AEVA Aeva Technologies, Inc. - Common Stock
$19.80
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$9–$31
49% of range
Analyst Rating
BUY
10 analysts
Price Target
$32
+64% upside
P/E (TTM)
-7.8
ROE
277.1%
Net Profit Margin
-804.4%
AEVA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$19.80
Market Cap
$1.22B
P/E (TTM)
-7.8
EPS (TTM)
$-2.55
Revenue (TTM)
$18M
Div Yield
—
ROE
277.1%
Debt/Equity
—
52W Range
$9 – $31
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$18M
2019-12-31
→
2025-12-31
EPS
$-2.55
2020-12-31
→
2025-12-31
Free Cash Flow
$-120M
2022-12-31
→
2025-12-31
Margins
-804.4%
2022-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AEVA
Peer Median
P/E (TTM)
-7.8
57.1
P/S (TTM)
67.4
7.1
P/B
92.3
4.3
Price / FCF
-10.2
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AEVA
Peer Median
Gross Margin
-3.6%
42.2%
Operating Margin
-705.8%
—
Net Profit Margin
-804.4%
1.4%
ROA
-88.9%
1.3%
ROE
277.1%
9.6%
ROIC
-967.6%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AEVA
Peer Median
Current Ratio
4.3
2.4
Quick Ratio
3.5
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AEVA
Peer Median
Revenue YoY
99.4%
—
Revenue CAGR 3Y
62.8%
—
Revenue CAGR 5Y
30.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AEVA
Peer Median
AEVA Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 3 30.0%
- Buy 5 50.0%
- Hold 2 20.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
4 analysts · 2026-08-15
Median
$31.00
Mean
$32.50
← Below all targets
$19.80
Low
$26.00
High
$42.00
Median target
$31.00
+56.6%
Mean target
$32.50
+64.1%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.41 | $-0.44 | 0.03% |
| March 31, 2026 | $-0.41 | $-0.44 | 0.03% |
| Dec. 31, 2025 | $-0.40 | $-0.45 | 0.05% |
| Sept. 30, 2025 | $-0.46 | $-0.47 | 0.01% |
| June 30, 2025 | $-0.44 | $-0.48 | 0.04% |
| March 31, 2025 | $-0.45 | $-0.52 | 0.07% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AEVA | $818M | -5.2 | 99.4% | -804.4% | 277.1% | -3.6% |
| OUST | $1.32B | -20.2 | 52.5% | -35.6% | -25.0% | 49.3% |
| LASR | $1.92B | -79.8 | 31.6% | -9.0% | -10.6% | 29.8% |
| CXT | $2.70B | 18.8 | 11.4% | 8.8% | 12.5% | — |
| ARLO | $1.47B | 99.9 | 3.6% | 2.8% | 12.1% | 44.0% |
| NSSC | $1.06B | 24.9 | -3.8% | 23.9% | 25.3% | 55.6% |
| VPG | — | 96.2 | 0.22% | 1.7% | 1.6% | 38.9% |
| EVLV | — | — | — | — | — | — |
| DAKT | $1.06B | 21.4 | 10.9% | 5.4% | 15.2% | 27.3% |
| LPTH | $132M | -8.6 | 17.3% | -40.0% | -70.2% | 27.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $18M | $9M | $4M | $4M | $9M | $5M | $1M | |
| Cost of Revenue | $19M | $13M | $10M | $8M | $6M | $3M | $815.0K | |
| Gross Profit | $-660.0K | $-4M | $-6M | $-4M | $3M | $2M | $569.0K | |
| R&D Expense | $85M | $103M | $103M | $110M | $75M | $20M | $15M | |
| SG&A Expense | $35M | $33M | $32M | $31M | $28M | $6M | $4M | |
| Operating Expenses | $127M | $155M | $142M | $148M | $108M | $28M | $21M | |
| Operating Income | $-128M | $-158M | $-148M | $-152M | $-104M | $-26M | $-20M | |
| Interest Income | $3M | $8M | $9M | $4M | $372.0K | $195.0K | $516.0K | |
