M | -62.5M | -69M | -36.2M |
| Income tax | 3K | 0 | 32K | 0 | 18K | 1K | -15K | 0 | 0 | 0 | 0 | 0 |
| Net income | -40.1M | -63.2M | -43.9M | -38.8M | -69M | -56.3M | -44.8M | -36.7M | -11.2M | -62.5M | -69M | -36.2M |
| Net margin | — | — | — | — | — | — | — | — | — | — | — | — |
| EBITDA | -22.8M | -49.6M | -47.8M | -44.1M | -55.4M | -61.3M | -53.6M | -61.9M | -56.9M | -57.2M | -105.6M | -121.6M |
| EPS | -0.86 | — | -0.72 | -0.59 | -1.06 | -0.81 | -0.6 | -0.6 | -0.18 | -0.7 | -0.74 | -0.43 |
| Diluted EPS | -0.86 | — | -0.72 | -0.59 | -1.06 | -0.81 | -0.6 | -0.6 | -0.18 | -0.7 | -0.74 | -0.43 |
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 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market cap | — | — | — | — | — | — | — | — | — | — | 7.6B |
| Enterprise value | — | — | — | — | — | — | — | — | — | — | 6.6B |
| Shares outstanding | 391.7K | 605.1K | 832.9K | 1.3M | 2.1M | 2.6M | 3.4M | 7.3M | 47M | 64.1M | 64.1M |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | — | — | — | — | 1.68 |
| P/B | — | — | — | — | — | — | — | — | — | — | 7.9 |
| EV/EBITDA | — | — | — | — | — | — | — | — | — | — | -28.6 |
| Earnings yield | — | — | — | — | — | — | — | — | — | — | 59.4% |
| FCF yield | — | — | — | — | — | — | — | — | — | — | -1.18% |
| PEG | — | — | — | — | — | — | — | — | — | — | -0.06 |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -473.3% | -531.7% | -1.2K% | — | — | -350.3% | -3.6K% | -14.5K% | — | — | 0% |
| Net margin | -468.8% | -523.3% | -1.1K% | — | — | -351.1% | -3.6K% | -38.2K% | — | — | 0% |
| ROE | -34.5% | -54.1% | -65.8% | -130.2% | -57.9% | -78.4% | -166.6% | -184.1% | -40.2% | -21.7% | -23% |
| ROA | -32.4% | -48.6% | -57% | -94.1% | -50.1% | -59.9% | -117.8% | -99.1% | -34.2% | -20% | -19.8% |
| ROIC | — | — | — | 1.2K% | 8.2K% | 1.6K% | 10.9K% | 82.8% | 244.6% | 531.7% | 613.8% |
| Return on tangible assets | -32.4% | -48.6% | -57% | -94.1% | -50.1% | -59.9% | -117.8% | -99.1% | -34.2% | -20% | -15.3% |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 16.8 | 9.77 | 7.49 | 4.06 | 9.11 | 4.91 | 4.25 | 10.7 | 11.3 | 13.3 | 18.5 |
| Quick ratio | 16.8 | 9.77 | 7.49 | 4.06 | 9.11 | 4.91 | 4.25 | 10.7 | 11.3 | 13.3 | 18.5 |
| Debt / equity | — | — | 0 | 0.08 | 0.04 | 0.06 | 0.09 | 0 | — | — | 0 |
| Debt / assets | — | — | 0 | 0.06 | 0.03 | 0.05 | 0.07 | 0 | — | — | — |
| Net debt / EBITDA | — | — | 1.65 | 0.84 | 1.75 | 1.37 | 0.61 | -4.89 | — | — | — |
| Effective tax rate | — | — | — | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue per share | 11.8 | 8.6 | 4.67 | 0 | 0 | 7.13 | 0.69 | 0.12 | 0 | 0 | 0 |
| EPS (basic) | -55.5 | -45 | -53.3 | -61.3 | -38 | -25 | -24.8 | -13.8 | -3.18 | -1.98 | -1.98 |
| EPS (diluted) | -55.5 | -45 | -53.3 | -61.3 | -38 | -25 | -24.8 | -13.8 | -3.18 | -1.98 | -1.92 |
| Book value per share | 160.8 | 83.2 | 81 | 47 | 65.5 | 31.9 | 14.9 | 25.1 | 11 | 11.2 | 10.8 |
| FCF per share | -48.6 | -41.7 | -39.2 | -52.6 | -37.5 | -20.6 | -23.8 | -13.6 | -3.35 | -2.64 | -2.46 |
