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 % |
|---|---|---|---|---|---|---|
| Q1 26 | -$0.83 | -$1.02 | -22.9% | — | $17M | — |
| Q4 25 | -$1.07 | -$0.89 | +16.8% | — | $33M | — |
| Q3 25 | -$1.29 | -$1.27 | +1.6% | — | $26M | — |
| Q1 25 | -$1.01 | -$1.14 | -12.9% | — | $28M | — |
| Q4 24 | -$1.2 | -$1.03 | +14.2% | — | $26M | — |
| Q3 24 | -$1.07 | -$1 | +6.5% | — | $48M | — |
| Q2 24 | -$1.39 | -$1.02 | +26.6% | — | $39M | — |
| Q1 24 | -$1.03 | $0.19 | +118.4% | — | $145M | — |
| Q4 23 | -$1 | -$1.08 | -8.0% | — | $31M | — |
| Q3 23 | -$1.13 | -$0.94 | +16.8% | — | $32M | — |
| Q2 23 | -$1.08 | -$1.04 | +3.7% | — | $29M | — |
| Q1 23 | -$1.16 | -$1.09 | +6.0% | — | $25M | — |
| Q4 22 | -$1.07 | -$0.93 | +13.1% | — | $33.7M | — |
| Q3 22 | -$1.04 | -$0.9 | +13.5% | — | $33M | — |
| Q2 22 | -$0.94 | -$0.93 | +1.1% | — | $27M | — |
| Q1 22 | -$0.86 | -$0.96 | -11.6% | — | $18M | — |
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 | — | -$3.29 | — | — | $247M | — |
| FY24 | — | -$3.14 | — | — | $258M | — |
| FY23 | — | -$4.15 | — | — | $117M | — |
| FY22 | — | -$3.71 | — | — | $112M |
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 | $0 | $1.4M | $8.4M | $15M | $78M | $383M | $112M | $117M | $258M | $247M |
| YoY change | — | +InfinityT% | +491.2% | +79.6% | +420% | +391% | -70.8% | +4.46% | +120.5% | -4.26% |
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 | 0 | 1.4M | 8.4M | 15M | 78M | 383M | 112M | 117M | 258M | 247M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — |
| Research & development | 14.2M | 47.2M | 49.6M | 78.5M | 159M | 257M | 288M | 340M | 448M | 523M |
| Selling, general & administrative | 3.9M | 7.6M | 13.6M | 25.2M | 43M | 72M | 104M | 117M | 120M | 110M |
| Operating expenses | 18.2M | 54.9M | 63.2M | 103.7M | 202M | 329M | 392M | 457M | 568M | 633M |
| Operating income | -18.2M | -53.4M | -54.9M | -88.7M | -124M | 54M | -280M | -340M | -310M | -386M |
| Operating margin | — | -3.8K% | -656.8% | -591.4% | -159% | 14.1% | -250% | -290.6% | -120.2% | -156.3% |
| Non-operating income, net | 0 | -416K | 343K | -1.2M | — | — | — | — | -20M | — |
| Pretax income | -18M | -53.1M | -49.6M | -84.7M | -123M | 55M | -266M | -301M | -283M | -353M |
| Income tax | — | — | — | 0 | 0 | 2M | 1M | 6M | 1M | 0 |
| Net income | -18M | -53.1M | -49.6M | -84.7M | -123M | 53M | -267M | -307M | -284M | -353M |
| Net margin | — | -3.8K% | -593.7% | -564.7% | -157.7% | 13.8% | -238.4% | -262.4% | -110.1% | -142.9% |
| EBITDA | -16.9M | -50.8M | -52.4M | -81.1M | -120M | 59M | -258M | -291M | -249M | -335M |
| EPS | -0.73 | -1.25 | 1.43 | -1.93 | -2.24 | 0.76 | -3.71 | -4.15 | -3.14 | -3.29 |
| Diluted EPS | -0.73 | -1.25 | 1.43 | -1.93 | -2.24 | 0.71 | -3.71 | -4.15 | -3.14 | -3.29 |
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 | 32M | 31M | 145M | 39M | 48M | 26M | 28M | 160M | 26M | 33M | 17M | 41M |
| Cost of revenue | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — | — | — |
| Gross margin | — | — | — | — | — | — | — | — | — | — | — | — |
| Research & development | 82M | 93M | 109M | 115M | 123M | 101M | 122M | 139M | 141M | 121M | 122M | 113M |
| Selling, general & administrative | 30M | 29M | 32M | 30M | 30M | 28M | 28M | 29M | 27M | 26M | 29M | 24M |
