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 | -$0.25 | -$0.22 | +12.0% | — | $5M | — |
| Q1 26 | -$0.24 | -$0.19 | +20.8% | — | $1.6M | — |
| Q4 25 | -$0.17 | -$0.14 | +17.6% | — | $300K | — |
| Q2 25 | -$0.18 | -$0.26 | -44.4% | — | $0 | — |
| Q1 25 | -$0.22 | -$0.12 | +45.5% | — | $0 | — |
| Q4 24 | -$0.26 | -$0.39 | -50.0% | — | $0 | — |
| Q3 24 | -$0.26 | -$0.23 | +11.5% | — | $0 | — |
| Q2 24 | -$0.29 | -$0.27 | +6.9% | — | $0 | — |
| Q1 24 | -$0.3 | -$0.13 | +56.7% | — | $0 | — |
| Q4 23 | -$0.28 | -$0.26 | +7.1% | — | $0 | — |
| Q3 23 | -$0.3 | -$0.26 | +13.3% | — | $0 | — |
| Q2 23 | -$0.32 | -$0.32 | 0.0% | — | $0 | — |
| Q1 23 | -$0.31 | -$0.33 | -6.5% | — | $0 | — |
| Q4 22 | -$0.29 | -$0.32 | -10.3% | — | $0 | — |
| Q3 22 | -$0.28 | -$0.26 | +7.1% | — | $0 | — |
| Q2 22 | -$0.28 | -$0.17 | +39.3% | — | $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 | — | -$0.99 | — | — | $300K | — |
| FY24 | — | -$1.42 | — | — | $0 | — |
| FY23 | — | -$1.69 | — | — | $0 | — |
| FY22 | — | -$1.32 | — | — | $0 | — |
| FY21 | — | -$3.14 | — |
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 | $0 | $0 | $0 | $0 | $0 | $300K |
| YoY change | — | 0% | 0% | 0% | 0% | +InfinityT% |
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 | 0 | 0 | 0 | 0 | 0 | 300K |
| Cost of revenue | — | — | — | — | — | 300K |
| Gross profit | — | — | — | — | — | 0 |
| Gross margin | — | — | — | — | — | 0% |
| Research & development | 21.1M | 64.3M | 171.5M | 276.4M | 357.7M | 493.9M |
| Selling, general & administrative | 3.5M | 176.7M | 165.1M | 168.4M | 152M | 235.4M |
| Operating expenses | 24.6M | 241M | 336.6M | 444.8M | 509.7M | 729.3M |
| Operating income | -24.6M | -241M | -336.6M | -444.8M | -509.7M | -729.3M |
| Operating margin | — | — | — | — | — | -243.1K% |
| Non-operating income, net | — | -105.8M | 17M | -29M | -48.8M | 58.6M |
| Pretax income | -24.8M | -347.8M | -317.3M | -457.4M | -536.6M | -617.9M |
| Income tax | — | 0 | 0 | 500K | 200K | 300K |
| Net income | -24.8M | -347.8M | -317.3M | -457.9M | -536.8M | -618.2M |
| Net margin | — | — | — | — | — | -206.1K% |
| EBITDA | -24.4M | -123.3M | -321.4M | -436.2M | -498M | -709.3M |
| EPS | -0.1 | -3.14 | -1.32 | -1.69 | -1.42 | -0.99 |
| Diluted EPS | -0.1 | -3.14 | -1.32 | -1.69 | -1.42 | -0.99 |
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 | 300K | 1.6M | 5M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | 1.3M | 4.3M |
| Gross profit | — | — | — | — | — | — | — | — | — | — | 300K | 700K |
| Gross margin | — | — | — | — | — | — | — | — | — | — | 18.8% | 14% |
| Research & development | 67.8M | 79.5M | 83.5M | 89.8M | 89.8M | 94.6M | 103.7M | 122.4M | 120.7M | 147.1M | 171.7M | 186M |
| Selling, general & administrative | -21.6M | 27.8M | 58.7M | 31.4M | 32.3M | 29.6M | 40.3M | 53.7M | 54.1M | 87.3M | 83.2M | 93.9M |
