Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025 22.3% Revenue growth, 20253 Where the money goes Where each dollar of revenue went, fiscal 2025 Research and development Other costs
Cost of revenue 10¢ $6.9M Research and development 71¢ $49.9M Other costs 17¢ $12.3M Income tax 2¢ $1.5M Out of $70.6M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025 Capital spending Kept or used elsewhere
Capital spending 21¢ $1.4M Kept or used elsewhere 79¢ $5.3M Out of $6.7M of cash from operations.3
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue4 5 6 7 3 $70.6M in 2025+122% since 2020 0 $20.0M $40.0M $60.0M $80.0M 2020: $31.8M $31.8M 2020 2021: $37.9M $37.9M 2021 +19% 2022: $50.4M $50.4M 2022 +33% 2023: $53.7M $53.7M 2023 +7% 2024: $57.7M $57.7M 2024 +8% 2025: $70.6M $70.6M 2025 +22% Gross profit4 5 6 7 3 $63.7M in 2025+110% since 2020 0 $20.0M $40.0M $60.0M $80.0M 2020: $30.3M $30.3M 2020 2021: $34.1M $34.1M 2021 +13% 2022: $46.1M $46.1M 2022 +35% 2023: $48.6M $48.6M 2023 +5% 2024: $51.8M $51.8M 2024 +7% 2025: $63.7M $63.7M 2025 +23% Operating income4 5 6 7 3 -$33.1M in 2025+777% since 2020 -$40.0M -$30.0M -$20.0M -$10.0M 0 2020: -$3.8M -$3.8M 2020 2021: -$21.8M -$21.8M 2021 +476% 2022: -$28.9M -$28.9M 2022 +33% 2023: -$35.1M -$35.1M 2023 +22% 2024: -$31.6M -$31.6M 2024 −10% 2025: -$33.1M -$33.1M 2025 +5% Net income4 5 6 7 3 -$34.7M in 2025+966% since 2020 -$40.0M -$30.0M -$20.0M -$10.0M 0 2020: -$3.3M -$3.3M 2020 2021: -$23.4M -$23.4M 2021 +617% 2022: -$27.4M -$27.4M 2022 +17% 2023: -$36.9M -$36.9M 2023 +35% 2024: -$33.6M -$33.6M 2024 −9% 2025: -$34.7M -$34.7M 2025 +3%
Revenue8 9 $24.1M in Q2 FY2026+5% since Q1 FY2026 0 $10.0M $20.0M $30.0M Q1 FY2026: $22.9M $22.9M Q1 FY2026 Q2 FY2026: $24.1M $24.1M Q2 FY2026 +5% Gross profit8 9 $20.5M in Q2 FY2026+4% since Q1 FY2026 0 $10.0M $20.0M $30.0M Q1 FY2026: $19.7M $19.7M Q1 FY2026 Q2 FY2026: $20.5M $20.5M Q2 FY2026 +4% Operating income8 9 -$13.9M in Q2 FY2026+50% since Q1 FY2026 -$15.0M -$10.0M -$5.0M 0 Q1 FY2026: -$9.3M -$9.3M Q1 FY2026 Q2 FY2026: -$13.9M -$13.9M Q2 FY2026 +50% Net income8 9 -$14.1M in Q2 FY2026+77% since Q1 FY2026 -$15.0M -$10.0M -$5.0M 0 Q1 FY2026: -$8.0M -$8.0M Q1 FY2026 Q2 FY2026: -$14.1M -$14.1M Q2 FY2026 +77%
