10-Year Performance
Revenue, net income, margins and EPS trends
06
Revenue$277M2017-12-31 → 2025-12-31
EPS$-0.392020-12-31 → 2025-12-31
Free Cash Flow$-49M2019-12-31 → 2025-12-31
Net margin-20.7%2019-12-31 → 2025-12-31
Valuation & Ratios07–12
Valuation
P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
ADPT
5Y avg
Peer Median
Verdict
P/E (TTM)
-70.95Y avg ≈-14.9
≈-14.9
·
·
P/S (TTM)
14.65Y avg ≈9.9
≈9.9
4.6
Overvalued
P/B (MRQ)
31.65Y avg ≈5.4
≈5.4
3.5
Overvalued
EV / EBITDA
-77.45Y avg ≈-18.1
≈-18.1
·
·
Price / FCF (TTM)
-187.65Y avg ≈-17.1
≈-17.1
·
·
Price / Cash Flow (TTM)
-214.65Y avg ≈-18.9
≈-18.9
·
·
EV / Revenue
16.05Y avg ≈6.4
≈6.4
·
·
EV / FCF
-90.35Y avg ≈-22.2
≈-22.2
·
·
Price / Tangible Book (MRQ)
31.75Y avg ≈10.4
≈10.4
·
·
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability
Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
ADPT
5Y avg
Peer Median
Verdict
Operating Margin (TTM)
-12.2%5Y avg ≈-97.6%
≈-97.6%
6.4%
Weak
EBITDA Margin
-20.6%5Y avg ≈-97.6%
≈-97.6%
7.0%
Weak
Pretax Margin
-21.5%5Y avg ≈-97.1%
≈-97.1%
5.9%
Weak
Net Profit Margin (TTM)
-20.7%5Y avg ≈-97.0%
≈-97.0%
2.4%
Weak
ROA (TTM)
-11.2%5Y avg ≈-22.1%
≈-22.1%
-0.64%
Weak
ROE (TTM)
-39.6%5Y avg ≈-43.4%
≈-43.4%
-0.84%
Weak
ROIC
-16.3%
·
-1.8%
Weak
Financial Health
Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
ADPT
5Y avg
Peer Median
Verdict
Debt / Equity (MRQ)
0.05Y avg ≈0.6
≈0.6
0.7
Low debt
Current Ratio (MRQ)
4.85Y avg ≈3.9
≈3.9
3.0
Strong liquidity
Quick Ratio
1.35Y avg ≈1.2
≈1.2
2.2
Strong liquidity
Long-Term Debt / Equity (MRQ)
0.05Y avg ≈0.6
≈0.6
0.7
Low debt
Interest Coverage
-4.85Y avg ≈-20.6
≈-20.6
3.7
Low liquidity
Growth
Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
ADPT
5Y avg
Peer Median
Verdict
Revenue YoY
54.8%5Y avg ≈25.7%
≈25.7%
·
·
Revenue CAGR 3Y
14.3%5Y avg ≈13.2%
≈13.2%
·
·
Revenue CAGR 5Y
23.0%
·
·
·
Per Share Metrics
EPS, book value per share, cash flow per share, dividend per share
Metric
5Y trend
ADPT
5Y avg
Peer Median
Verdict
EPS (Diluted)
$-0.395Y avg ≈$-1.18
≈$-1.18
·
·
Revenue / Share
$1.835Y avg ≈$1.38
≈$1.38
·
·
Cash Flow / Share
$-0.305Y avg ≈$-0.83
≈$-0.83
·
·
Cash / Share
$0.465Y avg ≈$0.57
≈$0.57
·
·
Capital Efficiency
Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
ADPT
5Y avg
Peer Median
Verdict
Asset Turnover
0.55Y avg ≈0.3
≈0.3
0.5
In line
Inventory Turnover
7.85Y avg ≈5.1
≈5.1
4.0
Top tier
Receivables Turnover
6.05Y avg ≈6.5
≈6.5
6.2
Weak
Revenue / Employee
≈$443.9K
·
·
·
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History