| Operating expenses | 46.2M | 107.3M | 142.2M | 121.2M | 122.1M | 124.2M | 144M | 176.1M | 174.8M | 234.4M | 254.9M | 279.9M |
| Operating income | -46.2M | -107.3M | -142.2M | -121.2M | -122.1M | -124.2M | -144M | -176.1M | -174.8M | -234.4M | -254.6M | -279.2M |
| Operating margin | — | — | — | — | — | — | — | — | — | -78.1K% | -15.9K% | -5.6K% |
| Non-operating income, net | -10.4M | -7.2M | 20.6M | 9.3M | 1.4M | -80.1M | 42M | -40M | 28.7M | 27.9M | 20.6M | 1.8M |
| Pretax income | -51.5M | -108.9M | -116.3M | -106.8M | -115.2M | -198.3M | -93.3M | -205.9M | -129.8M | -188.9M | -217.6M | -263.2M |
| Income tax | 100K | 200K | 200K | 100K | 100K | -200K | 100K | 100K | 100K | 0 | 100K | 0 |
| Net income | -51.6M | -109.1M | -116.5M | -106.9M | -115.3M | -198.1M | -93.4M | -206M | -129.9M | -188.9M | -217.7M | -263.2M |
| Net margin | — | — | — | — | — | — | — | — | — | -63K% | -13.6K% | -5.3K% |
| EBITDA | -44.1M | -105M | -139.9M | -118.6M | -118.8M | -120.7M | -139.9M | -171.3M | -169.7M | -228.4M | -246.8M | -269.1M |
| EPS | -0.19 | — | -0.36 | -0.32 | -0.29 | — | -0.17 | -0.36 | -0.2 | — | -0.28 | -0.34 |
| Diluted EPS | -0.19 | — | -0.36 | -0.32 | -0.29 | — | -0.17 | -0.36 | -0.2 | — | -0.28 | -0.34 |
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 | 2.4B | — | — | — | — | — | 4B |
| Enterprise value | 2.4B | — | — | — | — | — | 2.6B |
| Shares outstanding | 240.6M | 110.8M | 240.5M | 270.4M | 376.7M | 624.3M | 624.3M |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | -5.26 |
| P/S | — | — | — | — | — | — | 580.3 |
| P/B | 67.4 | — | — | — | — | — | 2.12 |
| EV/EBITDA | -97.8 | — | — | — | — | — | -2.86 |
| EV/Sales | — | — | — | — | — | — | 375.7 |
| Earnings yield | — | — | — | — | — | — | -19% |
| FCF yield | -1.02% | — | — | — | — | — | -9.4% |
| PEG | — | — | — | — | — | — | 0.95 |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Gross margin | — | — | — | — | — | 0% | 14% |
| Operating margin | — | — | — | — | — | -243.1K% | -5.5K% |
| Net margin | — | — | — | — | — | -206.1K% | 0% |
| ROE | -69.1% | -49.8% | -64.3% | -124.7% | -71.3% | -28.1% | -44.5% |
| ROA | -59.3% | -45.3% | -55.3% | -82.6% | -53.6% | -25.1% | -28.1% |
| ROIC | — | 979.7% | 2.1K% | 598.7% | 17.6K% | -202.6% | -196.2% |
| Return on tangible assets | -60% | -45.3% | -55.3% | -82.7% | -53.6% | -26.8% | -42.9% |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Current ratio | 9.84 | 26.7 | 10.2 | 4.21 | 12.1 | 19.9 | 10.2 |
| Quick ratio | 9.84 | 26.7 | 10.2 | 4.21 | 12.1 | 19.9 | 10.2 |
| Debt / equity | 0.09 | 0.03 | 0.05 | 0.06 | 0.1 | 0.06 | 0.07 |
| Debt / assets | 0.08 | 0.03 | 0.04 | 0.04 | 0.08 | 0.05 | 0.06 |
| Net debt / EBITDA | 1.37 | 5.87 | 1.58 | 1.01 | 1.52 | 2.6 | 1.57 |
| Interest coverage | -123 | -241 | — | — | — | — | — |
| Effective tax rate | — | 0% | 0% | 0% | 0% | 0% | 0% |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 |
