| Market Cap | $8.80B | |
| Enterprise Value | — | |
| Revenue | $74.1M | −89.4% |
| Gross Profit | — | — |
| EBITDA | -$141.0M | −161.8% |
| Net Income | -$114.7M | −147.3% |
| Diluted EPS | -$2.05 | −148.5% |
| Free Cash Flow | -$117.9M | −69.3% |
| Ratio | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend · 11y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||||||
| Operating Margin | — | — | −188.89% | −136.68% | −34857.58% | −225.36% | −460.01% | −494.24% | −156.09% | 58.20% | −343.63% | 39% | 28% | |
| EBITDA Margin | — | — | −186.87% | −134.98% | −34540.69% | −222.05% | −457.04% | −490.35% | −154.46% | 58.39% | −340.85% | 39% | 25% | |
| NOPAT Margin | — | — | −149.22% | −107.98% | −27537.48% | −178.03% | −363.41% | −390.45% | −123.31% | 57.32% | −271.47% | 39% | 22% | |
| Net Margin | — | — | −184.20% | −125.87% | −33414.29% | −231.07% | −458.94% | −479.26% | −131.59% | 63.34% | −282.83% | 39% | 28% | |
| FCF Margin | — | — | 15.98% | −163.08% | −18395.67% | −254.84% | −398.31% | −409.81% | −118.08% | 42.08% | 121.87% | 94% | 100% | |
| FCFE Margin | — | — | — | — | −14168.40% | −291.60% | — | — | — | — | — | — | — | |
| OCF Margin | — | — | 19.30% | −161.51% | −17977.06% | −253.19% | −394.29% | −406.82% | −117.06% | 42.39% | 125.33% | 94% | 99% | |
| Capex Intensity | — | — | 3.32% | 1.57% | 418.61% | 1.65% | 4.02% | 2.99% | 1.01% | 0.31% | 3.46% | 72% | 56% | |
| ▸Returns on Capital · 3 ratios | ||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||||||
| ▸Earnings quality · 6 ratios | ||||||||||||||
| ▸Liquidity & coverage · 7 ratios | ||||||||||||||
| ▸Leverage · 7 ratios | ||||||||||||||
| ▸Working capital · 1 ratios | ||||||||||||||
| ▸Capital allocation · 1 ratios | ||||||||||||||
| ▸Per share · 6 ratios | ||||||||||||||
The five drivers multiply to 55.0% vs reported ROE 54.4%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2014↗ | 2015↗ | 2016↗ | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | $20.1M | $30.9M | $231,000 | $28.6M | $27.4M | $26.6M | $60.0M | $434.4M | $46.0M |
| YoY % | +54.1% | -99.3% | +12293.1% | -4.4% | -2.8% | +125.7% | +624.1% | -89.4% | ||||
| R&D Expense | $7.5M | $11.8M | $25.7M | $46.2M | $59.5M | $65.0M | $74.5M | $126.0M | $126.2M | $120.2M | $138.1M | $159.3M |
| YoY % | +58.6% | +117.3% | +79.7% | +28.8% | +9.3% | +14.6% | +69.1% | +0.2% | -4.8% | +15.0% | +15.3% | |
| SG&A Expense | $1.9M | $3.0M | $7.0M | $11.8M | $13.7M | $15.7M | $18.6M | $27.2M | $31.7M | $33.5M | $43.5M | $44.9M |
| YoY % | +59.3% | +134.9% | +69.2% | +16.3% | +15.0% | +18.3% | +45.9% | +16.7% | +5.5% | +29.8% | +3.2% | |
| Total Operating Expenses | $9.3M | $14.8M | $32.7M | $58.0M | $73.2M | $80.8M | $93.1M | $153.2M | $158.0M | $153.7M | $181.6M | $204.1M |
| YoY % | +58.8% | +120.8% | +77.4% | +26.3% | +10.3% | +15.3% | +64.5% | +3.1% | -2.7% | +18.2% | +12.4% | |
| Operating Income | -$9.3M | -$14.8M | -$32.7M | -$37.9M | -$42.3M | -$80.5M | -$64.5M | -$125.8M | -$131.4M | -$93.7M | $252.8M | -$158.1M |
| Interest Expense | — | — | — | — | — | $169,000 | $598,000 | — | — | — | — | — |
| YoY % | +253.8% | |||||||||||
| Interest & Investment Income | $16,000 | $19,000 | $242,000 | $948,000 | $2.6M | $2.8M | $900,000 | $443,000 | $4.1M | $14.9M | $26.3M | $28.8M |
| YoY % | +18.8% | +1173.7% | +291.7% | +170.7% | +9.6% | -68.0% | -50.8% | +816.5% | +266.9% | +76.6% | +9.4% | |
| Other Non-Operating Income | — | — | -$34,000 | -$8,000 | -$20,000 | -$1,000 | -$46,000 | -$149,000 | -$80,000 | -$201,000 | $250,000 | $27,000 |
| YoY % | -89.2% | |||||||||||
| Impairment of Real Estate | — | — | — | — | — | — | $0 | — | — | — | — | — |
| Pretax Income | — | -$14.9M | -$37.2M | -$37.0M | -$39.7M | -$77.9M | -$64.8M | -$125.6M | -$127.4M | -$79.0M | $279.4M | -$129.3M |
| Income Tax | $0 | $0 | $0 | $0 | -$799,000 | -$691,000 | $1.3M | $0 | $0 | $0 | $4.2M | $838,000 |
| YoY % | -100.0% | -80.1% | ||||||||||
| Net Income (incl. NCI) | — | -$14.9M | -$37.2M | -$37.0M | -$38.9M | -$77.2M | -$66.2M | -$125.6M | -$127.4M | -$79.0M | $275.2M | -$130.1M |
| Net Income | -$11.1M | -$14.9M | -$37.2M | -$37.0M | -$38.9M | -$77.2M | -$66.2M | -$125.6M | -$127.4M | -$79.0M | $275.2M | -$130.1M |
| Net Income to Common | -$11.2M | -$14.9M | -$37.7M | -$37.0M | -$38.9M | — | — | — | — | — | — | — |
| EPS (Basic) | — | — | — | — | — | — | -$1.92 | -$2.71 | -$2.60 | -$1.39 | $4.47 | -$2.05 |
| EPS (Diluted) | — | — | — | — | — | — | -$1.92 | -$2.71 | -$2.60 | -$1.39 | $4.23 | -$2.05 |
| Weighted Avg Shares (Basic) | — | — | — | — | — | — | 34.4M | 46.3M | 49.0M | 56.8M | 61.6M | 63.6M |
| YoY % | +34.7% | +5.9% | +15.7% | +8.5% | +3.3% | |||||||
| Weighted Avg Shares (Diluted) | — | — | — | — | — | — | 34.4M | 46.3M | 49.0M | 56.8M | 65.1M | 63.6M |
| YoY % | +34.7% | +5.9% | +15.7% | +14.6% | -2.3% |
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.