EPS actual vs estimate, surprise %, beat rate, next earnings date
14
Avg Surprise51.3%
Next ReportNov 03, 2026
Period
Report
EPS Actual
EPS Est
Surprise
June 30, 2026
Aug 3, 2026
$-0.10
$-0.14
26.7%
March 31, 2026
$-0.12
$-0.16
26.5%
Dec. 31, 2025
$-0.09
$-0.18
51.3%
Sept. 30, 2025
$0.06
$-0.15
140.2%
June 30, 2025
$-0.17
$-0.24
30.2%
March 31, 2025
$-0.20
$-0.30
33.0%
Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
15
Income Statement15
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Revenue
$277M
$179M
$170M
$185M
$154M
$98M
$85M
$56M
Cost of Revenue
$71M
$72M
$76M
$58M
$49M
$23M
$22M
$20M
R&D Expense
$94M
$103M
$122M
$142M
$142M
$116M
$71M
$39M
SG&A Expense
$73M
$73M
$84M
$89M
$75M
$50M
$30M
$20M
Operating Expenses
$334M
$342M
$397M
$385M
$363M
$251M
$163M
$105M
Operating Income
$-57M
$-163M
$-227M
$-200M
$-209M
$-153M
$-78M
$-50M
Interest Expense
$12M
$12M
$14M
$4M
·
·
·
·
Pretax Income
$-59M
$-160M
$-225M
$-200M
$-207M
$-146M
$-69M
·
Income Tax
$0
$0
$0
·
·
·
$0
·
Net Income
$-59M
$-159M
$-225M
$-200M
$-207M
$-146M
$-69M
$-46M
EPS (Basic)
$-0.39
$-1.08
$-1.56
$-1.40
$-1.48
$-1.11
·
·
EPS (Diluted)
$-0.39
$-1.08
$-1.56
$-1.40
$-1.48
$-1.11
·
·
Shares (Basic)
151,721,939
147,101,648
144,383,294
142,515,917
140,354,915
131,216,468
·
·
Shares (Diluted)
151,721,939
147,101,648
144,383,294
142,515,917
140,354,915
131,216,468
·
·
EBITDA
$-57M
$-163M
$-227M
$-200M
$-209M
$-153M
$-78M
·
Balance Sheet27
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Cash & Equivalents
$70M
$48M
$65M
$90M
$139M
$123M
$97M
$55M
Receivables
$50M
$42M
$38M
$40M
$17M
$10M
$13M
$5M
Inventory
$10M
$8M
$14M
$14M
$19M
$14M
$9M
$8M
Prepaid Expense
$13M
$11M
$11M
$9M
$13M
$15M
$14M
$3M
Current Assets
$300M
$284M
$410M
$562M
$403M
$727M
$613M
$181M
PP&E (Net)
$34M
$49M
$68M
$83M
$85M
$40M
$60M
$19M
PP&E (Gross)
$130M
$136M
$141M
$138M
$121M
$64M
$78M
$32M
Accum. Depreciation
$96M
$88M
$73M
$54M
$36M
$24M
$18M
$12M
Goodwill
$119M
$119M
$119M
$119M
$119M
$119M
$119M
$119M
Intangibles
$2M
$3M
$5M
$7M
$9M
$10M
$12M
$14M
Other Non-current Assets
$1M
$2M
$4M
$2M
$875.0K
$598.0K
$784.0K
$186.0K
Total Assets
$513M
$539M
$661M
$857M
$923M
$1.12B
$912M
$333M
Accounts Payable
$6M
$7M
$8M
$8M
$3M
$3M
$4M
$2M
Accrued Liabilities
$8M
$8M
$9M
$12M
$9M
$13M
$4M
$3M
Current Liabilities
$90M
$98M
$88M
$110M
$114M
$105M
$78M
$23M
Capital Leases
$70M
$79M
$89M
$99M
$107M
$104M
·
·
Other Non-current Liabilities
$20.0K
$20.0K
·
·
·
·
$93.0K
·
Total Liabilities
$288M
$337M
$353M
$393M
$319M
$373M
$341M
$30M
Long-term Debt
$131M
$133M
·
·
·
·
·
·
Total Debt
$131M
