| Market Cap | $2.19B | |
| Enterprise Value | — | |
| Revenue | $0 | −100.0% |
| Gross Profit | $0 | −100.0% |
| EBITDA | -$158.8M | — |
| Net Income | -$150.1M | — |
| Diluted EPS | -$1.53 | — |
| Free Cash Flow | -$120.5M | — |
| Ratio | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 5y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||
| Gross Margin | — | 86.54% | 93.32% | 93.19% | — | — | — | |
| Operating Margin | −29013.33% | −905.72% | 10.19% | −360.22% | — | — | — | |
| EBITDA Margin | −28995.09% | −903.53% | 10.48% | −359.19% | — | — | — | |
| NOPAT Margin | — | −715.52% | 9.25% | −284.58% | — | — | — | |
| Net Margin | −30852.98% | −892.38% | 12.94% | −345.36% | — | — | — | |
| FCF Margin | −26369.12% | −820.50% | 2.80% | −192.06% | — | — | — | |
| OCF Margin | −26245.26% | −809.14% | 3.13% | −191.88% | — | — | — | |
| Gross Profitability | — | 4.91% | 68.67% | 42.05% | 0.00% | 13% | 4% | |
| Capex Intensity | 123.86% | 11.36% | 0.33% | 0.18% | — | — | — | |
| ▸Returns on Capital · 3 ratios | ||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||
| ▸Earnings quality · 6 ratios | ||||||||
| ▸Liquidity & coverage · 3 ratios | ||||||||
| ▸Leverage · 2 ratios | ||||||||
| ▸Working capital · 8 ratios | ||||||||
| ▸Capital allocation · 1 ratios | ||||||||
| ▸Per share · 6 ratios | ||||||||
| ▸Other · 1 ratios | ||||||||
The five drivers multiply to 12.9% vs reported ROE 12.7%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|
| Revenue | $285,000 | $22.2M | $380.8M | $87.4M | $0 |
| YoY % | +7700.0% | +1612.9% | -77.1% | -100.0% | |
| Cost of Revenue | — | $3.0M | $25.4M | $6.0M | $0 |
| YoY % | +750.0% | -76.6% | -100.0% | ||
| R&D Expense | $44.0M | $93.5M | $128.2M | $104.1M | $90.4M |
| YoY % | +112.2% | +37.2% | -18.8% | -13.1% | |
| SG&A Expense | $38.9M | $127.1M | $188.4M | $114.3M | $62.9M |
| YoY % | +226.5% | +48.2% | -39.3% | -45.0% | |
| Total Operating Expenses | $83.0M | $223.6M | $342.0M | $402.1M | $153.3M |
| YoY % | +169.5% | +53.0% | +17.6% | -61.9% | |
| Operating Income | -$82.7M | -$201.3M | $38.8M | -$314.7M | -$153.3M |
| Interest & Investment Income | $36,000 | $4.3M | $16.2M | $13.8M | $9.3M |
| YoY % | +11819.4% | +276.5% | -14.5% | -32.6% | |
| Other Non-Operating Income | -$51,000 | -$551,000 | -$660,000 | -$1.2M | -$700,000 |
| Impairment of Real Estate | — | — | — | $958,000 | — |
| Pretax Income | -$87.9M | -$197.6M | $54.3M | -$302.1M | -$144.7M |
| Income Tax | — | $774,000 | $5.0M | -$393,000 | $46,000 |
| YoY % | +549.4% | ||||
| Net Income (incl. NCI) | -$87.9M | -$198.4M | $49.3M | -$301.7M | -$144.7M |
| Net Income | -$87.9M | -$198.4M | $49.3M | -$301.7M | -$144.7M |
| EPS (Basic) | -$13.35 | -$3.39 | $0.73 | -$4.43 | -$1.53 |
| EPS (Diluted) | -$13.35 | -$3.39 | $0.70 | -$4.43 | -$1.53 |
| Weighted Avg Shares (Basic) | 6.6M | 58.5M | 67.2M | 68.1M | 94.6M |
| YoY % | +788.1% | +14.9% | +1.4% | +38.8% | |
| Weighted Avg Shares (Diluted) | 6.6M | 58.5M | 70.0M | 68.1M | 94.6M |
| YoY % | +788.1% | +19.7% | -2.6% | +38.8% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