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Revenue $31.8M4 $37.9M5 $50.4M6 $53.7M7 $57.7M3 $70.6M3 Cost of revenue $1.5M4 $3.7M5 $4.3M6 $5.1M7 $6.0M3 $6.9M3 Gross profit $30.3M4 $34.1M5 $46.1M6 $48.6M7 $51.8M3 $63.7M3 Research and development $17.0M4 $30.8M5 $41.2M6 $45.1M7 $45.0M3 $49.9M3 Operating income -$3.8M4 -$21.8M5 -$28.9M6 -$35.1M7 -$31.6M3 -$33.1M3 Interest $105.0K5 $89.0K6 $211.0K6 Income tax $1.0M4 $1.0M5 -$417.0K6 $1.7M7 $2.5M3 $1.5M3 Net income -$3.3M4 -$23.4M5 -$27.4M6 -$36.9M7 -$33.6M3 -$34.7M3 Earnings per share -$0.194 -$1.065 -$0.846 -$1.037 -$0.863 -$0.823 Earnings per share (diluted) -$0.194 -$1.065 -$0.846 -$1.037 -$0.863 -$0.823
Total assets4 5 6 7 3 $115.0M in 2025+169% since 2020 0 $50.0M $100.0M $150.0M 2020: $42.7M $42.7M 2020 2021: $120.4M $120.4M 2021 +182% 2022: $115.5M $115.5M 2022 −4% 2023: $102.8M $102.8M 2023 −11% 2024: $106.1M $106.1M 2024 +3% 2025: $115.0M $115.0M 2025 +8% Total liabilities4 5 6 7 3 $129.7M in 2025+164% since 2020 0 $50.0M $100.0M $150.0M 2020: $49.0M $49.0M 2020 2021: $67.5M $67.5M 2021 +38% 2022: $78.0M $78.0M 2022 +15% 2023: $87.7M $87.7M 2023 +12% 2024: $107.3M $107.3M 2024 +22% 2025: $129.7M $129.7M 2025 +21% Shareholders’ equity4 5 6 7 3 -$14.6M in 2025+55% since 2019 -$20.0M 0 $20.0M $40.0M $60.0M 2019: -$9.4M -$9.4M 2019 2020: -$12.0M -$12.0M 2020 +27% 2021: $52.9M $52.9M 2021 2022: $37.5M $37.5M 2022 −29% 2023: $15.1M $15.1M 2023 −60% 2024: -$1.2M -$1.2M 2024 2025: -$14.6M -$14.6M 2025 +1132% Cash4 5 6 7 3 $33.9M in 2025+143% since 2019 0 $25.0M $50.0M $75.0M $100.0M 2019: $13.9M $13.9M 2019 2020: $11.7M $11.7M 2020 −16% 2021: $85.8M $85.8M 2021 +631% 2022: $37.4M $37.4M 2022 −56% 2023: $13.7M $13.7M 2023 −63% 2024: $13.7M $13.7M 2024 −0% 2025: $33.9M $33.9M 2025 +148%
Total assets8 9 $224.7M in Q2 FY2026+95% since Q1 FY2025 0 $100.0M $200.0M $300.0M Q1 FY2025: $115.0M $115.0M Q1 FY2025 Q2 FY2025: $115.0M $115.0M Q2 FY2025 +0% Q1 FY2026: $139.9M $139.9M Q1 FY2026 +22% Q2 FY2026: $224.7M $224.7M Q2 FY2026 +61% Total liabilities8 9 $157.0M in Q2 FY2026+21% since Q1 FY2025 0 $50.0M $100.0M $150.0M $200.0M Q1 FY2025: $129.7M $129.7M Q1 FY2025 Q2 FY2025: $129.7M $129.7M Q2 FY2025 +0% Q1 FY2026: $137.3M $137.3M Q1 FY2026 +6% Q2 FY2026: $157.0M $157.0M Q2 FY2026 +14% Shareholders’ equity8 9 $67.7M in Q2 FY2026-$25.0M 0 $25.0M $50.0M $75.0M Q1 FY2025: -$14.6M -$14.6M Q1 FY2025 Q2 FY2025: -$14.6M -$14.6M Q2 FY2025 +0% Q1 FY2026: $2.6M $2.6M Q1 FY2026 Q2 FY2026: $2.6M $2.6M Q2 FY2026 +0% Q2 FY2026: $67.7M $67.7M Q2 FY2026 +2512% Cash8 9 $93.3M in Q2 FY2026+175% since Q1 FY2025 0 $25.0M $50.0M $75.0M $100.0M Q1 FY2025: $33.9M $33.9M Q1 FY2025 Q2 FY2025: $33.9M $33.9M Q2 FY2025 +0% Q1 FY2026: $11.7M $11.7M Q1 FY2026 −66% Q2 FY2026: $93.3M $93.3M Q2 FY2026 +699%