| EPS (basic) | -0.1 | -3.14 | -1.32 | -1.69 | -1.42 | -0.99 | -0.99 |
| EPS (diluted) | -0.1 | -3.14 | -1.32 | -1.69 | -1.42 | -0.99 | -1 |
| Book value per share | 0.15 | 6.31 | 2.05 | 1.36 | 2 | 3.53 | 2.46 |
| FCF per share | -0.1 | -1.01 | -0.86 | -1.17 | -1.2 | -0.86 | -0.87 |
| Cash per share | 0.15 | 6.74 | 2.21 | 1.72 | 2.22 | 3.15 | 2.03 |
| Capex per share | 0.01 | 0.03 | 0.03 | 0.16 | 0.22 | — | — |
| Metric | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|
| Capex / operating cash flow | -6.31% | -1.54% | -3.46% | -13.7% | -19.7% | — | — |
| Payout ratio | — | — | — | — | — | — | 0% |
| — |
| $0 |
| — |
| FY20 | — | -$0.1 | — | — | $0 | — |
| Q1 25 |
|---|
| Q2 25 |
|---|
| Q3 25 |
|---|
| Q4 25 |
|---|
| Q1 26 |
|---|
| Q2 26 |
|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $300K | $1.6M | $5M |
| YoY change | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | +InfinityT% | +InfinityT% | +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 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|
| Cash & short-term investments | 36.6M | 746.6M | 531.2M | 464.6M | 834.5M | 2B |
| Receivables | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — |
| Total current assets | 37.4M | 754.8M | 545.5M | 480.2M | 858.4M | 2.1B |
| Property, plant & equipment | 3.9M | 10.4M | 23.4M | 66.5M | 36.3M | 176M |
| Goodwill & intangibles | 500K | 500K | 400K | 400K | 300K | 160.6M |
| Total assets | 41.8M | 768.4M | 573.8M | 554.3M | 1B | 2.5B |
| Accounts payable | 2.1M | 3.4M | 3.6M | 14.3M | 14.6M | 30.2M |
| Short-term debt | 1.4M | 12.6M | 13M | 2.8M | 3.7M | 6.1M |
| Total current liabilities | 3.8M | 28.3M | 53.3M | 114M | 71.1M | 104.4M |
| Long-term debt | 1.8M | 10.5M | 9.2M | 20.4M | 75.3M | 115.8M |
| Total liabilities | 5.9M | 69.5M | 80.5M | 187.2M | 248.6M | 263.1M |
| Shareholders' equity | 35.9M | 698.9M | 493.3M | 367.1M | 752.6M | 2.2B |
| Total debt | 3.2M | 23.1M | 22.2M | 23.2M | 79M | 121.9M |
| Net debt | -33.4M | -723.5M | -47.2M | -441.4M | -755.5M | -899.6M |
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 | 461.4M | 464.6M | 405.8M | 360.4M | 501.7M | 834.5M | 1B | 1.7B | 1.6B | 2B | 1.8B | 1.6B |
| Receivables | — | — | — | — | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 475.7M | 480.2M | 422M | 375M | 523M | 858.4M | 1.1B | 1.8B | 1.7B | 2.1B | 1.9B | 1.6B |
| Property, plant & equipment | 59.4M | 66.5M | 80.8M | 100.9M | 120.5M | 36.3M | 35.5M | 91.3M | 118.4M | 176M | 195.9M | 248.5M |
| Goodwill & intangibles | 800K | 400K | 800K | 800K | 800K | 300K | 600K | 11M | 5.3M | 160.6M | 168M | 350M |
| Total assets | 539.6M | 554.3M | 510.9M | 484M | 651.5M | 1B | 1.2B | 1.9B | 1.9B | 2.5B | 2.3B | 2.2B |
| Accounts payable | 15.6M | 14.3M | 14.1M | 25.1M | 23.5M | 14.6M | 14.8M | 22.7M | 23.7M | 30.2M | 25.4M | 32.1M |
| Short-term debt | 5.2M | 2.8M | 3.3M | 3.3M | 3.6M | 3.7M | 4M | 4.5M | 5.4M | 6.1M | 6.1M | 8.9M |