$133M
$131M
·
·
·
·
·
Common Stock
$15.0K
$14.0K
$14.0K
$14.0K
$14.0K
$14.0K
$12.0K
$1.0K
Paid-in Capital
$1.58B
$1.51B
$1.45B
$1.39B
$1.32B
$1.25B
$936M
$38M
Retained Earnings
$-1.36B
$-1.30B
$-1.14B
$-919M
$-719M
$-512M
$-365M
$-296M
AOCI
$253.0K
$166.0K
$215.0K
$-4M
$-1M
$893.0K
$671.0K
$-107.0K
Stockholders' Equity
$219M
$203M
$308M
$464M
$604M
$743M
$571M
$-258M
Liabilities + Equity
$513M
$539M
$661M
$857M
$923M
$1.12B
$912M
$333M
Shares Outstanding
153,779,418
147,773,744
145,082,271
143,105,002
141,393,865
137,646,896
125,238,142
12,841,536
Cash Flow13
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
D&A
$16M
$17M
$20M
$21M
·
·
·
·
Stock-based Comp
$51M
$54M
$63M
$55M
$43M
$25M
$13M
$11M
Amort. of Intangibles
$2M
$2M
$2M
$2M
$2M
$2M
$2M
$2M
Restructuring
·
$2M
·
$2M
·
·
·
·
Operating Cash Flow
$-46M
$-95M
$-156M
$-184M
$-193M
$-150M
$205M
$-32M
CapEx
$3M
$4M
$11M
$16M
$62M
$19M
$11M
$6M
Investing Cash Flow
$38M
$78M
$130M
$3M
$181M
$-117M
$-482M
$736.0K
Stock Issued
·
·
·
·
·
$272M
$321M
·
Net Stock Activity
·
·
·
·
·
$272M
·
·
Financing Cash Flow
$30M
$241.0K
$2M
$132M
$27M
$294M
$320M
$1M
Net Change in Cash
$22M
$-17M
$-24M
$-49M
$16M
$27M
$44M
$-30M
Free Cash Flow
$-49M
$-99M
$-167M
$-200M
$-254M
$-168M
$194M
·
Levered FCF
$-61M
·
·
·
·
·
·
·
Profitability7
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Operating Margin
-20.6%
-90.8%
-133.3%
-108.0%
-135.4%
-155.3%
-92.2%
·
Net Margin
-21.5%
-89.1%
-132.3%
-108.0%
-134.3%
-148.6%
-80.7%
·
Pretax Margin
-21.5%
-89.2%
-132.3%
-108.1%
-134.3%
·
·
·
EBITDA Margin
-20.6%
-90.8%
-133.3%
-108.0%
-135.4%
-155.3%
-92.2%
·
ROA
-11.3%
-26.6%
-29.7%
-22.5%
-20.3%
-14.4%
-11.0%
·
ROE
-28.2%
-62.4%
-58.3%
-37.5%
-30.8%
-23.0%
-11.9%
·
ROIC
-16.3%
·
·
·
·
·
·
·
Liquidity & Solvency5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Current Ratio
3.3
2.9
4.7
5.1
3.5
6.9
7.8
·
Quick Ratio
1.3
0.9
1.2
1.2
1.4
1.3
1.4
·
Debt / Equity
0.6
0.7
0.4
·
·
·
·
·
LT Debt / Equity
0.6
0.7
0.4
·
·
·
·
·
Interest Coverage
-4.8
-14.0
-16.5
-47.2
·
·
·
·
Efficiency3
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Asset Turnover
0.5
0.3
0.2
0.2
0.2
0.1
0.1
·
Inventory Turnover
7.8
6.3
5.2
3.4
3.0
1.9
2.6
·
Receivables Turnover
6.0
4.5
4.4
6.4
11.2
8.7
9.7
·
Per Share5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Book Value / Share
$1.42
$1.37
$2.13
$3.24
$4.27
$5.40
$4.56
·
Revenue / Share
$1.83
$1.22
$1.18
$1.30
·
·
·
·
Cash Flow / Share
$-0.30
$-0.65
$-1.08
$-1.29
·
·
·
·
Cash / Share
$0.46
$0.32
$0.45
$0.63
$0.98
$0.90
$0.77
·
EPS (TTM)
$-0.39
$-1.08