| Operating expenses | 112M | 122M | 141M | 145M | 153M | 129M | 150M | 168M | 168M | 147M | 151M | 137M |
| Operating income | -80M | -91M | 4M | -106M | -105M | -103M | -122M | -8M | -142M | -114M | -134M | -96M |
| Operating margin | -250% | -293.5% | 2.76% | -271.8% | -218.8% | -396.2% | -435.7% | -5% | -546.2% | -345.5% | -788.2% | -234.1% |
| Non-operating income, net | — | — | -20M | — | — | 0 | — | — | — | — | — | — |
| Pretax income | -69M | -80M | -4M | -93M | -92M | -94M | -112M | 0 | -135M | -106M | -128M | -91M |
| Income tax | 2M | 1M | 0 | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -71M | -81M | -4M | -93M | -92M | -95M | -112M | 0 | -135M | -106M | -128M | -91M |
| Net margin | -221.9% | -261.3% | -2.76% | -238.5% | -191.7% | -365.4% | -400% | 0% | -519.2% | -321.2% | -752.9% | -222% |
| EBITDA | -67M | -77M | 20M | -91M | -89M | -89M | -108M | 4M | -130M | -101M | -123M | -85M |
| EPS | -0.94 | -1.08 | -0.05 | -1.02 | -1 | -1.03 | -1.14 | 0 | -1.27 | -0.89 | -1.02 | -0.72 |
| Diluted EPS | -0.94 | -1.08 | -0.05 | -1.02 | -1 | -1.03 | -1.14 | 0 | -1.27 | -0.89 | -1.02 | -0.72 |
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 | — | — | — | — | — | — | 1.5B | 1.4B | — | — | 3.1B |
| Enterprise value | — | — | — | — | — | — | 483M | 665.4M | — | — | 2.7B |
| Shares outstanding | 24.6M | 42.6M | 34.6M | 43.8M | 54.8M | 69.3M | 72M | 74M | 90.1M | 107.4M | 107.4M |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | — | — | — | — | — | — | — | — | — | — | -7.61 |
| P/S | — | — | — | — | — | — | 13.3 | 12.1 | — | — | 26.8 |
| P/B | — | — | — | — | — | — | 2.27 | 3.06 | — | — | 6.83 |
| EV/EBITDA | — | — | — | — | — | — | -1.87 | -2.29 | — | — | -5.71 |
| EV/Sales | — | — | — | — | — | — | 4.31 | 5.69 | — | — | 23.2 |
| Earnings yield | — | — | — | — | — | — | — | — | — | — | -13.1% |
| FCF yield | — | — | — | — | — | — | 28.6% | -23.3% | — | — | -8.6% |
| PEG | — | — | — | — | — | — | — | — | — | — | 0 |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | — | -3.8K% | -656.8% | -591.4% | -159% | 14.1% | -250% | -290.6% | -120.2% | -156.3% | -234.1% |
| Net margin | — | -3.8K% | -593.7% | -564.7% | -157.7% | 13.8% | -238.4% | -262.4% | -110.1% | -142.9% | 0% |
| ROE | -18.1% | -34.5% | -21.1% | -51.7% | -24.5% | 6.29% | -40.6% | -66.5% | -58.6% | -55.9% | -90.8% |
| ROA | -16.4% | -27.9% | -18% | -41.7% | -15.9% | 3.33% | -19.9% | -28% | -24.7% | -31% | -30.4% |
| ROIC | — | — | — | 363.1% | 58.7% | 11.3% | 80.2% | 118.9% | 71.6% | 162.2% | 391.9% |
| Return on tangible assets | -16.4% | -27.9% | -18% | -41.7% | -15.9% | 3.33% | -19.9% | -28% | -24.7% | -31% | -49.8% |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current ratio | 18 | 13.9 | 15.3 | 8.49 | 6.05 | 7.6 | 5.53 | 4.52 | 4.5 | 4.36 | 3.82 |
| Quick ratio | 18 | 13.9 | 15.3 | 8.49 | 6.05 | 7.6 | 5.53 | 4.52 | 4.5 | 4.36 | 3.82 |
| Debt / equity | — | — | — | 0 | 0.03 | 0.14 | 0 | 0.02 | 0.12 | 0.18 | 0.51 |
| Debt / assets | — | — | — | 0 | 0.02 | 0.07 | 0 | 0.01 | 0.05 | 0.1 | 0.12 |
| Net debt / EBITDA | — | — | — | 2.32 | 5.95 | -6.48 | 3.9 | 2.57 | 3.69 | 2.59 | 1.34 |
| Interest coverage | — | — | — | — | — | — | -132 | -149.5 | -69.8 | -43.1 | -40.8 |
