Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025 -1135.6% Operating margin3 -79.4% Revenue growth, 20253 Where the money goes Where each dollar of revenue went, fiscal 2025 Research and development
Research and development 100¢ $157.6M Income tax 0¢ $69.0K Out of $22.3M in revenue.3
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue3 $22.3M in 2025−80% since 2023 0 $50.0M $100.0M $150.0M 2023: $110.3M $110.3M 2023 2024: $107.9M $107.9M 2024 −2% 2025: $22.3M $22.3M 2025 −79% Operating income4 5 3 -$253.1M in 2025+289% since 2021 -$300.0M -$200.0M -$100.0M 0 2021: -$65.0M -$65.0M 2021 2022: -$191.3M -$191.3M 2022 +194% 2023: -$89.9M -$89.9M 2023 −53% 2024: -$137.6M -$137.6M 2024 +53% 2025: -$253.1M -$253.1M 2025 +84% Net income4 5 3 -$228.9M in 2025+252% since 2021 -$300.0M -$200.0M -$100.0M 0 2021: -$65.0M -$65.0M 2021 2022: -$188.7M -$188.7M 2022 +190% 2023: -$70.7M -$70.7M 2023 −63% 2024: -$107.3M -$107.3M 2024 +52% 2025: -$228.9M -$228.9M 2025 +113% Revenue6 7 $4.9M in Q3 FY2025−34% since Q2 FY2025 0 $2.0M $4.0M $6.0M $8.0M Q2 FY2025: $7.6M $7.6M Q2 FY2025 Q3 FY2025: $4.9M $4.9M Q3 FY2025 −34% Operating income6 7 -$61.8M in Q3 FY2025+5% since Q2 FY2025 -$80.0M -$60.0M -$40.0M -$20.0M 0 Q2 FY2025: -$58.7M -$58.7M Q2 FY2025 Q3 FY2025: -$61.8M -$61.8M Q3 FY2025 +5% Net income6 7 -$55.8M in Q3 FY2025−10% since Q2 FY2025 -$80.0M -$60.0M -$40.0M -$20.0M 0 Q2 FY2025: -$62.3M -$62.3M Q2 FY2025 Q3 FY2025: -$62.3M -$62.3M Q3 FY2025 +0% Q2 FY2025: -$52.8M -$52.8M Q2 FY2025 −15% Q3 FY2025: -$52.8M -$52.8M Q3 FY2025 +0% Q3 FY2025: -$55.8M -$55.8M Q3 FY2025 +6% Fiscal year 2020 2021 2022 2023 2024 2025 Revenue $110.3M3 $107.9M3 $22.3M3 Research and development $46.9M4 $149.6M5 $133.8M3 $157.1M3 $157.6M3 Operating income -$65.0M4 -$191.3M5 -$89.9M3 -$137.6M3 -$253.1M3 Income tax $04 $04 $663.0K3 $2.1M3 $69.0K3 Net income -$65.0M4 -$188.7M5 -$70.7M3 -$107.3M3 -$228.9M3 Earnings per share -$145.554 -$5.195 -$1.473 -$2.003 -$4.073 Earnings per share (diluted) -$145.554 -$5.195 -$1.473 -$2.003 -$4.073
Total assets4 8 5 3 $604.0M in 2025+369% since 2021 0 $250.0M $500.0M $750.0M $1.0B 2021: $128.8M $128.8M 2021 2022: $313.8M $313.8M 2022 +144% 2023: $825.1M $825.1M 2023 +163% 2024: $711.3M $711.3M 2024 −14% 2025: $604.0M $604.0M 2025 −15% Total liabilities4 8 5 3 $201.6M in 2025+1092% since 2021 0 $100.0M $200.0M $300.0M $400.0M 2021: $16.9M $16.9M 2021 2022: $108.9M $108.9M 2022 +543% 2023: $339.8M $339.8M 2023 +212% 2024: $256.5M $256.5M 2024 −24% 2025: $201.6M $201.6M 2025 −21% Shareholders’ equity4 5 3 $402.4M in 2025-$400.0M -$200.0M 0 $200.0M $400.0M $600.0M 2020: -$63.7M -$63.7M 2020 2021: -$121.5M -$121.5M 2021 +91% 2022: -$205.0M -$205.0M 2022 +69% 2023: $485.4M $485.4M 2023 2024: $454.8M $454.8M 2024 −6% 2025: $402.4M $402.4M 2025 −12% Cash4 8 5 3 $80.3M in 2025+72% since 2020 0 $100.0M $200.0M $300.0M $400.0M 2020: $46.8M $46.8M 2020 2021: $30.8M $30.8M 2021 −34% 2022: $64.2M $64.2M 2022 +108% 2023: $394.6M $394.6M 2023 +515% 2024: $105.7M $105.7M 2024 −73% 2025: $80.3M $80.3M 2025 −24% Total assets6 7 $655.9M in Q3 FY2025+6% since Q2 FY2025 0 $200.0M $400.0M $600.0M $800.0M Q2 FY2025: $619.1M $619.1M Q2 FY2025 Q3 FY2025: $655.9M $655.9M Q3 FY2025 +6% Total liabilities6 7 $215.1M in Q3 FY2025−5% since Q2 FY2025 0 $100.0M $200.0M $300.0M Q2 FY2025: $226.9M $226.9M Q2 FY2025 Q3 FY2025: $215.1M $215.1M Q3 FY2025 −5% Shareholders’ equity6 7 $440.8M in Q3 FY2025+6% since Q2 FY2025 0 $200.0M $400.0M $600.0M Q2 FY2025: $416.9M $416.9M Q2 FY2025 Q3 FY2025: $416.9M $416.9M Q3 FY2025 +0% Q2 FY2025: $392.2M $392.2M Q2 FY2025 −6% Q3 FY2025: $392.2M $392.2M Q3 FY2025 +0% Q3 FY2025: $440.8M $440.8M Q3 FY2025 +12% Cash6 7 $79.0M in Q3 FY2025+27% since Q2 FY2025 0 $20.0M $40.0M $60.0M $80.0M Q2 FY2025: $62.3M $62.3M Q2 FY2025 Q3 FY2025: $79.0M $79.0M Q3 FY2025 +27% Fiscal year 2020 2021 2022 2023 2024 2025 Cash $46.8M4 $30.8M4 $64.2M8 $394.6M5 $105.7M3 $80.3M3 Current assets $112.8M4 $266.9M8 $716.4M5 $599.3M3 $462.2M3 Total assets $128.8M4 $313.8M8 $825.1M5 $711.3M3 $604.0M3 Current liabilities $14.8M4 $56.7M8 $118.2M5 $125.4M3 $104.2M3 Total liabilities $16.9M4 $108.9M8 $339.8M5 $256.5M3 $201.6M3 Shareholders’ equity -$63.7M4 -$121.5M5 -$205.0M3 $485.4M3 $454.8M3 $402.4M3 Shares outstanding 544.2K shares4 44.1M shares8 52.3M shares5 54.3M shares3 57.9M shares3
Cash from operations4 5 3 -$210.3M in 2025+288% since 2021 -$400.0M -$200.0M 0 $200.0M $400.0M 2021: -$54.2M -$54.2M 2021 2022: -$99.3M -$99.3M 2022 +83% 2023: $207.6M $207.6M 2023 2024: -$83.5M -$83.5M 2024 2025: -$210.3M -$210.3M 2025 +152% Capital spending4 5 3 $2.3M in 2025−60% since 2021 0 $10.0M $20.0M $30.0M 2021: $5.8M $5.8M 2021 2022: $2.3M $2.3M 2022 −61% 2023: $21.4M $21.4M 2023 +841% 2024: $13.4M $13.4M 2024 −37% 2025: $2.3M $2.3M 2025 −83% Free cash flow4 5 3 -$212.6M in 2025+254% since 2021 -$300.0M -$200.0M -$100.0M 0 $100.0M $200.0M 2021: -$60.0M -$60.0M 2021 2022: -$101.6M -$101.6M 2022 +69% 2023: $186.1M $186.1M 2023 2024: -$96.9M -$96.9M 2024 2025: -$212.6M -$212.6M 2025 +119% Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Fiscal year 2020 2021 2022 2023 2024 2025 Cash from operations -$54.2M4 -$99.3M5 $207.6M3 -$83.5M3 -$210.3M3 Capital spending $5.8M4 $2.3M5 $21.4M3 $13.4M3 $2.3M3 Free cash flow -$60.0M -$101.6M $186.1M -$96.9M -$212.6M
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Recent filings
Apr 28, 2026 8-K Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 28, 2026 4 Apr 24, 2026 10-K/A Apr 17, 2026 4 Mar 19, 2026 4 Mar 4, 2026 4 Every filing from the last three years, summarized . The full record is on SEC EDGAR.1