| Other Non-op | $-459.0K | $56.0K | $-4M | $943.0K | $2M | $-24.0K | $-17.0K | |
| Pretax Income | $-145M | $-152M | $-149M | $-147M | $-102M | $-26M | $-20M | |
| Income Tax | $308.0K | $171.0K | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-145M | $-152M | $-149M | $-147M | $-102M | $-26M | $-20M | |
| EPS (Basic) | $-2.55 | $-2.85 | $-3.29 | $-3.39 | $-0.51 | $-0.18 | · | |
| EPS (Diluted) | $-2.55 | $-2.85 | $-3.29 | $-3.39 | $-0.51 | $-0.18 | · | |
| Shares (Basic) | 57,023,024 | 53,359,685 | 45,412,155 | 43,461,579 | 200,849,663 | 141,741,752 | 114,967,922 | |
| Shares (Diluted) | 57,023,024 | 53,359,685 | 45,412,155 | 43,461,579 | 200,849,663 | 141,741,752 | 114,967,922 | |
| EBITDA | $-128M | $-158M | $-148M | $-152M | · | $-3M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $72M | $29M | $39M | $67M | $67M | $25M | $47M | |
| Short-term Investments | $50M | $83M | $182M | $256M | $378M | $0 | · | |
| Receivables | $3M | $1M | $628.0K | $3M | $2M | $141.0K | · | |
| Inventory | $6M | $2M | $2M | $3M | $2M | $1M | · | |
| Prepaid Expense | $3M | $2M | $2M | $2M | $3M | $1M | · | |
| Other Current Assets | $22M | $8M | $5M | $5M | $9M | $5M | · | |
| Current Assets | $154M | $123M | $229M | $335M | $458M | $31M | $25 | |
| PP&E (Net) | $13M | $10M | $12M | $10M | $5M | $2M | · | |
| PP&E (Gross) | $30M | $23M | $21M | $15M | $8M | $3M | · | |
| Accum. Depreciation | $17M | $13M | $9M | $5M | $3M | $2M | · | |
| Intangibles | $825.0K | $2M | $3M | $4M | $4M | $0 | · | |
| Other Non-current Assets | $7M | $8M | $6M | $862.0K | $859.0K | $64.0K | · | |
| Total Assets | $180M | $147M | $257M | $357M | $479M | $33M | $106.9K | |
| Accounts Payable | $6M | $5M | $4M | $5M | $4M | $2M | · | |
| Accrued Liabilities | $12M | $6M | $3M | $9M | $4M | $3M | $1.0K | |
| Current Liabilities | $36M | $39M | $18M | $22M | $14M | $6M | $81.8K | |
| Capital Leases | $4M | $720.0K | $4M | $5M | $7M | · | · | |
| Other Non-current Liabilities | · | $0 | · | · | $0 | $45.0K | · | |
| Total Liabilities | $166M | $48M | $29M | $27M | $23M | $6M | $81.8K | |
| Common Stock | $6.0K | $6.0K | $5.0K | $22.0K | $21.0K | $15.0K | $634 | |
| Paid-in Capital | · | · | · | · | · | $8M | $25.5K | |
| Retained Earnings | $-757M | $-612M | $-460M | $-310M | $-163M | $-61M | $-1.0K | |
| AOCI | $-4.0K | $47.0K | $-87.0K | $-4M | $-524.0K | · | · | |
| Stockholders' Equity | $13M | $99M | $228M | $330M | $456M | $27M | $49M | |
| Liabilities + Equity | $180M | $147M | $257M | $357M | $479M | $33M | $106.9K | |
| Shares Outstanding | 61,580,000 | 54,140,000 | 52,389,000 | 218,748,000 | 214,997,000 | 151,366,000 | 6,337,500 |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| D&A | $5M | $5M | $5M | $3M | $1M | $798.0K | $634.0K | |
| Stock-based Comp | $22M | $24M | $24M | $24M | $22M | $4M | $2M | |
| Amort. of Intangibles | $900.0K | $900.0K | $900.0K | $900.0K | $100.0K | · | · | |
| Operating Cash Flow | $-115M | $-107M | $-119M | $-110M | $-82M | $-21M | $-16M | |
| CapEx | $5M | $5M | $6M | $7M | $4M | $855.0K | $421.0K | |
| Investing Cash Flow | $30M | $98M | $69M | $111M | $-389M | $-855.0K | $-421.0K | |