$-1.56
$-1.40
$-1.48
$-1.11
·
·
Growth Rates3
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Revenue YoY
54.8%
5.1%
-8.1%
20.1%
56.9%
·
·
·
Revenue CAGR 3Y
14.3%
5.1%
20.1%
·
·
·
·
·
Revenue CAGR 5Y
23.0%
·
·
·
·
·
·
·
Valuation (TTM)14
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
Revenue TTM
$277M
$179M
$170M
$185M
$154M
$98M
$85M
·
Net Income TTM
$-59M
$-159M
$-225M
$-200M
$-207M
$-146M
$-69M
·
Market Cap
$2.50B
$886M
$711M
$1.09B
$3.97B
$8.14B
$3.75B
·
Enterprise Value
$2.56B
$971M
$776M
·
·
·
·
·
P/E
-41.6
-5.6
-3.1
-5.5
-19.0
-53.3
·
·
P/S
9.0
5.0
4.2
5.9
25.7
82.7
44.0
·
P/B
11.4
4.4
2.3
2.4
6.6
11.0
6.6
·
P / Tangible Book
25.5
11.0
3.9
3.2
8.3
13.3
·
·
P / Cash Flow
-54.3
-9.3
-4.5
-5.9
-20.6
-54.4
18.2
·
P / FCF
-51.0
-9.0
-4.3
-5.5
-15.6
-48.3
19.3
·
EV / EBITDA
-44.8
-6.0
-3.4
·
·
·
·
·
EV / FCF
-52.3
-9.8
-4.6
·
·
·
·
·
EV / Revenue
9.2
5.4
4.6
·
·
·
·
·
Earnings Yield
-2.4%
-18.0%
-31.8%
-18.3%
-5.3%
-1.9%
·
·
Income Statement13
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
Revenue
$72M
$71M
$72M
$94M
$59M
$52M
$47M
$46M
$43M
$42M
$46M
$38M
$49M
$38M
$48M
$44M
Cost of Revenue
$20M
$19M
$18M
$18M
$18M
$17M
$18M
$17M
$19M
$18M
$20M
$19M
$18M
$19M
$15M
$13M
R&D Expense
$19M
$24M
$22M
$24M
$24M
$24M
$23M
$24M
$25M
$30M
$29M
$29M
$32M
$33M
$36M
$37M
SG&A Expense
$21M
$21M
$20M
$18M
$18M
$17M
$18M
$17M
$18M
$20M
$21M
$20M
$22M
$21M
$21M
$21M
Operating Expenses
$87M
$90M
$84M
$84M
$84M
$82M
$81M
$79M
$91M
$91M
$117M
$89M
$97M
$95M
$93M
$96M
Operating Income
$-16M
$-19M
$-13M
$10M
$-25M
$-30M
$-34M
$-33M
$-47M
$-49M
$-71M
$-51M
$-48M
$-57M
$-45M
$-53M
Interest Expense
$3M
$3M
$3M
$3M
$3M
$3M
$3M
$3M
$3M
$3M
$3M
$4M
$4M
$4M
$653.0K
·
Net Income
$-40M
$-20M
$-14M
$10M
$-26M
$-30M
$-34M
$-32M
$-46M
$-48M
$-69M
$-50M
$-48M
$-58M
$-45M
$-52M
EPS (Basic)
$-0.25
$-0.13
$-0.08
$0.06
$-0.17
$-0.20
$-0.22
$-0.22
$-0.31
$-0.33
$-0.48
$-0.35
$-0.33
$-0.40
$-0.32
$-0.37
EPS (Diluted)
$-0.25
$-0.13
$-0.08
$0.06
$-0.17
$-0.20
$-0.22
$-0.22
$-0.31
$-0.33
$-0.48
$-0.35
$-0.33
$-0.40
$-0.32
$-0.37
Shares (Basic)
159,855,257
155,521,048
·
152,432,307
152,082,284
149,195,028
·
147,516,398
147,414,095
145,787,527
·
144,704,868
144,397,693
143,511,142
142,928,654
142,363,589
Shares (Diluted)
159,855,257
155,521,048
·
163,162,107
152,082,284
149,195,028
·
147,516,398
147,414,095
145,787,527
·
144,704,868
144,397,693
143,511,142
142,928,654
142,363,589
EBITDA
$-16M
$-19M
·
$10M
$-25M
$-30M
·
$-33M
$-47M
$-49M
·
$-51M
$-48M
$-57M
$-45M
$-53M
Balance Sheet27
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