| Total current liabilities | 117M | 114M | 70.2M | 83.6M | 86.7M | 71.1M | 67.4M | 78.8M | 93M | 104.4M | 105.2M | 161.3M |
| Long-term debt | 13.5M | 20.4M | 30.5M | 44.2M | 74.9M | 75.3M | 74.3M | 77.1M | 83.2M | 115.8M | 115.7M | 116.7M |
| Total liabilities | 175.1M | 187.2M | 131.7M | 150M | 183.8M | 248.6M | 203.3M | 257.4M | 245.3M | 263.1M | 243.4M | 298.7M |
| Shareholders' equity | 364.5M | 367.1M | 379.2M | 334M | 467.7M | 752.6M | 1B | 1.7B | 1.7B | 2.2B | 2.1B | 1.9B |
| Total debt | 18.7M | 23.2M | 33.8M | 47.5M | 78.5M | 79M | 78.3M | 81.6M | 88.6M | 121.9M | 121.8M | 125.6M |
| Net debt | -442.7M | -441.4M | -372M | -312.9M | -423.2M | -755.5M | -952.1M | -1.6B | -506.9M | -899.6M | -829.3M | -727.1M |
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 | -24.8M | -347.8M | -317.3M | -457.9M | -536.8M | -618.2M |
| Depreciation & amortization | 200K | 1.3M | 4.4M | 6.5M | 11.7M | 20M |
| Stock-based compensation | 200K | 123.6M | 102.8M | 45.2M | 108.8M | 223.5M |
| Change in working capital | 1.9M | -5.7M | 5.8M | 9M | -8.9M | -11.5M |
| Operating cash flow | -22.2M | -226.7M | -199.7M | -322.4M | -416.6M | -432.9M |
| Capital expenditure | -1.4M | -3.5M | -6.9M | -44.3M | -82M | — |
| Investing cash flow | -1.4M | -3.5M | -464.3M | 420.7M | -82M | -1.1B |
| Dividends paid | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — |
| Financing cash flow | 51.2M | 821.6M | -10M | 247.2M | 815.6M | 1.8B |
| Net change in cash | 27.6M | 591.4M | -674M | 345.5M | 317M | 285.1M |
| Free cash flow | -24.7M | -111.9M | -207.3M | -315.9M | -450.6M | -537.9M |
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 | -51.6M | -109.1M | -116.5M | -106.9M | -115.3M | -198.1M | -93.4M | -206M | -129.9M | -188.9M | -217.7M | -263.2M |
| Depreciation & amortization | 2.1M | 2.3M | 2.3M | 2.6M | 3.3M | 3.5M | 4.1M | 4.8M | 5.1M | 6M | 7.8M | 10.1M |
| Stock-based compensation | -27.4M | 20.4M | 40.7M | 22.8M | 21.4M | 23.9M | 30.1M | 51.8M | 52.7M | 88.9M | 70.4M | 85.6M |
| Change in working capital | 3.8M | -6.5M | -2.5M | 6.4M | -8.6M | -5.2M | -1.8M | 6.2M | -13.3M | 3.9M | -13.8M | -8.6M |
| Operating cash flow | -70M | -97M | -69.7M | -74.4M | -98.4M | -175.1M | -60.2M | -103.4M | -105.6M | -129.3M | -149.1M | -156.4M |
| Capital expenditure | -15.8M | -9M | -17.3M | -20.9M | -19.6M | -24.2M | -10M | — | — | — | — | — |
| Investing cash flow | -15.8M | -9M | -17.3M | -20.9M | -19.6M | -24.2M | -10M | — | — | 0 | 111.3M | 90M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 136.5M | 86.7M | 44.8M | 53.7M | 258.1M | 459M | 300.2M | 817.3M | 46.4M | 625.1M | 0 | -100K |
| Net change in cash | 50.7M | -19.3M | -42.2M | -41.6M | 140.1M | 259.7M | 230M | 713.9M | -59.2M | 495.8M | -37.8M | -66.5M |
| Free cash flow | -82.6M | -93M | -103.8M | -101.4M | -116.8M | -128.6M | -104.6M | -127.5M | -126M | -179.8M | -181.7M | -193.5M |