| Cash per share | 162.1 | 83.1 | 89.5 | 56.3 | 68.5 | 35.4 | 16.5 | 46.2 | 12.8 | 11.8 | 13 |
| Capex per share | 0.54 | 1.02 | 0.51 | 1.17 | 2 | 0.22 | 0.01 | 0.06 | 0 | — | — |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Capex / revenue | 4.58% | 11.9% | 10.9% | — | — | 3.06% | 1.63% | 53.6% | — | — | — |
| Capex / operating cash flow | -1.08% | -2.36% | -1.16% | -2.13% | -5.84% | -1.09% | -0.05% | -0.15% | 0% | — | — |
| Payout ratio | — | — | — | — | — | — | — | — | — | — | 0% |
| — |
| FY21 | — | -$25 | — | — | $18.7M | — |
| FY20 | — | -$38 | — | — | $0 | — |
| FY19 | — | -$61.3 | — | — | $0 | — |
| FY18 | — | -$53.3 | — | — | $3.9M | — |
| FY17 | — | -$45 | — | — | $5.2M | — |
| FY16 | — | -$55.5 | — | — | $4.6M | — |
| 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 |
| YoY change | -100% | -100% | -100% | -100% | 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 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & short-term investments | 63.5M | 50.3M | 74.5M | 71.9M | 146.3M | 93.1M | 55.7M | 339.3M | 603.1M | 756.5M |
| Receivables | 1.2M | 3.1M | 0 | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 66.4M | 55M | 76.7M | 74.5M | 149.8M | 98.9M | 62.3M | 341.5M | 608.5M | 777.8M |
| Property, plant & equipment | 599K | 854K | 1M | 7.1M | 9.9M | 8.4M | 6.7M | 0 | — | — |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — |
| Total assets | 67.1M | 56.1M | 77.7M | 83.2M | 161.6M | 109.9M | 71.1M | 341.9M | 608.5M | 777.8M |
| Accounts payable | 168K | 389K | 663K | 3.2M | 2.3M | 3.3M | 677K | 896K | 666K | 8.9M |
| Short-term debt | — | — | — | 351K | 319K | 436K | 625K | — | — | — |
| Total current liabilities | 4M | 5.6M | 10.2M | 18.4M | 16.4M | 20.1M | 14.7M | 32M | 54.1M | 58.7M |
| Long-term debt | — | — | 0 | 4.7M | 5.1M | 4.6M | 4M | 0 | — | — |
| Total liabilities | 4.1M | 5.7M | 10.3M | 23.1M | 21.8M | 26M | 20.8M | 157.8M | 90.7M | 62.5M |
| Shareholders' equity | 63M | 50.3M | 67.4M | 60.1M | 139.8M | 83.9M | 50.3M | 184M | 517.8M | 715.2M |
| Total debt | — | — | 0 | 5.1M | 5.4M | 5.1M | 4.6M | 0 | — | — |
| Net debt | — | — | -22.5M | -14.2M | -84.6M | -10.1M | -30.2M | -188.9M | — | — |
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 | 203.6M | — | 484.6M | 426M | 414.2M | 603.1M | 564.8M | 526.6M | 486.2M | 756.5M | 741.5M | 1.1B |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 205.9M | — | 487.3M | 435.7M | 421.1M | 608.5M | 569.8M | 538.8M | 504.6M | 777.8M | 764M | 1.2B |
| Property, plant & equipment | — | 0 | — | — | — | — | — | — | — | — | — | — |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 207.3M | — | 487.6M | 436.1M | 421.1M | 608.5M | 569.8M | 538.8M | 504.6M | 777.8M | 764M | 1.2B |
| Accounts payable | 1.7M | — | 3.1M | 3.2M | 5.2M | 666K | 3.7M | 3.7M | 7.5M | 8.9M | 5.7M | 5.7M |
| Short-term debt | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current liabilities | 44.9M | — | 42.8M | 22.1M | 57.5M | 54.1M | 70.7M | 83.1M | 46.3M | 58.7M | 85.2M | 63.3M |
