Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025 -3977.3% Operating margin4 72.1% Revenue growth, 20254 Where the money goes Where each dollar of revenue went, fiscal 2025 Research and development
Research and development 100¢ $559.2M Out of $18.8M in revenue.4 The company lost money this year.
Financial statements
Income statement Balance sheet Cash flow
Annual Quarterly
Revenue5 6 7 8 4 $18.8M in 2025+709% since 2019 0 $5.0M $10.0M $15.0M $20.0M 2019: $2.3M $2.3M 2019 2020: $6.8M $6.8M 2020 +193% 2021: $9.3M $9.3M 2021 +37% 2022: $9.2M $9.2M 2022 −1% 2023: $9.6M $9.6M 2023 +4% 2024: $10.9M $10.9M 2024 +14% 2025: $18.8M $18.8M 2025 +72% Operating income5 6 7 8 4 -$745.9M in 2025+4204% since 2019 -$800.0M -$600.0M -$400.0M -$200.0M 0 2019: -$17.3M -$17.3M 2019 2020: -$44.3M -$44.3M 2020 +155% 2021: -$118.1M -$118.1M 2021 +167% 2022: -$178.9M -$178.9M 2022 +52% 2023: -$235.6M -$235.6M 2023 +32% 2024: -$378.9M -$378.9M 2024 +61% 2025: -$745.9M -$745.9M 2025 +97% Net income5 6 7 8 4 -$684.6M in 2025+2668% since 2019 -$800.0M -$600.0M -$400.0M -$200.0M 0 2019: -$24.7M -$24.7M 2019 2020: -$44.4M -$44.4M 2020 +79% 2021: -$118.0M -$118.0M 2021 +166% 2022: -$174.0M -$174.0M 2022 +47% 2023: -$212.2M -$212.2M 2023 +22% 2024: -$322.3M -$322.3M 2024 +52% 2025: -$684.6M -$684.6M 2025 +112%
Revenue9 10 $3.0M in Q2 FY2026−85% since Q1 FY2026 0 $5.0M $10.0M $15.0M $20.0M Q1 FY2026: $19.6M $19.6M Q1 FY2026 Q2 FY2026: $3.0M $3.0M Q2 FY2026 −85% Operating income9 10 -$22.6M in Q2 FY2026+31% since Q1 FY2026 -$30.0M -$20.0M -$10.0M 0 Q1 FY2026: -$17.3M -$17.3M Q1 FY2026 Q2 FY2026: -$22.6M -$22.6M Q2 FY2026 +31% Net income9 10 -$20.2M in Q2 FY2026+21% since Q1 FY2026 -$30.0M -$20.0M -$10.0M 0 Q1 FY2026: -$16.6M -$16.6M Q1 FY2026 Q2 FY2026: -$16.6M -$16.6M Q2 FY2026 +0% Q2 FY2026: -$20.2M -$20.2M Q2 FY2026 +21%
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Revenue $2.3M5 $6.8M6 $9.3M7 $9.2M8 $9.6M4 $10.9M4 $18.8M4 Research and development $14.5M5 $37.6M6 $101.2M7 $150.4M8 $191.0M4 $303.6M4 $559.2M4 Operating income -$17.3M5 -$44.3M6 -$118.1M7 -$178.9M8 -$235.6M4 -$378.9M4 -$745.9M4 Interest $7.4M5 $209.0K6 $06 $06 Income tax $05 $06 $07 $08 $04 $04 $04 Net income -$24.7M5 -$44.4M6 -$118.0M7 -$174.0M8 -$212.2M4 -$322.3M4 -$684.6M4 Earnings per share -$2.056 -$2.857 -$3.348 -$2.914 -$2.894 -$4.974 Earnings per share (diluted) -$2.056 -$2.857 -$3.348 -$2.914 -$2.894 -$4.974
Total assets11 5 6 7 8 4 $2.0B in 2025+1921% since 2019 0 $500.0M $1.0B $1.5B $2.0B 2019: $96.9M $96.9M 2019 2020: $333.9M $333.9M 2020 +245% 2021: $427.6M $427.6M 2021 +28% 2022: $638.8M $638.8M 2022 +49% 2023: $628.6M $628.6M 2023 −2% 2024: $1.6B $1.6B 2024 +149% 2025: $2.0B $2.0B 2025 +25% Total liabilities11 5 6 7 8 4 $269.4M in 2025+878% since 2019 0 $100.0M $200.0M $300.0M 2019: $27.5M $27.5M 2019 2020: $27.7M $27.7M 2020 +0% 2021: $46.1M $46.1M 2021 +67% 2022: $60.7M $60.7M 2022 +32% 2023: $127.8M $127.8M 2023 +110% 2024: $138.9M $138.9M 2024 +9% 2025: $269.4M $269.4M 2025 +94% Shareholders’ equity6 7 8 4 $1.7B in 2025-$500.0M 0 $500.0M $1.0B $1.5B $2.0B 2019: -$65.4M -$65.4M 2019 2020: $306.2M $306.2M 2020 2021: $381.4M $381.4M 2021 +25% 2022: $578.1M $578.1M 2022 +52% 2023: $500.8M $500.8M 2023 −13% 2024: $1.4B $1.4B 2024 +185% 2025: $1.7B $1.7B 2025 +19% Cash11 5 6 7 8 4 $382.5M in 2025+304% since 2019 0 $100.0M $200.0M $300.0M $400.0M 2019: $94.6M $94.6M 2019 2020: $321.5M $321.5M 2020 +240% 2021: $320.4M $320.4M 2021 −0% 2022: $340.4M $340.4M 2022 +6% 2023: $185.1M $185.1M 2023 −46% 2024: $219.9M $219.9M 2024 +19% 2025: $382.5M $382.5M 2025 +74%