| Financing Cash Flow | $129M | $-671.0K | $21M | $-369.0K | $513M | $73.0K | $36M | |
| Net Change in Cash | · | · | · | · | · | $694 | · | |
| Taxes Paid | $174.0K | $165.0K | $0 | $0 | $0 | $0 | $0 | |
| Free Cash Flow | $-120M | $-112M | $-125M | $-117M | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -3.6% | -41.8% | -136.5% | -101.5% | · | · | · | |
| Operating Margin | -705.8% | -1747.1% | -3427.4% | -3624.9% | · | · | · | |
| Net Margin | -804.4% | -1679.7% | -3463.2% | -3514.0% | · | · | · | |
| Pretax Margin | -802.7% | -1677.8% | -3463.2% | -3514.0% | · | · | · | |
| EBITDA Margin | -705.8% | -1747.1% | -3427.4% | -3624.9% | · | · | · | |
| ROA | -88.9% | -75.2% | -48.6% | -35.2% | · | · | · | |
| ROE | 277.1% | -133.2% | -62.9% | -42.4% | · | · | · | |
| ROIC | -967.6% | -159.6% | -64.7% | -46.1% | · | · | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.3 | 3.1 | 12.5 | 15.4 | · | · | · | |
| Quick Ratio | 3.5 | 2.9 | 12.0 | 15.0 | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.0 | 0.0 | 0.0 | · | · | · | |
| Inventory Turnover | 4.6 | 5.4 | 3.8 | 3.4 | · | · | · | |
| Receivables Turnover | 7.9 | 10.0 | 2.5 | 1.6 | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 99.4% | 110.2% | 2.9% | -54.8% | 91.3% | · | · | |
| Revenue CAGR 3Y | 62.8% | -0.72% | -3.8% | · | · | · | · | |
| Revenue CAGR 5Y | 30.1% | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18M | $9M | $4M | $4M | $9M | $5M | $1M | |
| Net Income TTM | $-145M | $-152M | $-149M | $-147M | $-102M | $-26M | $-20M | |
| Market Cap | $818M | $257M | $993M | $1.49B | · | · | · | |
| P/E | -5.2 | -1.7 | -1.2 | -2.0 | -74.1 | -403.9 | · | |
| P/S | 45.2 | 28.4 | 230.2 | 354.8 | · | · | · | |
| P/B | 61.9 | 2.6 | 4.3 | 4.5 | · | · | · | |
| P / Tangible Book | 66.0 | 2.6 | 4.4 | 4.6 | 18.0 | 20.4 | · | |
| P / Cash Flow | -7.1 | -2.4 | -8.4 | -13.5 | · | · | · | |
| P / FCF | -6.8 | -2.3 | -7.9 | -12.7 | · | · | · | |
| Earnings Yield | -19.2% | -60.0% | -86.8% | -49.9% | -1.4% | -0.25% | · |
Income Statement 18
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6M | $6M | $6M | $4M | $6M | $3M | $3M | $2M | $2M | $2M | $2M | $810.0K | $743.0K | $1M | $188.0K | $1M | |
| Cost of Revenue | $4M | $4M | $4M | $3M | $8M | $3M | $4M | $3M | $3M | $3M | $2M | $3M | $3M | $3M | $3M | $3M | |
| Gross Profit | $2M | $2M | $1M | $430.0K | $-3M | $310.0K | $-829.0K | $-721.0K | $-848.0K | $-1M | $-872.0K | $-2M | $-2M | $-1M | $-3M | $-1M | |
| R&D Expense | $25M | $23M | $19M | $22M | $23M | $22M | $24M | $27M | $26M | $25M | $26M | $24M | $27M | $25M | $32M | $26M | |
| SG&A Expense | $10M | $12M | $10M | $10M | $8M | $7M | $8M | $8M | $9M | $8M | $8M | $8M | $8M | $8M | $7M | $8M | |
| Operating Expenses | $37M | $37M | $30M | $34M | $32M | $31M | $33M | $37M | $48M | $36M | $36M | $34M | $36M | $36M | $41M | $36M | |
| Operating Income | $-35M | $-35M | $-29M | $-33M | $-35M | $-30M | $-34M | $-38M | $-49M | $-37M | $-37M | $-35M | $-38M | $-37M | $-44M | $-38M | |