Cash & Equivalents
$170M
$78M
$70M
$55M
$43M
$51M
$48M
$38M
$60M
$71M
·
$89M
$109M
$95M
$218M
$76M
Receivables
$50M
$48M
$50M
$45M
$44M
$44M
$42M
$41M
$36M
$42M
·
$31M
$32M
$31M
$27M
$24M
Inventory
$10M
$11M
$10M
$10M
$8M
$9M
$8M
$12M
$13M
$13M
·
$19M
$19M
$20M
$17M
$19M
Prepaid Expense
$16M
$14M
$13M
$14M
$11M
$11M
$11M
$12M
$11M
$10M
·
$13M
$9M
$10M
$12M
$12M
Current Assets
$421M
$292M
$300M
$281M
$262M
$256M
$284M
$308M
$352M
$374M
·
$435M
$477M
$501M
$564M
$439M
PP&E (Net)
$29M
$31M
$34M
$37M
$41M
$44M
$49M
$51M
$55M
$65M
·
$77M
$79M
$81M
$87M
$87M
PP&E (Gross)
·
·
$130M
·
·
·
$136M
·
·
·
·
·
·
·
·
·
Accum. Depreciation
·
·
$96M
·
·
·
$88M
·
·
·
·
·
·
·
·
·
Goodwill
$119M
$119M
$119M
$119M
$119M
$119M
$119M
$119M
$119M
$119M
·
$119M
$119M
$119M
$119M
$119M
Intangibles
$884.0K
$1M
$2M
$2M
$3M
$3M
$3M
$4M
$4M
$5M
·
$6M
$6M
$6M
$7M
$8M
Other Non-current Assets
$1M
$1M
$1M
$2M
$2M
$2M
$2M
$3M
$3M
$3M
·
$3M
$3M
$2M
$2M
$778.0K
Total Assets
$641M
$506M
$513M
$491M
$497M
$511M
$539M
$559M
$585M
$620M
·
$718M
$765M
$791M
$884M
$807M
Accounts Payable
$5M
$10M
$6M
$10M
$7M
$6M
$7M
$7M
$10M
$12M
·
$4M
$9M
$6M
$4M
$3M
Accrued Liabilities
$11M
$7M
$8M
$7M
$7M
$8M
$8M
$6M
$7M
$8M
·
$10M
$8M
$8M
$11M
$9M
Current Liabilities
$88M
$87M
$90M
$83M
$92M
$88M
$98M
$88M
$88M
$83M
·
$93M
$95M
$90M
$104M
$111M
Capital Leases
$67M
$69M
$70M
$72M
$74M
$76M
$79M
$82M
$84M
$87M
·
$92M
$94M
$96M
$101M
$103M
Other Non-current Liabilities
$20.0K
$20.0K
$20.0K
$20.0K
$20.0K
$20.0K
$20.0K
$20.0K
$20.0K
·
·
·
·
·
·
·
Total Liabilities
$490M
$282M
$288M
$286M
$317M
$321M
$337M
$335M
$343M
$346M
·
$356M
$369M
$368M
$396M
$288M
Long-term Debt
$0
$131M
$131M
$132M
$134M
$134M
$133M
·
·
·
·
$130M
·
·
·
·
Total Debt
$0
$131M
·
$132M
$134M
$134M
·
$133M
$132M
$132M
·
$130M
·
·
·
·
Common Stock
$16.0K
$16.0K
$15.0K
$15.0K
$15.0K
$15.0K
$14.0K
$14.0K
$14.0K
$14.0K
·
$14.0K
$14.0K
$14.0K
$14.0K
$14.0K
Paid-in Capital
$1.57B
$1.60B
$1.58B
$1.55B
$1.54B
$1.52B
$1.51B
$1.49B
$1.48B
$1.47B
·
$1.44B
$1.42B
$1.40B
$1.37B
$1.36B
Retained Earnings
$-1.42B
$-1.38B
$-1.36B
$-1.35B
$-1.36B
$-1.33B
$-1.30B
$-1.27B
$-1.24B
$-1.19B
·
$-1.07B
$-1.02B
$-977M
$-879M
$-834M
AOCI
$-212.0K
$-28.0K
$253.0K
$211.0K
$73.0K
$134.0K
$166.0K
$497.0K
$-182.0K
$-106.0K
·
$-250.0K
$-893.0K
$-2M
$-6M
$-6M
Stockholders' Equity
$143M
$216M
$219M
$204M
$180M
$190M
$203M
$224M
$242M
$275M
·
$362M
$396M
$424M
$488M
$518M
Liabilities + Equity
$641M
$506M
$513M
$491M
$497M
$511M
$539M
$559M
$585M
$620M
·
$718M
$765M
$791M
$884M
$807M
Shares Outstanding
159,059,622
