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 | -$1.77 | -136.0% | — | $1M | — |
| Q1 26 | -$1.54 | -$1.46 | +5.2% | — | $0 | — |
| Q4 25 | -$1.19 | -$1.39 | -16.8% | — | $0 | — |
| Q3 25 | -$0.85 | -$1.22 | -43.5% | — | $0 | — |
| Q2 25 | -$1.06 | -$1.25 | -17.9% | — | $0 | — |
| Q1 25 | -$1.03 | -$0.8 | +22.3% | — | $10M | — |
| Q4 24 | -$1 | -$3.99 | -299.0% | — | $5M | — |
| Q3 24 | -$9.3 | -$5.02 | +46.0% | — | $0 | — |
| Q2 24 | -$1.24 | -$2.79 | -125.0% | — | $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 | — | -$8.44 | — | — | $10M | — |
| FY24 | — | -$11.9 | — | — | $5M | — |
| FY23 | — | -$2.88 | — | — | $50M | — |
| FY22 | — | -$9.26 | — | — | $0 | — |
Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.
| Period | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | $0 | $50M | $5M | $10M |
| YoY change | — | +InfinityT% | -90% | +100% |
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 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|
Revenue, gross profit, operating income, and net income per period.
Click a row to chart it; unreported figures show a dash.
| Period | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Revenue | 0 | 50M | 5M | 10M |
| Cost of revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Gross margin | — | — | — | — |
| Research & development | 61.7M | 60M | 139.1M | 168.1M |
| Selling, general & administrative | 13.5M | 17.1M | 29.7M | 53.3M |
| Operating expenses | 75.2M | 77.1M | 168.9M | 221.4M |
| Operating income | -75.2M | -27.1M | -163.9M | -211.4M |
| Operating margin | — | -54.3% | -3.3K% | -2.1K% |
| Non-operating income, net | -44.1M | -9.7M | 7.3M | -171.3M |
| Pretax income | -119.3M | -36.8M | -156.6M | -377.8M |
| Income tax | 0 | 301K | 429K | -79K |
| Net income | -119.3M | -37.1M | -157M | -377.7M |
| Net margin | — | -74.2% | -3.1K% | -3.8K% |
| EBITDA | -60.9M | -17M | -162.9M | -198.8M |
| EPS | -9.26 | -2.88 | -11.9 | -8.44 |
| Diluted EPS | -9.26 | -2.88 | -11.9 | -8.44 |
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 | 50M | 0 | 0 | 0 | 0 | 5M | 10M | 0 | 0 | 0 | 0 | 1M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 9.4M | 20.4M | 22.6M | 33.8M | 33.5M | 49.2M | 34.9M | 43M | 34.4M | 55.7M | 60.4M | 62.9M |
| Selling, general & administrative | 5M | 4.4M | 4.9M | 5.9M | 7.5M | 11.5M | 12.4M | 12.1M | 13.2M | 15.6M | 16.9M | 15.7M |
| Operating expenses | 14.4M | 24.8M | 27.6M | 39.7M | 41M | 60.6M | 47.3M | 55.2M | 47.6M | 71.3M | 77.3M | 78.7M |
| Operating income | 35.6M | -24.8M | -27.6M | -39.7M | -41M | -55.6M | -37.3M | -55.2M | -47.6M | -71.3M | -77.3M | -77.7M |
| Operating margin | 71.2% | — | — | — | — | -1.1K% | -373.3% | — | — | — | — | -7.8K% |
| Non-operating income, net | -16K | 493K | -222K | 1.7M | 2.4M | 3.4M | 3.6M | 3M | -3.9M | -173.8M | -24K | -30M |
| Pretax income | 35.6M | -24.3M | -27.8M | -38M | -38.6M | -52.2M | -33.8M | -52.2M | -51.5M | -240.3M | -81M | -111.3M |
| Income tax | — | — | — | — | — | — | -205K | 20K | 0 | 106K | 0 | 114K |
| Net income | 35.6M | -24.6M | -27.8M | -38M | -38.6M | -52.6M | -33.6M | -52.2M | -51.5M | -240.4M | -81M | -111.5M |
| Net margin | 71.2% | — | — | — | — | -1.1K% | -335.7% | — | — | — | — | -11.1K% |
| EBITDA | 35.6M | -24.7M | -27.5M | -39.5M | -40.9M | -55.6M | -37.3M | -55.2M | -42.6M | -63.7M | -74.3M | -71M |
| EPS | 0.21 | — | -0.7 | — | -5.02 | — | -0.8 | -1.25 | -1.22 | -4.54 | -1.46 | -1.77 |