| Interest Expense | $1M | $1M | · | · | $0 | $0 | · | · | · | · | · | · | · | · | · | · | |
| Interest Income | $893.0K | $877.0K | $727.0K | $385.0K | $619.0K | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | |
| Other Non-op | $-3.0K | $45.0K | $5M | $166.0K | $106.0K | $1.0K | $473.0K | $-5.0K | $27.0K | $-439.0K | $-4M | $39.0K | $1.0K | $28.0K | $47.0K | $135.0K | |
| Pretax Income | $-80M | $-35M | $-25M | $108M | $-193M | $-35M | $-36M | $-37M | $-43M | $-35M | $-45M | $-33M | $-36M | $-35M | $-43M | $-37M | |
| Income Tax | $58.0K | $32.0K | $115.0K | $66.0K | $70.0K | $57.0K | $26.0K | $22.0K | $123.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-80M | $-35M | $-25M | $107M | $-193M | $-35M | $-36M | $-37M | $-43M | $-35M | $-45M | $-33M | $-36M | $-35M | $-43M | $-37M | |
| EPS (Basic) | $-1.23 | $-0.56 | $-0.28 | $1.86 | $-3.49 | $-0.64 | $-0.66 | $-0.70 | $-0.82 | $-0.67 | $-0.92 | $-0.75 | $-0.82 | $-0.80 | $-2.91 | $-0.17 | |
| EPS (Diluted) | $-1.23 | $-0.56 | $2.10 | $-0.52 | $-3.49 | $-0.64 | $-0.66 | $-0.70 | $-0.82 | $-0.67 | $-0.92 | $-0.75 | $-0.82 | $-0.80 | $-2.91 | $-0.17 | |
| Shares (Basic) | 64,672,666 | 62,808,102 | -110,771,514 | 57,883,326 | 55,161,124 | 54,750,088 | -106,082,172 | 53,704,039 | 52,995,093 | 52,742,725 | -87,182,825 | 44,565,164 | 44,104,251 | 43,925,565 | -607,330,155 | 217,888,470 | |
| Shares (Diluted) | 64,672,666 | 62,808,102 | -113,975,247 | 61,087,059 | 55,161,124 | 54,750,088 | -106,082,172 | 53,704,039 | 52,995,093 | 52,742,725 | -87,182,825 | 44,565,164 | 44,104,251 | 43,925,565 | -607,330,155 | 217,888,470 | |
| EBITDA | $-35M | $-35M | · | $-33M | $-35M | $-30M | · | $-38M | $-49M | $-37M | · | $-35M | $-38M | $-37M | · | $-38M |
Balance Sheet 25
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $43M | $31M | $72M | $46M | $22M | $21M | $29M | $30M | $24M | $30M | · | $41M | $35M | $32M | · | $118M | |
| Short-term Investments | $135M | $68M | $50M | $3M | $28M | $60M | $83M | $104M | $137M | $160M | · | $193M | $227M | $257M | · | $233M | |
| Receivables | $4M | $3M | $3M | $2M | $4M | $775.0K | $1M | $575.0K | $844.0K | $978.0K | · | $769.0K | $868.0K | $2M | · | $3M | |
| Inventory | $6M | $6M | $6M | $5M | $4M | $4M | $2M | $2M | $3M | $2M | · | $3M | $3M | $3M | · | $2M | |
| Prepaid Expense | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $3M | $3M | $2M | · | $3M | $3M | $2M | · | $4M | |
| Other Current Assets | $16M | $13M | $22M | $11M | $11M | $6M | $8M | $8M | $8M | $5M | · | $6M | $6M | $5M | · | $10M | |
| Current Assets | $204M | $122M | $154M | $66M | $68M | $92M | $123M | $145M | $172M | $197M | · | $243M | $271M | $299M | · | $365M | |
| PP&E (Net) | $12M | $13M | $13M | $12M | $13M | $12M | $10M | $11M | $12M | $13M | · | $11M | $11M | $11M | · | $9M | |
| PP&E (Gross) | $29M | $29M | $30M | $28M | $28M | $26M | $23M | $23M | $23M | $22M | · | $19M | $18M | $17M | · | $14M | |
| Accum. Depreciation | $17M | $16M | $17M | $16M | $15M | $14M | $13M | $12M | $11M | $10M | · | $8M | $7M | $6M | · | $4M | |
| Intangibles | $375.0K | $600.0K | $825.0K | $1M | $1M | $2M | $2M | $2M | $2M | $2M | · | $3M | $3M | $3M | · | $4M | |
