| Market Cap | $381.2M | |
| Enterprise Value | — | |
| Revenue | $32.7M | — |
| Gross Profit | — | — |
| EBITDA | -$108.8M | — |
| Net Income | -$85.1M | — |
| Diluted EPS | $2.30 | — |
| Free Cash Flow | -$58.3M | — |
| Ratio | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 7y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||
| Operating Margin | −105.63% | — | −280.46% | — | −112543.71% | — | 27.71% | 88% | 95% | |
| EBITDA Margin | −103.55% | — | −278.58% | — | −112003.97% | — | 28.33% | 88% | 93% | |
| NOPAT Margin | −83.45% | — | −221.57% | — | −88909.53% | — | 26.24% | 88% | 95% | |
| Net Margin | −123.36% | — | −292.26% | — | −101319.21% | — | 35.68% | 88% | 95% | |
| FCF Margin | −162.69% | — | −314.29% | — | −84087.42% | — | 43.45% | 88% | 98% | |
| OCF Margin | −159.98% | — | −309.19% | — | −82455.63% | — | 44.08% | 88% | 98% | |
| Capex Intensity | 2.71% | — | 5.09% | — | 1631.79% | — | 0.64% | 13% | 21% | |
| ▸Returns on Capital · 3 ratios | ||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||
| ▸Earnings quality · 6 ratios | ||||||||||
| ▸Liquidity & coverage · 5 ratios | ||||||||||
| ▸Leverage · 2 ratios | ||||||||||
| ▸Working capital · 3 ratios | ||||||||||
| ▸Capital allocation · 2 ratios | ||||||||||
| ▸Per share · 6 ratios | ||||||||||
The five drivers multiply to 20.3% vs reported ROE 19.9%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|
| Revenue | $10.0M | $0 | $20.1M | $0 | $151,000 | $0 | $243.9M |
| YoY % | -100.0% | -100.0% | -100.0% | ||||
| R&D Expense | $17.4M | $33.9M | $55.1M | $87.3M | $135.3M | $173.6M | $129.6M |
| YoY % | +94.8% | +62.9% | +58.3% | +55.0% | +28.4% | -25.3% | |
| SG&A Expense | $3.2M | $12.8M | $21.3M | $27.5M | $34.8M | $40.8M | $46.8M |
| YoY % | +301.9% | +66.7% | +29.0% | +26.6% | +17.0% | +15.0% | |
| Total Operating Expenses | $20.6M | $46.7M | $76.5M | $114.8M | $170.1M | $214.4M | $176.5M |
| YoY % | +126.9% | +63.9% | +50.1% | +48.2% | +26.0% | -17.7% | |
| Operating Income | -$10.6M | -$46.7M | -$56.4M | -$114.8M | -$169.9M | -$210.8M | $67.6M |
| Interest Expense | — | $6,000 | $4,000 | $1,000 | $0 | $0 | — |
| YoY % | -33.3% | -75.0% | -100.0% | ||||
| Other Non-Operating Income | $241,000 | $160,000 | -$383,000 | -$613,000 | -$206,000 | -$954,000 | -$539,000 |
| YoY % | -33.6% | ||||||
| Pretax Income | -$12.3M | -$45.5M | -$56.7M | -$104.7M | -$153.0M | -$187.1M | $91.9M |
| Income Tax | $0 | -$172,000 | $2.0M | $0 | $0 | $300,000 | $4.9M |
| YoY % | -100.0% | +1527.7% | |||||
| Net Income | -$12.3M | -$45.4M | -$58.7M | -$104.7M | -$153.0M | -$187.4M | $87.0M |
| Net Income to Common | -$14.1M | -$45.4M | -$58.7M | -$104.7M | -$153.0M | -$187.4M | $87.0M |
| EPS (Basic) | — | -$2.93 | -$2.52 | -$4.15 | -$5.20 | -$5.00 | $2.34 |
| EPS (Diluted) | — | -$2.93 | -$2.52 | -$4.15 | -$5.20 | -$5.00 | $2.30 |
| Weighted Avg Shares (Basic) | — | 15.5M | 23.3M | 25.2M | 29.4M | 37.4M | 37.2M |
| YoY % | +50.5% | +8.2% | +16.7% | +27.1% | -0.6% | ||
| Weighted Avg Shares (Diluted) | — | 15.5M | 23.3M | 25.2M | 29.4M | 37.4M | 37.9M |
| YoY % | +50.5% | +8.2% | +16.7% | +27.1% | +1.1% |
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.