159,697,221
153,779,418
152,581,042
152,234,772
151,916,722
147,773,744
147,561,586
147,462,201
147,368,324
·
144,772,751
144,645,118
144,279,969
142,987,127
142,784,868
Cash Flow10
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
D&A
·
$3M
$3M
$4M
$4M
$4M
$4M
$4M
$5M
$5M
$3M
$6M
$6M
$5M
·
·
Stock-based Comp
$11M
$12M
$13M
$13M
$13M
$12M
$13M
$14M
$13M
$14M
$16M
$15M
$17M
$15M
$14M
$14M
Amort. of Intangibles
$423.0K
$419.0K
$429.0K
$428.0K
$423.0K
$419.0K
$428.0K
$428.0K
$424.0K
$423.0K
$429.0K
$428.0K
$423.0K
$419.0K
$428.0K
$423.0K
Restructuring
·
$643.0K
·
·
·
$0
$87.0K
$193.0K
$680.0K
$1M
·
·
·
·
·
·
Operating Cash Flow
$-6M
$-10M
$2M
$-7M
$-12M
$-28M
$-12M
$-27M
$-17M
$-38M
$-27M
$-47M
$-24M
$-59M
$-42M
$-47M
CapEx
$1M
$796.0K
$636.0K
$409.0K
$655.0K
$1M
$80.0K
$344.0K
$2M
$2M
$1M
$3M
$4M
$3M
$5M
$5M
Investing Cash Flow
$-43M
$9M
$-8M
$17M
$3M
$26M
$22M
$5M
$6M
$45M
$3M
$26M
$37M
$63M
$58M
$5M
Financing Cash Flow
$142M
$8M
$22M
$2M
$2M
$5M
$127.0K
$40.0K
$30.0K
$44.0K
$87.0K
$17.0K
$1M
$672.0K
$126M
$4M
Net Change in Cash
$92M
$7M
$15M
$12M
$-7M
$3M
$10M
$-22M
$-11M
$6M
$-24M
$-21M
$15M
$4M
$141M
$-38M
Free Cash Flow
·
$-10M
·
·
·
$-30M
·
·
·
$-40M
·
·
·
$-62M
·
·
Profitability5
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
Operating Margin
-22.0%
-27.1%
·
10.9%
-42.5%
-56.5%
·
-70.3%
-109.6%
-116.5%
·
-134.4%
-97.7%
-151.9%
-95.0%
-120.2%
Net Margin
-55.6%
-28.3%
·
10.2%
-43.5%
-56.9%
·
-69.1%
-107.0%
-113.5%
·
-132.7%
-97.7%
-153.3%
-94.7%
-119.2%
EBITDA Margin
-22.0%
-27.1%
·
10.9%
-42.5%
-56.5%
·
-70.3%
-109.6%
-116.5%
·
-134.4%
-97.7%
-151.9%
-95.0%
-120.2%
ROA
-7.0%
-3.9%
·
1.8%
-4.7%
-5.3%
·
-5.0%
-6.9%
-6.7%
·
-6.3%
-6.1%
-7.0%
-4.8%
-5.7%
ROE
-24.7%
-9.8%
·
4.5%
-12.2%
-12.8%
·
-10.9%
-14.5%
-13.6%
·
-11.8%
-10.5%
-11.8%
-8.0%
-8.6%
Liquidity & Solvency5
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
Current Ratio
4.8
3.4
·
3.4
2.8
2.9
·
3.5
4.0
4.5
·
4.7
5.0
5.6
5.4
3.9
Quick Ratio
2.5
1.4
·
1.2
0.9
1.1
·
0.9
1.1
1.4
·
1.3
1.5
1.4
2.3
0.9
Debt / Equity
0.0
0.6
·
0.6
0.7
0.7
·
0.6
0.5
0.5
·
0.4
·
·
·
·
LT Debt / Equity
0.0
0.6
·
0.6
0.7
0.7
·
0.6
0.5
0.5
·
0.4
·
·
·
·
Interest Coverage
-5.9
-6.6
·
3.5
-8.5
-10.2
·
-11.1
-17.6
-16.3
·
-14.0
-13.3
-16.2
-69.6
·
Efficiency3
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
Asset Turnover
0.1
0.1
·
0.2
0.1
0.1
·
0.1
0.1
0.1
·
0.0
0.1
0.0
0.1
0.0
Inventory Turnover
2.1
1.9
·
1.7
1.7
1.5
·
1.1
1.2
1.1
·
1.1
0.9
0.9
0.8
0.7
Receivables Turnover
1.5
1.5
·
2.2
1.5
1.2
·
1.3
1.3
1.1
·
1.3
1.8
1.4
2.2
2.3
Per Share5
