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Company reports as filed with the U.S. Securities and Exchange Commission.
| Metric | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Revenue | 502m | 222m |
| Cost of revenue | 21m | 4m |
| Research and development | 452m | 506m |
| Selling, general and administrative | 531m | 289m |
| Operating expenses | 1.03bn | 815m |
| Operating income | −523m | −593m |
| Pre-tax income | −733m | −542m |
| Income tax | 435,000 | 1m |
| Net income | −725m | −536m |
| Earnings per share | −3.78 | −2.88 |
| Earnings per share, diluted | −3.78 | −2.88 |
| Weighted average shares | 192m | 186m |
| Weighted average shares, diluted | 192m | 186m |
| Metric | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 880m | 570m | 643m | 749m | 541m | 681m | 266m | 408m |
| Short-term investments | — |
| Metric | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Operating cash flow | −446m | −521m |
| Depreciation and amortisation | 5m | 6m |
| Share-based compensation | 133m | 96m |
| Capital expenditure | 1m | 933,000 |
| Investing cash flow | −24m | 61m |
| Share buybacks | 48m |
Amounts in USD unless stated otherwise. Sources: Nasdaq Trader, Yahoo Finance, U.S. Securities and Exchange Commission (EDGAR)
| — |
| 8m |
| — |
| 0 |
| — |
| 40m |
| Receivables | 205m | 139m | 117m | 77m | 115m | 5m | — | — |
| Inventory | 33m | 27m | 25m | 18m | 4m | 0 | — | — |
| Current assets | 1.24bn | 798m | 839m | 912m | 695m | 721m | 445m | 616m |
| Property, plant and equipment | 5m | 5m | 6m | 6m | 7m | 7m | 9m | 10m |
| Total assets | 1.37bn | 936m | 998m | 1.08bn | 882m | 919m | 665m | 794m |
| Current liabilities | 816m | 288m | 217m | 176m | 152m | 154m | 139m | 134m |
| Long-term debt | — | — | — | 0 | 0 | 437m | 436m | 435m |
| Total liabilities | 3.64bn | 3.01bn | 2.92bn | 2.86bn | 2.52bn | 2.38bn | 1.88bn | 1.88bn |
| Equity | −2.28bn | −2.09bn | −1.93bn | −1.78bn | −1.64bn | −1.47bn | −1.22bn | −1.08bn |
| Shares outstanding | 196m | 195m | 193m | 191m | 190m | 190m | 189m | 188m |
| Shares issued | 204m | 202m | 200m | 199m | 197m | 196m | 195m | 194m |
| Treasury shares | 9m | 8m | 8m | 8m | 8m | 6m | 6m | 6m |
| 0 |
| Financing cash flow | 359m | 748m |