TARS: financial statements from SEC

Income statement

Metric	31/03/2026	30/09/2025	30/06/2025	31/03/2025	30/09/2024	30/06/2024
Revenue	162M	119M	103M	78M	48M	41M
Cost of revenue	9M	—	—	5M	—	—
Research and development	22M	16M	16M	14M	12M	12M
Selling, general and administrative	136M	109M	103M	85M	58M	59M
Operating expenses	168M	133M	125M	105M	73M	74M
Operating income	−6M	−15M	−22M	−26M	−25M	−33M
Income tax	2M	—	—	0	—	—
Net income	−7M	−13M	−20M	−25M	−23M	−33M
Earnings per share	−0.16	−0.30	−0.48	−0.64	−0.61	−0.88
Earnings per share, diluted	−0.16	−0.30	−0.48	−0.64	−0.61	−0.88
Weighted average shares	43M	43M	42M	39M	38M	38M
Weighted average shares, diluted	43M	43M	42M	39M	38M	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	31/03/2026	30/09/2025	30/06/2025	31/03/2025	30/09/2024	30/06/2024
Operating cash flow	−25M	—	—	−21M	—	—
Depreciation and amortisation	197,000	200,000	200,000	220,000	200,000	100,000
Share-based compensation	12M	—	—	7M	—	—
Capital expenditure	6M	—	—	590,000	—	—
Investing cash flow	−59M	—	—	−35M	—	—
Financing cash flow	1M	—	—	137M	—	—