Total assets9 10 $280.5M in Q2 FY2026+3258% since Q1 FY2025 0 $100.0M $200.0M $300.0M Q1 FY2025: $8.4M $8.4M Q1 FY2025 Q2 FY2025: $8.4M $8.4M Q2 FY2025 +0% Q1 FY2026: $292.4M $292.4M Q1 FY2026 +3400% Q2 FY2026: $280.5M $280.5M Q2 FY2026 −4% Total liabilities9 10 $65.9M in Q2 FY2026−7% since Q1 FY2025 0 $20.0M $40.0M $60.0M $80.0M Q1 FY2025: $71.1M $71.1M Q1 FY2025 Q2 FY2025: $71.1M $71.1M Q2 FY2025 +0% Q1 FY2026: $58.3M $58.3M Q1 FY2026 −18% Q2 FY2026: $65.9M $65.9M Q2 FY2026 +13% Shareholders’ equity9 10 $214.6M in Q2 FY2026-$100.0M 0 $100.0M $200.0M $300.0M Q1 FY2025: -$62.7M -$62.7M Q1 FY2025 Q2 FY2025: -$62.7M -$62.7M Q2 FY2025 +0% Q1 FY2026: $234.1M $234.1M Q1 FY2026 Q2 FY2026: $234.1M $234.1M Q2 FY2026 +0% Q2 FY2026: $214.6M $214.6M Q2 FY2026 −8% Cash9 10 $72.3M in Q2 FY20260 $100.0M $200.0M $300.0M Q1 FY2025: $0 $0 Q1 FY2025 Q2 FY2025: $0 $0 Q2 FY2025 Q1 FY2026: $267.8M $267.8M Q1 FY2026 Q2 FY2026: $72.3M $72.3M Q2 FY2026 −73%
Fiscal year 2019 2020 2021 2022 2023 2024 2025 Cash $94.6M11 $321.5M5 $320.4M6 $340.4M7 $185.1M8 $219.9M4 $382.5M4 Current assets $95.7M11 $331.7M5 $411.1M6 $622.9M7 $611.3M8 $1.5B4 $1.8B4 Total assets $96.9M11 $333.9M5 $427.6M6 $638.8M7 $628.6M8 $1.6B4 $2.0B4 Current liabilities $10.2M11 $14.6M5 $29.7M6 $51.9M7 $80.7M8 $98.0M4 $195.4M4 Long-term debt $1.8M11 Total liabilities $27.5M11 $27.7M5 $46.1M6 $60.7M7 $127.8M8 $138.9M4 $269.4M4 Shareholders’ equity -$65.4M6 $306.2M7 $381.4M8 $578.1M4 $500.8M4 $1.4B4 $1.7B4 Shares outstanding 3.0M shares11 37.6M shares5 47.8M shares6 69.8M shares7 79.3M shares8 119.9M shares4 151.2M shares4
Cash from operations5 6 7 8 4 -$650.4M in 2025-$800.0M -$600.0M -$400.0M -$200.0M 0 $200.0M 2019: $2.5M $2.5M 2019 2020: -$37.1M -$37.1M 2020 2021: -$94.8M -$94.8M 2021 +155% 2022: -$136.3M -$136.3M 2022 +44% 2023: -$119.1M -$119.1M 2023 −13% 2024: -$300.9M -$300.9M 2024 +153% 2025: -$650.4M -$650.4M 2025 +116% Capital spending5 6 7 8 4 $13.3M in 2025+5568% since 2019 0 $5.0M $10.0M $15.0M 2019: $235.0K $235.0K 2019 2020: $1.1M $1.1M 2020 +365% 2021: $3.7M $3.7M 2021 +242% 2022: $2.8M $2.8M 2022 −25% 2023: $4.2M $4.2M 2023 +50% 2024: $7.1M $7.1M 2024 +67% 2025: $13.3M $13.3M 2025 +88% Free cash flow5 6 7 8 4 -$663.8M in 2025-$800.0M -$600.0M -$400.0M -$200.0M 0 $200.0M 2019: $2.3M $2.3M 2019 2020: -$38.2M -$38.2M 2020 2021: -$98.6M -$98.6M 2021 +158% 2022: -$139.1M -$139.1M 2022 +41% 2023: -$123.3M -$123.3M 2023 −11% 2024: -$307.9M -$307.9M 2024 +150% 2025: -$663.8M -$663.8M 2025 +116%
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 $2.5M5 -$37.1M6 -$94.8M7 -$136.3M8 -$119.1M4 -$300.9M4 -$650.4M4 Capital spending $235.0K5 $1.1M6 $3.7M7 $2.8M8 $4.2M4 $7.1M4 $13.3M4 Free cash flow $2.3M -$38.2M -$98.6M -$139.1M -$123.3M -$307.9M -$663.8M
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Subsidiaries and ownership
Parent company
From Wikidata.1
Timeline
Jun 6, 2020 Went public Listed on NASDAQ1
Recent filings
Oct 9, 2026 8-K/A Oct 8, 2026 8-K Sep 22, 2026 4 Sep 22, 2026 4 Sep 22, 2026 4 Sep 22, 2026 4 Sep 22, 2026 4 Sep 22, 2026 4 Sep 22, 2026 4 Sep 22, 2026 4 Aug 14, 2026 SCHEDULE 13G/A Aug 14, 2026 SCHEDULE 13G Aug 14, 2026 SCHEDULE 13G/A Aug 13, 2026 8-K Aug 13, 2026 10-Q
Every filing from the last three years, summarized . The full record is on SEC EDGAR.2