RARE: financial statements from SEC

Income statement

Metric	31/12/2025	31/12/2024
Revenue	673M	560M
Cost of revenue	109M	77M
Research and development	750M	698M
Selling, general and administrative	349M	321M
Operating income	−535M	−536M
Pre-tax income	−571M	−567M
Income tax	4M	2M
Net income	−575M	−569M
Earnings per share	−5.83	−6.29
Earnings per share, diluted	−5.83	−6.29
Weighted average shares	99M	91M
Weighted average shares, diluted	99M	91M

Metric	31/03/2026	31/12/2025	30/09/2025	30/06/2025	31/03/2025	31/12/2024	30/09/2024	30/06/2024
Cash and equivalents	175M	421M	203M	176M	127M	174M	151M	481M
Receivables	121M	158M	113M	124M	99M	122M	93M	106M
Inventory	55M	52M	52M	46M	46M	45M	43M	40M
Current assets	657M	951M	643M	720M	699M	817M	800M	965M
Property, plant and equipment	239M	244M	250M	256M	261M	266M	272M	279M
Goodwill	44M	44M	44M	44M	44M	44M	44M	44M
Total assets	1.30B	1.53B	1.19B	1.31B	1.31B	1.50B	1.54B	1.62B
Current liabilities	325M	384M	340M	293M	292M	344M	285M	273M
Total liabilities	1.53B	1.61B	1.17B	1.15B	1.16B	1.24B	1.18B	1.19B
Equity	−236M	−80M	9M	151M	144M	255M	347M	432M
Shares outstanding	98M	97M	96M	96M	94M	93M	92M	92M
Treasury shares	300,000	200,000	173,034	173,034	162,344	100,000	68,923	65,063

Metric	31/12/2025	31/12/2024
Operating cash flow	−466M	−414M
Depreciation and amortisation	35M	36M
Capital expenditure	6M	7M
Investing cash flow	236M	−18M
Financing cash flow	478M	399M