| Diluted EPS | 0.21 | — | -0.7 | — | -5.02 | — | -0.8 | -1.25 | -1.22 | -4.54 | -1.46 | -1.77 |
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 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Market cap | — | — | 108.1M | — | 1.8B |
| Enterprise value | — | — | -241.7M | — | 1.5B |
| Shares outstanding | 12.9M | 12.9M | 13.2M | 44.7M | 44.7M |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| P/E | — | — | — | — | 1.63 |
| P/S | — | — | 21.6 | — | 1.8K |
| P/B | — | — | 0.35 | — | 7.06 |
| EV/EBITDA | — | — | 1.48 | — | -5.3 |
| EV/Sales | — | — | -48.3 | — | 1.5K |
| Earnings yield | — | — | — | — | 61.3% |
| FCF yield | — | — | -110.8% | — | -11.8% |
| PEG | — | — | — | — | 0.04 |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Operating margin | — | -54.3% | -3.3K% | -2.1K% | -7.8K% |
| Net margin | — | -74.2% | -3.1K% | -3.8K% | 0% |
| ROE | 62% | 16.4% | -50.2% | -156% | -199% |
| ROA | -159.9% | -54.4% | -42.4% | -98.5% | -34.4% |
| ROIC | 29.2% | 10.4% | 439.3% | 212% | 279% |
| Return on tangible assets | -159.9% | -54.4% | -42.4% | -98.5% | -69% |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Current ratio | 2.64 | 2.57 | 6.21 | 5.61 | 9.93 |
| Quick ratio | 2.64 | 2.57 | 6.21 | 5.61 | 9.93 |
| Debt / equity | -0.01 | -0.09 | 0 | 0.01 | 1.21 |
| Debt / assets | 0.02 | 0.31 | 0 | 0 | 0.42 |
| Net debt / EBITDA | 1.08 | 2.1 | 2.15 | 1.72 | 1.37 |
| Interest coverage | — | — | — | -50.6 | -50.6 |
| Effective tax rate | 0% | 0% | 0% | 0% | 0% |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Revenue per share | 0 | 3.88 | 0.38 | 0.22 | 0.02 |
| EPS (basic) | -9.26 | -2.88 | -11.9 | -8.44 | -8.44 |
| EPS (diluted) | -9.26 | -2.88 | -11.9 | -8.44 | -9.64 |
| Book value per share | -14.9 | -17.5 | 23.7 | 5.41 | 3.9 |
| FCF per share | -5.27 | -2.37 | -9.08 | -4.64 | -4.61 |
| Cash per share | 5.22 | 4.41 | 26.6 | 7.67 | 9.87 |
| Capex per share | 0.02 | 0 | 0.01 | — | — |
| Metric | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|
| Capex / revenue | — | 0.03% | 2.62% | — | — |
| Capex / operating cash flow | -0.23% | -0.07% | -0.1% | — | — |
| Payout ratio | — | — | — | — | 0% |
| Dividend yield | — | — | — | — | 0.03% |
Split-adjusted payout per share by ex-dividend date.
| Ex-dividend | Amount |
|---|---|
| Dec 24, 2019 | $0.002 |
| Sep 25, 2019 | $0.017 |
| Jun 25, 2019 | $0.015 |
| Mar 20, 2019 | $0.013 |
| Dec 26, 2018 | $0.005 |
| Date | Ratio |
|---|---|
| May 24, 2018 | 1:2 |
| Revenue | $50M | $0 | $0 | $0 | $0 | $5M | $10M | $0 | $0 | $0 | $0 | $1M |
| YoY change | — | 0% | 0% | 0% | -100% | +InfinityT% | +InfinityT% | 0% | 0% | -100% | -100% | +InfinityT% |
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 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash & short-term investments | 67.2M | 56.9M | 350.8M | 343.2M |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Total current assets | 68.4M | 59.8M | 355.9M | 351.2M |
| Property, plant & equipment | 1.8M | 1M | 1.2M | 1.4M |
| Goodwill & intangibles | — | — | — | — |
| Total assets | 74.6M | 68.2M | 370M | 383.6M |
| Accounts payable | 5.8M | 5.4M | 17.1M | 7.1M |
| Short-term debt | 715K | 556K | 785K | 1.1M |
| Total current liabilities | 26M | 23.3M | 57.3M | 62.6M |
| Long-term debt | 812K | 20.6M | 218K | 211K |
| Total liabilities | 266.9M | 293.9M | 57.5M | 141.5M |
| Shareholders' equity | -192.3M | -225.7M | 312.5M | 242.1M |
| Total debt | 1.5M | 21.1M | 1M | 1.3M |
| Net debt | -65.7M | -35.7M | -318.7M | -109.3M |
