| Market Cap | $427.4M | |
| Enterprise Value | — | |
| Revenue | $7.1M | +1181.3% |
| Gross Profit | — | — |
| EBITDA | -$47.6M | — |
| Net Income | -$24.2M | — |
| Diluted EPS | — | — |
| Free Cash Flow | -$42.0M | — |
| Ratio | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 6y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | |||||||||
| Operating Margin | −645.40% | 59.61% | −3696.44% | −15122.70% | −10933.75% | −585.20% | 75% | 23% | |
| EBITDA Margin | −642.96% | 59.72% | −3662.33% | −14977.81% | −10825.44% | −581.44% | 75% | 21% | |
| NOPAT Margin | −509.86% | 58.97% | −2920.19% | −11946.94% | −8637.66% | −462.31% | 75% | 18% | |
| Net Margin | −642.26% | 58.95% | −3604.66% | −13351.79% | −4670.14% | −240.13% | 75% | 29% | |
| FCF Margin | −409.85% | 56.83% | −3756.55% | −11689.03% | −9898.76% | −528.60% | 58% | 19% | |
| OCF Margin | −408.84% | 56.92% | −3675.08% | −11678.83% | −9886.22% | −528.60% | 58% | 21% | |
| Capex Intensity | 1.01% | 0.09% | 81.48% | 10.20% | 12.54% | 0.00% | 8% | 2% | |
| ▸Returns on Capital · 3 ratios | |||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | |||||||||
| ▸Earnings quality · 6 ratios | |||||||||
| ▸Liquidity & coverage · 2 ratios | |||||||||
| ▸Leverage · 2 ratios | |||||||||
| ▸Working capital · 1 ratios | |||||||||
| ▸Capital allocation · 1 ratios | |||||||||
| ▸Per share · 6 ratios | |||||||||
The five drivers multiply to 98.3% vs reported ROE 110.0%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|
| Revenue | $12.6M | $208.4M | $1.5M | $392,000 | $566,000 | $7.3M |
| YoY % | +1551.6% | -99.3% | -73.9% | +44.4% | +1181.3% | |
| R&D Expense | $63.4M | $46.9M | $24.6M | $28.6M | $36.8M | $25.6M |
| YoY % | -26.0% | -47.6% | +16.1% | +28.6% | -30.4% | |
| SG&A Expense | $30.6M | $37.2M | $32.4M | $31.1M | $25.7M | $24.1M |
| YoY % | +21.6% | -12.9% | -4.2% | -17.4% | -6.1% | |
| Total Operating Expenses | $94.0M | $84.2M | $57.1M | $59.7M | $62.5M | $49.7M |
| YoY % | -10.5% | -32.2% | +4.6% | +4.7% | -20.4% | |
| Operating Income | -$81.4M | $124.2M | -$55.5M | -$59.3M | -$61.9M | -$42.4M |
| Interest & Investment Income | — | — | — | $4.9M | $3.9M | $2.0M |
| YoY % | -20.7% | -48.3% | ||||
| Other Non-Operating Income | — | -$45,690 | $1.4M | $6.9M | $35.5M | $25.0M |
| YoY % | +403.4% | +410.6% | -29.4% | |||
| Pretax Income | -$81.0M | $124.2M | -$54.2M | -$52.3M | -$26.4M | -$17.4M |
| Income Tax | $0 | $1.3M | $0 | $0 | $0 | $0 |
| YoY % | -100.0% | |||||
| Net Income | -$81.0M | $122.8M | -$54.2M | -$52.3M | -$26.4M | -$17.4M |
| Net Income to Common | -$81.0M | $119.8M | -$54.2M | -$52.3M | — | — |
| EPS (Basic) | -$1.39 | $1.78 | -$0.77 | -$0.74 | — | — |
| EPS (Diluted) | -$1.39 | $1.76 | -$0.77 | -$0.74 | — | — |
| Weighted Avg Shares (Basic) | 58.5M | 67.5M | 70.4M | 70.6M | — | — |
| YoY % | +15.4% | +4.4% | +0.2% | |||
| Weighted Avg Shares (Diluted) | 58.5M | 68.1M | 70.4M | 70.6M | — | — |
| YoY % | +16.5% | +3.5% | +0.2% |
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.