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash $13.9M4 $11.7M4 $85.8M5 $37.4M6 $13.7M7 $13.7M3 $33.9M3 Current assets $29.0M4 $106.6M5 $81.1M6 $58.4M7 $69.1M3 $82.4M3 Total assets $42.7M4 $120.4M5 $115.5M6 $102.8M7 $106.1M3 $115.0M3 Current liabilities $28.2M4 $42.5M5 $43.7M6 $46.4M7 $59.3M3 $73.2M3 Total liabilities $49.0M4 $67.5M5 $78.0M6 $87.7M7 $107.3M3 $129.7M3 Shareholders’ equity -$9.4M4 -$12.0M5 $52.9M6 $37.5M7 $15.1M3 -$1.2M3 -$14.6M3 Shares outstanding 18.5M shares4 31.5M shares5 34.6M shares6 37.5M shares7 40.7M shares3 44.3M shares3
Cash from operations4 5 6 7 3 $6.7M in 2025+211% since 2020 -$20.0M -$10.0M 0 $10.0M 2020: $2.2M $2.2M 2020 2021: -$814.0K -$814.0K 2021 2022: -$6.8M -$6.8M 2022 +731% 2023: -$15.7M -$15.7M 2023 +132% 2024: -$720.0K -$720.0K 2024 −95% 2025: $6.7M $6.7M 2025 Capital spending4 5 6 7 3 $1.4M in 2025+112% since 2020 0 $500.0K $1.0M $1.5M $2.0M 2020: $654.0K $654.0K 2020 2021: $808.0K $808.0K 2021 +24% 2022: $1.1M $1.1M 2022 +30% 2023: $1.5M $1.5M 2023 +43% 2024: $324.0K $324.0K 2024 −78% 2025: $1.4M $1.4M 2025 +328% Free cash flow4 5 6 7 3 $5.3M in 2025+254% since 2020 -$20.0M -$10.0M 0 $10.0M 2020: $1.5M $1.5M 2020 2021: -$1.6M -$1.6M 2021 2022: -$7.8M -$7.8M 2022 +382% 2023: -$17.2M -$17.2M 2023 +120% 2024: -$1.0M -$1.0M 2024 −94% 2025: $5.3M $5.3M 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash from operations $2.2M4 -$814.0K5 -$6.8M6 -$15.7M7 -$720.0K3 $6.7M3 Capital spending $654.0K4 $808.0K5 $1.1M6 $1.5M7 $324.0K3 $1.4M3 Free cash flow $1.5M -$1.6M -$7.8M -$17.2M -$1.0M $5.3M
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Recent filings
Oct 6, 2026 4 PRIMARY DOCUMENTOct 6, 2026 4 PRIMARY DOCUMENTOct 6, 2026 4 PRIMARY DOCUMENTOct 6, 2026 4 PRIMARY DOCUMENTOct 6, 2026 4 PRIMARY DOCUMENTOct 5, 2026 4 PRIMARY DOCUMENTOct 5, 2026 4 PRIMARY DOCUMENTOct 5, 2026 4 PRIMARY DOCUMENTOct 5, 2026 144 Oct 5, 2026 144 Oct 5, 2026 144 Oct 1, 2026 144 Sep 15, 2026 4 PRIMARY DOCUMENTSep 14, 2026 144 Sep 10, 2026 3 PRIMARY DOCUMENT
Every filing from the last three years, summarized . The full record is on SEC EDGAR.1