| Other Non-current Assets | $6M | $6M | $7M | $7M | $7M | $6M | $8M | $6M | $6M | $6M | · | $1M | $867.0K | $862.0K | · | $863.0K | |
| Total Assets | $228M | $147M | $180M | $93M | $91M | $115M | $147M | $169M | $198M | $225M | · | $266M | $292M | $320M | · | $388M | |
| Accounts Payable | $7M | $5M | $6M | $4M | $5M | $4M | $5M | $3M | $4M | $3M | · | $3M | $6M | $4M | · | $6M | |
| Accrued Liabilities | $9M | $12M | $12M | $10M | $6M | $5M | $6M | $5M | $3M | $3M | · | $3M | $2M | $4M | · | $4M | |
| Current Liabilities | $26M | $30M | $36M | $21M | $106M | $32M | $39M | $34M | $33M | $17M | · | $15M | $15M | $14M | · | $16M | |
| Capital Leases | $3M | $4M | $4M | $5M | $3.0K | $175.0K | $720.0K | $1M | $2M | $3M | · | $5M | $4M | $4M | · | $5M | |
| Other Non-current Liabilities | · | · | · | $515.0K | $1M | · | · | · | · | · | · | · | · | · | · | · | |
| Total Liabilities | $200M | $160M | $166M | $60M | $209M | $46M | $48M | $40M | $38M | $27M | · | $19M | $18M | $18M | · | $22M | |
| Common Stock | $7.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $5.0K | $5.0K | · | $22.0K | $22.0K | $22.0K | · | $22.0K | |
| Retained Earnings | $-872M | $-792M | $-757M | $-732M | $-839M | $-647M | $-612M | $-576M | $-538M | $-495M | · | $-415M | $-381M | $-345M | · | $-268M | |
| AOCI | $-88.0K | $-30.0K | $-4.0K | $0 | $-5.0K | $-7.0K | $47.0K | $116.0K | $-236.0K | $-248.0K | · | $-981.0K | $-2M | $-2M | · | $-5M | |
| Stockholders' Equity | $28M | $-12M | $13M | $33M | $-118M | $69M | $99M | $129M | $160M | $198M | $228M | $246M | $274M | $302M | $330M | $366M | |
| Liabilities + Equity | $228M | $147M | $180M | $93M | $91M | $115M | $147M | $169M | $198M | $225M | · | $266M | $292M | $320M | · | $388M | |
| Shares Outstanding | 68,683,000 | 62,985,000 | 61,580,000 | 60,008,000 | 55,430,000 | 54,949,000 | 54,140,000 | 53,832,000 | 53,176,000 | 52,816,000 | · | 223,167,000 | 220,892,000 | 220,050,000 | · | 218,153,000 |
Cash Flow 9
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $955.0K | $960.0K | $876.0K | |
| Stock-based Comp | $9M | $9M | $5M | $6M | $6M | $5M | $7M | $7M | $5M | $5M | $6M | $5M | $7M | $6M | $6M | $6M | |
| Amort. of Intangibles | $300.0K | $200.0K | $200.0K | $200.0K | $300.0K | $200.0K | $200.0K | $200.0K | $300.0K | $200.0K | $200.0K | $200.0K | $300.0K | $200.0K | $200.0K | $200.0K | |
| Operating Cash Flow | $-31M | $-26M | $-22M | $-32M | $-30M | $-31M | $-21M | $-26M | $-29M | $-31M | $-27M | $-28M | $-27M | $-36M | $-27M | $-25M | |
| CapEx | $185.0K | $2M | $2M | $1M | $1M | $459.0K | $2M | $542.0K | $779.0K | $2M | $3M | $1M | $1M | $1M | $1M | $2M | |
| Investing Cash Flow | $-66M | $-20M | $-48M | $24M | $31M | $23M | $20M | $33M | $23M | $22M | $5M | $34M | $30M | $419.0K | $-24M | $60M | |
| Financing Cash Flow | $109M | $5M | $97M | $33M | $-277.0K | $-183.0K | $-310.0K | $-122.0K | $-223.0K | $-16.0K | $21M | $-6.0K | $59.0K | $37.0K | $-58.0K | $-138.0K | |
| Free Cash Flow | · | $-28M | · | · | · | $-31M | · | · | · | $-33M | · | · | · | $-37M | · | · | |