| Effective tax rate | — | — | — | 0% | 0% | 3.64% | 0% | 0% | 0% | 0% | 0% |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue per share | 0 | 0.03 | 0.24 | 0.34 | 1.42 | 5.52 | 1.56 | 1.58 | 2.86 | 2.3 | 0.98 |
| EPS (basic) | -0.73 | -1.25 | 1.43 | -1.93 | -2.24 | 0.76 | -3.71 | -4.15 | -3.14 | -3.29 | -3.29 |
| EPS (diluted) | -0.73 | -1.25 | 1.43 | -1.93 | -2.24 | 0.71 | -3.71 | -4.15 | -3.14 | -3.29 | -3.94 |
| Book value per share | 4.05 | 3.62 | 6.79 | 3.74 | 9.17 | 12.1 | 9.13 | 6.24 | 5.38 | 5.88 | 3.65 |
| FCF per share | -0.69 | -0.72 | -1.35 | -1.72 | 1.97 | -4.07 | 5.92 | -4.46 | -1.95 | -4.51 | -3.77 |
| Cash per share | 4.03 | 4.13 | 7.41 | 4.3 | 13.3 | 7.2 | 14 | 10.3 | 10.9 | 9.13 | 5.51 |
| Capex per share | 0.17 | 0.13 | 0.11 | 0.04 | 0.05 | 0.37 | 0.08 | 0.32 | 0.07 | — | — |
| Metric | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | Current |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Capex / revenue | — | 390.2% | 44.8% | 12.8% | 3.85% | 6.79% | 5.36% | 20.5% | 2.33% | — | — |
| Capex / operating cash flow | -31.4% | -21% | -8.66% | -2.62% | 2.7% | -9.96% | 1.37% | -8.36% | -3.64% | — | — |
| Payout ratio | — | — | — | — | — | — | — | — | — | — | 0% |
| — |
| FY21 | — | $0.76 | — | — | $383M | — |
| FY20 | — | -$2.24 | — | — | $78M | — |
| FY19 | — | -$1.93 | — | — | $15M | — |
| FY18 | — | $1.43 | — | — | $8.4M | — |
| FY17 | — | -$1.25 | — | — | $1.4M | — |
| FY16 | — | -$0.73 | — | — | $0 | — |
| 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 | $32M | $31M | $145M | $39M | $48M | $26M | $28M | $160M | $26M | $33M | $17M | $41M |
| YoY change | -3.03% | -7.89% | +480% | +34.5% | +50% | -16.1% | -80.7% | +310.3% | -45.8% | +26.9% | -39.3% | -74.4% |
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 | 98.9M | 175.7M | 256.5M | 188.3M | 728.6M | 499M | 1B | 759M | 978M | 981M |
| Receivables | — | — | 0 | 132K | 1M | 745M | 39M | 38M | 20M | 11M |
| Inventory | — | — | — | — | — | — | — | — | — | — |
| Total current assets | 99.7M | 176.9M | 258.9M | 192.7M | 735.8M | 1.3B | 1.1B | 831M | 1B | 1B |
| Property, plant & equipment | 8.6M | 11.2M | 11.1M | 9.3M | 23.6M | 32M | 35M | 51M | 47M | 40M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — |
| Total assets | 109.7M | 190.5M | 274.9M | 203.1M | 772.3M | 1.6B | 1.3B | 1.1B | 1.1B | 1.1B |
| Accounts payable | 3.9M | 3.8M | 3.1M | 4.7M | 15.7M | 10M | 20M | 17M | 18M | 42M |
| Short-term debt | — | — | — | — | — | — | 3M | 11M | 12M | 13M |
| Total current liabilities | 5.5M | 12.7M | 16.9M | 22.7M | 121.7M | 166M | 193M | 184M | 226M | 231M |
| Long-term debt | — | — | — | 0 | 15.2M | 116.9M | — | — | 48M | 99M |
| Total liabilities | 10.2M | 36.6M | 40M | 39.3M | 270M | 750M | 688M | 633M | 665M | 508M |
| Shareholders' equity | 99.5M | 153.9M | 234.9M | 163.8M | 502.3M | 842M | 657M | 462M | 485M | 631M |
| Total debt | — | — | — | 0 | 15.2M | 116.9M | 3M | 11M | 60M | 112M |
| Net debt | — | — | — | -57.9M | -158.2M | -31.1M | -203M | -116M | -90M | -110M |
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 | 615M | 632M | 810M | 813M | 888M | 828M | 805M | 663M | 831M | 981M | 822M | 702M |
| Receivables | — | — | — | — | — | — | — | — | 11M | 11M | 3M | 36M |