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
Book Value / Share
$0.90
$1.35
·
$1.34
$1.18
$1.25
·
$1.52
$1.64
$1.87
·
$2.50
$2.74
$2.94
$3.41
$3.63
Revenue / Share
$0.45
$0.46
·
$0.58
$0.39
$0.35
·
$0.31
$0.29
$0.29
·
$0.26
$0.34
$0.26
$0.33
$0.31
Cash Flow / Share
·
$-0.06
·
·
·
$-0.19
·
·
·
$-0.26
·
·
·
$-0.41
·
·
Cash / Share
$1.07
$0.49
·
$0.36
$0.28
$0.33
·
$0.26
$0.41
$0.48
·
$0.61
$0.76
$0.66
$1.52
$0.54
EPS (TTM)
$-0.40
$-0.32
·
$-0.53
$-0.81
$-0.95
·
$-1.34
$-1.47
$-1.49
·
$-1.35
$-1.32
$-1.36
$-1.57
$-1.65
Valuation (TTM)11
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q3 2022
Q2 2022
Revenue TTM
$308M
$295M
·
$253M
$205M
$190M
·
$177M
$169M
$175M
·
$180M
$190M
$184M
$168M
$160M
Net Income TTM
$-64M
$-50M
·
$-80M
$-121M
$-142M
·
$-195M
$-213M
$-215M
·
$-196M
$-191M
$-195M
$-221M
$-232M
Market Cap
$3.41B
$2.22B
·
$2.28B
$1.77B
$1.13B
·
$756M
$534M
$473M
·
$789M
$971M
$1.27B
$1.02B
$1.16B
Enterprise Value
$3.24B
$2.27B
·
$2.36B
$1.86B
$1.21B
·
$850M
$606M
$533M
·
$830M
·
·
·
·
P/E
-53.6
-43.4
·
-28.2
-14.4
-7.8
·
-3.8
-2.5
-2.2
·
-4.0
-5.1
-6.5
-4.5
-4.9
P/S
11.1
7.5
·
9.0
8.6
6.0
·
4.3
3.2
2.7
·
4.4
5.1
6.9
6.1
7.2
P/B
23.9
10.2
·
11.2
9.9
5.9
·
3.4
2.2
1.7
·
2.2
2.5
3.0
2.1
2.2
P / Tangible Book
148.0
23.1
·
27.4
30.5
16.5
·
7.5
4.5
3.1
·
3.3
3.6
4.3
2.8
2.9
P / Cash Flow
·
-232.4
·
·
·
-39.6
·
·
·
-12.3
·
·
·
-21.5
·
·
EV / Revenue
10.5
7.7
·
9.3
9.1
6.4
·
4.8
3.6
3.1
·
4.6
·
·
·
·
Earnings Yield
-1.9%
-2.3%
·
-3.5%
-7.0%
-12.8%
·
-26.2%
-40.6%
-46.4%
·
-24.8%
-19.7%
-15.4%
-22.1%
-20.4%
Most recent period on the left · null values shown as ·
Financial Statements
Income statement, balance sheet, cash flow — annual, last 5 years
16
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Revenue
$277M
$179M
$170M
$185M
$154M
Operating Margin %
-20.6%
-90.8%
-133.3%
-108.0%
-135.4%
Net Income
$-59M
$-159M
$-225M
$-200M
$-207M
Diluted EPS
$-0.39
$-1.08
$-1.56
$-1.40
$-1.48
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Debt / Equity
0.6
0.7
0.4
·
·
Current Ratio
3.3
2.9
4.7
5.1
3.5
Quick Ratio
1.3
0.9
1.2
1.2
1.4
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Free Cash Flow
$-49M
$-99M
$-167M
$-200M
$-254M
Institutional owners (13F)
312 filers
· $3.5B total
· As of Sept. 30, 2026
17
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders312
Value held$3.5B
New positions46
Exited positions37
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
46 (-11 vs prior Q)
37 (0 vs prior Q)
113 (+14 vs prior Q)
85 (-12 vs prior Q)
+17.2M
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.