| Long-term debt | 0 | — | — | — | — | — | — | — | — | — | — | — |
| Total liabilities | 452.7M | — | 335.3M | 61.7M | 93.7M | 90.7M | 87.2M | 83.1M | 49.5M | 62.5M | 93.1M | 71.9M |
| Shareholders' equity | -245.4M | — | 152.3M | 374.4M | 327.4M | 517.8M | 482.6M | 455.8M | 455.1M | 715.2M | 670.8M | 1.1B |
| Total debt | 0 | — | — | — | — | — | — | — | — | — | — | — |
| Net debt | -90.6M | — | — | — | — | — | — | — | — | — | — | — |
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 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -21.7M | -27.2M | -44.3M | -78.3M | -80.9M | -65.8M | -83.8M | -338.8M | -208M | -155.2M |
| Depreciation & amortization | 132K | 249K | 293K | 418K | 996K | 1.6M | 1.6M | 744K | 0 | 0 |
| Stock-based compensation | 1.2M | 2.5M | 4.3M | 4.9M | 6.3M | 8M | 7.1M | 25.7M | 44.8M | 37.6M |
| Change in working capital | 545K | -1.8M | 3.3M | 2.3M | -293K | 3.4M | -3.5M | -1.2M | -16.2M | 7.6M |
| Operating cash flow | -19.7M | -26.3M | -36.4M | -70.2M | -73.3M | -52.7M | -77.8M | -310.8M | -159M | -169.3M |
| Capital expenditure | -212K | -619K | -422K | -1.5M | -4.3M | -573K | -38K | 475K | 0 | — |
| Investing cash flow | -12.1M | -22.5M | -15.2M | -1.7M | -7.6M | -22.6M | 57M | -123.4M | -353.3M | -150.5M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 49.3M | 11.4M | 54M | 64.3M | 153.7M | -510K | 42.5M | 360.7M | 403.4M | 305.7M |
| Net change in cash | 17.5M | -37.4M | 2.4M | -7.6M | 72.8M | -75.8M | 21.6M | -73.5M | -108.9M | -14M |
| Free cash flow | -19.1M | -25.2M | -32.6M | -67.2M | -80.1M | -54.3M | -80.2M | -99.9M | -157.4M | -169.3M |
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 | 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 | -40.1M | -63.2M | -43.9M | -38.8M | -69M | -56.3M | -44.8M | -36.7M | -11.2M | -62.5M | -69M | -36.2M |
| Depreciation & amortization | 0 | -220K | 0 | 0 | 0 | 0 | — | — | — | — | — | — |
| Stock-based compensation | 4.8M | 17.3M | 13.8M | 8.7M | 13.1M | 9.2M | 8.9M | 9.4M | 9.6M | 9.8M | 12.8M | 13.5M |
| Change in working capital | -1.6M | -620K | 2.2M | 6.6M | 1.9M | -20.5M | 5M | -1.9M | 3.7M | 858K | -3.2M | -6K |
| Operating cash flow | -52.8M | -28.1M | -27.4M | -22.9M | -35.4M | -66.8M | -33.3M | -46.6M | -37.1M | -44.6M | -57.4M | -69.9M |
| Capital expenditure | 0 | 0 | — | — | 0 | 0 | — | — | — | — | — | — |
| Investing cash flow | -112.6M | -35.3M | -105M | -120.5M | 42.7M | -170.5M | -61K | 72M | 25M | -247.4M | 26.6M | -337.9M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | -117K | 0 | — | — | — | — |
| Financing cash flow | -12.6M | 169.1M | 167.8M | -135K | 11.5M | 224.3M | -210K | 0 | -5.3M | 311.1M | 9.6M | 412M |
| Net change in cash | -178.1M | 105.8M | 35.4M | -143.6M | 18.8M | -13M | -33.6M | 25.4M | -17.4M | 19.1M | -21.2M | 4.2M |
| Free cash flow | -34.6M | -31M | -28.5M | -62.2M | -29.4M | -37.2M | -41M | -46.6M | -37.1M | -44.6M | -57.4M | -69.9M |