| Market Cap | $398.7M | |
| Enterprise Value | — | |
| Revenue | $90.4M | +129.1% |
| Gross Profit | $77.8M | +136.8% |
| EBITDA | -$1.3M | — |
| Net Income | $561,000 | — |
| Diluted EPS | $0.07 | — |
| Free Cash Flow | $19.2M | — |
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 6y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||
| Gross Margin | — | 81.13% | 74.77% | 69.25% | 83.37% | 86.16% | 90% | 85% | |
| Operating Margin | — | −690.04% | −1245.05% | −1849.01% | −33.36% | 0.77% | 90% | 68% | |
| EBITDA Margin | — | −685.94% | −1240.20% | −1842.81% | −33.00% | 1.05% | 90% | 64% | |
| NOPAT Margin | — | −545.13% | −983.59% | −1460.72% | −26.35% | 0.60% | 90% | 62% | |
| Net Margin | — | −721.49% | −1342.70% | −2308.86% | −70.92% | 3.17% | 90% | 71% | |
| FCF Margin | — | −639.86% | −925.30% | −1516.17% | −51.71% | 24.60% | 90% | 94% | |
| FCFE Margin | — | — | −951.56% | −1821.89% | −80.20% | — | — | — | |
| OCF Margin | — | −635.84% | −917.62% | −1513.37% | −50.21% | 26.42% | 90% | 93% | |
| Gross Profitability | 2.90% | 8.71% | 11.38% | 3.70% | 40.50% | 59.40% | 92% | 84% | |
| Capex Intensity | — | 4.02% | 7.69% | 2.81% | 1.50% | 1.82% | 30% | 40% | |
| ▸Returns on Capital · 6 ratios | |||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||
| ▸Earnings quality · 7 ratios | |||||||||
| ▸Liquidity & coverage · 5 ratios | |||||||||
| ▸Leverage · 8 ratios | |||||||||
| ▸Working capital · 8 ratios | |||||||||
| ▸Capital allocation · 2 ratios | |||||||||
| ▸Per share · 6 ratios | |||||||||
| ▸Other · 1 ratios | |||||||||
The five drivers multiply to 3.0% vs reported ROE 3.0%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|
| Revenue | — | $3.6M | $2.7M | $2.1M | $37.2M | $85.2M |
| YoY % | -23.5% | -24.1% | +1701.7% | +129.1% | ||
| Cost of Revenue | $640,000 | $671,000 | $686,000 | $635,000 | $6.2M | $11.8M |
| YoY % | +4.8% | +2.2% | -7.4% | +874.5% | +90.6% | |
| Gross Profit | $1.0M | $2.9M | $2.0M | $1.4M | $31.0M | $73.4M |
| YoY % | +186.7% | -29.5% | -29.7% | +2069.0% | +136.8% | |
| R&D Expense | $11.2M | $13.8M | $18.6M | $17.5M | $13.9M | $29.2M |
| YoY % | +23.0% | +34.9% | -5.8% | -20.7% | +110.8% | |
| SG&A Expense | $11.1M | $13.6M | $17.3M | $22.1M | $29.6M | $43.5M |
| YoY % | +22.8% | +26.9% | +27.8% | +33.7% | +47.3% | |
| Total Operating Expenses | $22.3M | $27.4M | $35.9M | $39.6M | $43.4M | $72.8M |
| YoY % | +22.9% | +30.9% | +10.4% | +9.6% | +67.6% | |
| Operating Income | -$21.3M | -$24.5M | -$33.9M | -$38.2M | -$12.4M | $660,000 |
| Other Non-Operating Income | $154,000 | $68,000 | $30,000 | -$59,000 | -$30,000 | -$70,000 |
| YoY % | -55.8% | -55.9% | ||||
| Pretax Income | -$24.2M | -$25.6M | -$36.5M | -$47.7M | -$26.4M | $3.5M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $810,000 |
| Net Income (incl. NCI) | -$24.2M | -$25.6M | — | — | — | — |
| Minority Interest (P&L) | $24.2M | — | — | — | — | — |
| Net Income | -$24.2M | -$25.6M | -$36.5M | -$47.7M | -$26.4M | $2.7M |
| Net Income to Common | -$24.2M | -$25.6M | — | — | — | — |
| EPS (Basic) | -$8.35 | -$3.59 | -$4.12 | -$2.94 | -$0.93 | $0.08 |
| EPS (Diluted) | -$8.35 | -$3.59 | -$4.12 | -$2.94 | -$0.93 | $0.07 |
| Weighted Avg Shares (Basic) | 2.9M | 7.1M | 8.9M | 16.2M | 28.5M | 35.8M |
| YoY % | +146.6% | +24.1% | +83.1% | +75.7% | +25.6% | |
| Weighted Avg Shares (Diluted) | 2.9M | 7.1M | 8.9M | 16.2M | 28.5M | 39.9M |
| YoY % | +146.6% | +24.1% | +83.1% | +75.7% | +40.0% |
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.