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 | 72.3M | 56.9M | 37.2M | 183.9M | 386.8M | 350.8M | 312.4M | 273.3M | 290.9M | 343.2M | 717.2M | 643.1M |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 76.7M | 59.8M | 39.7M | 188.6M | 393.8M | 355.9M | 317.8M | 278.6M | 296.6M | 351.2M | 730.2M | 653.8M |
| Property, plant & equipment | 1.1M | 1M | 847K | 706K | 545K | 1.2M | 1.3M | 1.1M | 857K | 1.4M | 1.1M | 844K |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | 83.8M | 68.2M | 49.1M | 200M | 403.4M | 370M | 333.8M | 293.1M | 322M | 383.6M | 747.7M | 701.7M |
| Accounts payable | 2.3M | 5.4M | 8.8M | 8.4M | 15.1M | 17.1M | 20M | 7.9M | 6.4M | 7.1M | 8.9M | 7.6M |
| Short-term debt | 583K | 556K | 516K | 494K | 384K | 785K | 908K | 793K | 618K | 1.1M | 1M | 823K |
| Total current liabilities | 15.6M | 23.3M | 30.3M | 39.1M | 44M | 57.3M | 49.1M | 53.2M | 52.4M | 62.6M | 61.2M | 65.8M |
| Long-term debt | 20.4M | 20.6M | 21.1M | 14K | 0 | 218K | 317K | 215K | 180K | 211K | 265.8M | 297M |
| Total liabilities | 286M | 293.9M | 301.5M | 488.7M | 44M | 57.5M | 49.4M | 53.5M | 125.6M | 141.5M | 411.9M | 454.6M |
| Shareholders' equity | -202.2M | -225.7M | -252.5M | -288.8M | 359.4M | 312.5M | 284.3M | 239.6M | 196.4M | 242.1M | 335.8M | 247.1M |
| Total debt | 21M | 21.1M | 21.6M | 508K | 384K | 1M | 1.2M | 1M | 798K | 1.3M | 266.8M | 297.9M |
| Net debt | -51.3M | -35.7M | -15.5M | -183.4M | -359.7M | -318.7M | -195.3M | -43M | -114.8M | -109.3M | -233.4M | 101.3M |
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 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income | -119.3M | -37.1M | -157M | -377.7M |
| Depreciation & amortization | 78K | 113K | 137K | 56K |
| Stock-based compensation | 737K | 3.5M | 10.8M | 26.3M |
| Change in working capital | 373K | -1.1M | 11.1M | -10.9M |
| Operating cash flow | -86.5M | -23.6M | -133.4M | -172.3M |
| Capital expenditure | -198K | -17K | -131K | — |
| Investing cash flow | -198K | -17K | -30.6M | -216.9M |
| Dividends paid | — | — | — | — |
| Share repurchases | — | — | — | — |
| Financing cash flow | 59.4M | 20M | 412.7M | 210.9M |
| Net change in cash | -27.3M | -3.6M | 248.7M | -178.3M |
| Free cash flow | -67.8M | -30.5M | -119.8M | -207.4M |
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 | 35.6M | -24.6M | -27.8M | -38M | -38.6M | -52.6M | -33.6M | -52.2M | -51.5M | -240.4M | -81M | -111.5M |
| Depreciation & amortization | 26K | 30K | 33K | 35K | 36K | 33K | 23K | 12K | 11K | 10K | 6K | 4K |
| Stock-based compensation | 1M | 1.1M | 947K | 1.5M | 2.8M | 5.5M | 5.4M | 6M | 7.3M | 7.6M | 9.2M | 8.6M |
| Change in working capital | -1.5M | 3M | 4.7M | -1.6M | 2.7M | 5.2M | 2.7M | -12.3M | -2.2M | 871K | 1.6M | -1.6M |
| Operating cash flow | 35.3M | -20M | -21.2M | -37.7M | -32.9M | -41.6M | -25.3M | -41.7M | -41.1M | -52.4M | -75.2M | -57.2M |
| Capital expenditure | 0 | -17K | -22K | -35K | 0 | -74K | -18K | — | — | — | — | — |
| Investing cash flow | 0 | -17K | -22K | -35K | -26.8M | -9.7M | -86.3M | -112.3M | 45M | -63.4M | 31.6M | -257.7M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 0 | 0 | -656K | -766K | 233.9M | 1.8M | — | 0 | 75M | 214.2M | 432.5M | 41.3M |
| Net change in cash | 35.3M | -20M | -21.9M | -38.5M | 174.3M | -49.6M | -111.5M | -154M | 78.9M | 98.5M | 388.9M | -273.7M |
| Free cash flow | 31.8M | -15.4M | -19.1M | -31M | -31.1M | -38.6M | -37.1M | -41.7M | -46.1M | -82.4M | -75.2M | -87.2M |