TARS: financial statements from SEC

Income statement

Metric	31/12/2025	31/12/2024
Revenue	451M	183M
Research and development	64M	53M
Selling, general and administrative	427M	237M
Operating expenses	522M	304M
Operating income	−71M	−121M
Pre-tax income	−64M	−116M
Income tax	2M	0
Net income	−66M	−116M
Earnings per share	−1.59	−3.07
Earnings per share, diluted	−1.59	−3.07
Weighted average shares	42M	38M
Weighted average shares, diluted	42M	38M

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	104M	186M	115M	99M	178M	97M	176M	181M
Short-term investments	287M	234M	289M	284M	232M	197M	141M	142M
Receivables	100M	85M	73M	58M	62M	47M	29M	30M
Inventory	5M	4M	4M	4M	3M	3M	3M	2M
Current assets	537M	523M	502M	474M	481M	357M	357M	363M
Property, plant and equipment	18M	12M	6M	3M	3M	2M	2M	2M
Total assets	581M	562M	535M	495M	501M	377M	376M	377M
Current liabilities	144M	136M	117M	90M	86M	81M	66M	52M
Long-term debt	73M	72M	72M	72M	72M	72M	72M	72M
Total liabilities	232M	219M	199M	162M	158M	152M	139M	125M
Equity	349M	343M	335M	333M	342M	225M	237M	252M
Shares outstanding	43M	43M	42M	42M	42M	38M	38M	38M
Shares issued	43M	43M	42M	42M	42M	38M	38M	38M

Metric	31/12/2025	31/12/2024
Operating cash flow	−12M	−83M
Depreciation and amortisation	855,000	685,000
Share-based compensation	42M	28M
Capital expenditure	10M	2M
Investing cash flow	−42M	−199M
Financing cash flow	143M	155M