| Market Cap | $7.57B | |
| Enterprise Value | — | |
| Revenue | $2.37B | +59.0% |
| Gross Profit | $1.70B | +47.8% |
| EBITDA | $37.6M | +102.7% |
| Net Income | -$13.2M | +1.8% |
| Diluted EPS | $0.51 | −3.8% |
| Free Cash Flow | $60.4M | −71.0% |
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 7y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||
| Gross Margin | 54.03% | 73.58% | 75.22% | 77.57% | 81.99% | 79.45% | 73.84% | 36% | 69% | |
| Operating Margin | −90.14% | −10.18% | −42.31% | −13.04% | −3.38% | 4.19% | 4.50% | 93% | 72% | |
| EBITDA Margin | −89.82% | −9.47% | −40.81% | −11.62% | −2.29% | 5.35% | 6.82% | 93% | 67% | |
| NOPAT Margin | −71.21% | −8.04% | −33.43% | −10.30% | −2.67% | 4.19% | 4.50% | 93% | 68% | |
| Net Margin | −87.29% | −12.18% | −39.60% | −12.46% | −2.70% | 8.54% | 5.47% | 79% | 74% | |
| FCF Margin | — | — | — | −6.40% | 5.39% | 13.43% | 2.45% | 38% | 62% | |
| FCFE Margin | — | — | — | −6.40% | — | — | — | — | — | — |
| OCF Margin | −90.68% | −1.67% | −12.66% | −5.04% | 8.43% | 17.01% | 12.78% | 79% | 76% | |
| Gross Profitability | 21.78% | 92.21% | 48.62% | 111.57% | 162.05% | 165.80% | 80.45% | 36% | 93% | |
| Capex Intensity | — | — | — | 1.37% | 3.04% | 3.58% | 10.33% | 88% | 83% | |
| ▸Returns on Capital · 3 ratios | ||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||
| ▸Earnings quality · 6 ratios | ||||||||||
| ▸Liquidity & coverage · 5 ratios | ||||||||||
| ▸Leverage · 2 ratios | ||||||||||
| ▸Working capital · 8 ratios | ||||||||||
| ▸Capital allocation · 2 ratios | ||||||||||
| ▸Per share · 3 ratios | ||||||||||
| ▸Other · 1 ratios | ||||||||||
The five drivers multiply to 35.7% vs reported ROE 25.2%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|
| Revenue | $82.6M | $148.8M | $271.9M | $526.9M | $872.0M | $1.48B | $2.35B |
| YoY % | +80.2% | +82.8% | +93.8% | +65.5% | +69.3% | +59.0% | |
| Cost of Revenue | $38.0M | $39.3M | $67.4M | $118.2M | $157.1M | $303.4M | $614.3M |
| YoY % | +3.6% | +71.4% | +75.4% | +32.9% | +93.2% | +102.5% | |
| Gross Profit | $44.6M | $109.5M | $204.5M | $408.7M | $714.9M | $1.17B | $1.73B |
| YoY % | +145.4% | +86.8% | +99.9% | +74.9% | +64.1% | +47.8% | |
| Selling & Marketing Expense | $63.2M | $59.0M | $135.9M | $272.6M | $446.4M | $678.8M | $919.3M |
| YoY % | -6.6% | +130.4% | +100.6% | +63.8% | +52.1% | +35.4% | |
| SG&A Expense | — | $26.0M | $113.7M | $98.2M | $129.9M | $167.8M | $272.7M |
| YoY % | +336.6% | -13.6% | +32.3% | +29.2% | +62.6% | ||
| Total Operating Expenses | $119.0M | $124.6M | $319.5M | $477.4M | $744.4M | $1.11B | $1.63B |
| YoY % | +4.7% | +156.5% | +49.4% | +55.9% | +49.3% | +46.5% | |
| Operating Income | -$74.4M | -$15.1M | -$115.0M | -$68.7M | -$29.5M | $61.9M | $105.6M |
| YoY % | +70.6% | ||||||
| Interest Expense | $369,000 | $10,000 | $0 | — | — | — | — |
| YoY % | -97.3% | -100.0% | |||||
| Interest & Investment Income | — | $3.0M | — | — | — | — | — |
| Other Non-Operating Income | $1.9M | $258,000 | $445,000 | $2.9M | $9.0M | $9.8M | $23.1M |
| YoY % | -86.1% | +72.5% | +555.7% | +207.0% | +9.5% | +135.8% | |
| Impairment of Real Estate | — | — | $0 | $400,000 | $400,000 | — | — |
| YoY % | 0.0% | ||||||
| Pretax Income | -$72.0M | -$18.0M | -$110.8M | -$65.7M | -$21.6M | $71.7M | $123.9M |
| YoY % | +72.8% | ||||||
| Income Tax | $90,000 | $127,000 | -$3.1M | -$31,000 | $2.0M | -$54.3M | -$4.4M |
| YoY % | +41.1% | ||||||
| Net Income | -$72.1M | -$18.1M | -$107.7M | -$65.7M | -$23.5M | $126.0M | $128.4M |
| YoY % | +1.8% | ||||||
| EPS (Basic) | -$2.07 | -$0.51 | -$0.58 | -$0.32 | -$0.11 | $0.58 | $0.57 |
| YoY % | -1.7% | ||||||
| EPS (Diluted) | -$2.07 | -$0.51 | -$0.58 | -$0.32 | -$0.11 | $0.53 | $0.51 |
| YoY % | -3.8% | ||||||
| Weighted Avg Shares (Basic) | 34.8M | 35.4M | 186.8M | 204.5M | 209.3M | 215.9M | 225.0M |
| YoY % | +1.7% | +428.3% | +9.5% | +2.4% | +3.1% | +4.2% | |
| Weighted Avg Shares (Diluted) | 34.8M | 35.4M | 186.8M | 204.5M | 209.3M | 236.8M | 258.2M |
| YoY % | +1.7% | +428.3% | +9.5% | +2.4% | +13.1% | +9.0% |
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.