| Inventory | — | — | — | — | — | — | — | — | — | — | — | — |
| Total current assets | — | — | — | — | — | — | — | — | 857M | 1B | 844M | 756M |
| Property, plant & equipment | — | — | — | — | — | — | — | — | — | 40M | 38M | 36M |
| Goodwill & intangibles | — | — | — | — | — | — | — | — | — | — | — | — |
| Total assets | — | — | — | — | — | — | — | — | 974M | 1.1B | 997M | 924M |
| Accounts payable | — | — | — | — | — | — | — | — | 42M | 42M | 39M | 34M |
| Short-term debt | — | — | — | — | — | — | — | — | 13M | 13M | 13M | 13M |
| Total current liabilities | — | — | — | — | — | — | — | — | 235M | 231M | 209M | 198M |
| Long-term debt | — | — | — | — | — | — | — | — | 98M | 99M | 100M | 101M |
| Total liabilities | — | — | — | — | — | — | — | — | 538M | 508M | 473M | 460M |
| Shareholders' equity | — | — | — | — | — | — | — | — | 436M | 631M | 524M | 464M |
| Total debt | — | — | — | — | — | — | — | — | 111M | 112M | 113M | 114M |
| Net debt | — | — | — | — | — | — | — | — | -127M | -110M | -88M | -36M |
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 | -18M | -53.1M | -49.6M | -84.7M | -123M | 53M | -267M | -307M | -283M | -353M |
| Depreciation & amortization | 1.3M | 2.6M | 3.7M | 3.6M | 3M | 4M | 6M | 8M | 10M | 10M |
| Stock-based compensation | 90K | 495K | 3.9M | 9M | 22M | 55M | 65M | 73M | 76M | 60M |
| Change in working capital | 3.4M | 23.8M | -985K | -1.4M | 208M | -376M | 623M | -71M | 22M | -194M |
| Operating cash flow | -13.1M | -26.3M | -43.2M | -73.5M | 111M | -261M | 438M | -287M | -165M | -482M |
| Capital expenditure | -4.1M | -5.5M | -3.7M | -1.9M | -3M | -26M | -6M | -24M | -6M | — |
| Investing cash flow | -39.9M | -49.1M | -113.4M | 59.2M | -434M | -4M | -410M | 194M | -84M | 68M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | 0 | -94K | -54K | -6K | — | — | — | — |
| Financing cash flow | 69.8M | 106.5M | 125M | -94K | 433.9M | 225M | 10M | 25M | 268M | 478M |
| Net change in cash | 16.9M | 31.1M | -31.7M | -14.4M | 110.9M | -40M | 38M | -68M | 19M | 64M |
| Free cash flow | -17M | -30.6M | -46.7M | -75.4M | 108M | -282M | 426M | -330M | -176M | -484M |
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 | -71M | -81M | -4M | -93M | -92M | -94M | -112M | 0 | -135M | -106M | -128M | -91M |
| Depreciation & amortization | 1M | 3M | 3M | 2M | 2M | 3M | 3M | 2M | 2M | 3M | 2M | 3M |
| Stock-based compensation | 18M | 18M | 20M | 20M | 19M | 17M | 16M | 15M | 14M | 15M | 19M | 15M |
| Change in working capital | -9M | -24M | -37M | -19M | 101M | -23M | -37M | -148M | 21M | -30M | -31M | -47M |
| Operating cash flow | -58M | -82M | -16M | -87M | 32M | -94M | -128M | -133M | -97M | -120M | -138M | -119M |
| Capital expenditure | -10M | -6M | -4M | 0 | -1M | -1M | -1M | — | — | — | — | — |
| Investing cash flow | 11M | 28M | -169M | 63M | -29M | 51M | 32M | 137M | 79M | -181M | 114M | 52M |
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | — | — | — | — | — | — |
| Financing cash flow | 5M | 0 | 228M | 0 | 46M | -5M | 142M | 0 | 8M | 279M | 0 | 0 |
| Net change in cash | -42M | -54M | 43M | -24M | 49M | -48M | 46M | 4M | -10M | -22M | -24M | -67M |
| Free cash flow | -73M | -94M | -6M | -94M | 25M | -101M | -133M | -133M | -97M | -121M | -138M | -119M |