| Levered FCF | · | $-29M | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Profitability 8
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.7% | 31.0% | · | 12.0% | -49.4% | 9.2% | · | -32.0% | -42.1% | -66.1% | · | -211.7% | -258.1% | -120.3% | · | -101.2% | |
| Operating Margin | -563.2% | -561.1% | · | -926.5% | -633.7% | -903.1% | · | -1683.4% | -2431.1% | -1772.4% | · | -4382.2% | -5138.8% | -3246.2% | · | -2751.2% | |
| Net Margin | -1297.6% | -558.6% | · | 3003.5% | -3497.4% | -1035.2% | · | -1662.0% | -2156.7% | -1676.6% | · | -4103.5% | -4839.2% | -3063.9% | · | -2656.7% | |
| Pretax Margin | -1296.7% | -558.1% | · | 3005.3% | -3496.1% | -1033.5% | · | -1661.1% | -2150.6% | -1676.6% | · | -4103.5% | -4839.2% | -3063.9% | · | -2656.7% | |
| EBITDA Margin | -563.2% | -561.1% | · | -926.5% | -633.7% | -903.1% | · | -1683.4% | -2431.1% | -1772.4% | · | -4382.2% | -5138.8% | -3246.2% | · | -2751.2% | |
| ROA | -49.9% | -26.7% | · | 82.1% | -133.3% | -20.5% | · | -17.2% | -17.7% | -13.0% | · | -10.2% | -10.2% | -9.2% | · | -8.2% | |
| ROE | 175.7% | -124.0% | · | 132.3% | -922.7% | -26.1% | · | -19.9% | -20.0% | -14.1% | · | -10.9% | -10.7% | -9.7% | · | -8.6% | |
| ROIC | -125.6% | 283.4% | · | -99.8% | 29.6% | -44.3% | · | -29.3% | -30.7% | -18.8% | · | -14.4% | -14.0% | -12.3% | · | -10.3% |
Liquidity & Solvency 3
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.8 | 4.1 | · | 3.2 | 0.6 | 2.9 | · | 4.3 | 5.3 | 11.9 | · | 16.5 | 18.6 | 21.5 | · | 22.2 | |
| Quick Ratio | 7.0 | 3.5 | · | 2.4 | 0.5 | 2.6 | · | 4.0 | 4.9 | 11.5 | · | 15.9 | 18.0 | 21.0 | · | 21.5 | |
| Interest Coverage | -28.9 | -29.7 | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Efficiency 3
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | 0.8 | 0.9 | · | 0.9 | 2.5 | 1.0 | · | 1.2 | 1.0 | 1.4 | · | 1.2 | 1.1 | 1.0 | · | 1.1 | |
| Receivables Turnover | 1.6 | 3.0 | · | 2.8 | 2.3 | 3.8 | · | 3.3 | 2.4 | 1.2 | · | 0.4 | 1.2 | 0.9 | · | 0.6 |
Valuation (TTM) 10
| 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 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $21M | $19M | · | $15M | $13M | $10M | · | $7M | $6M | $5M | · | $4M | $5M | $5M | · | $7M | |
| Net Income TTM | $-200M | $-155M | · | $-158M | $-308M | $-151M | · | $-149M | $-148M | $-140M | · | $-141M | $-143M | $-140M | · | $-131M | |
| Market Cap | $1.97B | $829M | · | $870M | $2.09B | $385M | · | $177M | $134M | $208M | · | $854M | $1.38B | $1.31B | · | $2.04B | |
| P/E | -5.0 | -2.5 | · | -2.7 | -6.7 | -2.5 | · | -1.1 | -0.8 | -1.3 | · | -1.5 | -3.2 | -4.6 | · | -15.3 | |
| P/S | 91.8 | 44.3 | · | 59.2 | 159.4 | 39.5 | · | 24.7 | 23.6 | 43.2 | · | 209.5 | 290.2 | 254.1 | · | 272.4 | |
| P/B | 71.7 | -66.8 | · | 26.2 | -17.7 | 5.6 | · | 1.4 | 0.8 | 1.0 | · | 3.5 | 5.0 | 4.3 | · | 5.6 | |
| P / Tangible Book | 72.6 | · | · | 27.0 | · | 5.7 | · | 1.4 | 0.8 | 1.1 | · | 3.5 | 5.1 | 4.4 | · | 5.6 | |
| P / Cash Flow | · | -32.1 | · | · | · | -12.5 | · | · | · | -6.7 | · | · | · | -36.4 | · | · | |
| P / FCF | · | -29.5 | · | · | · | -12.3 | · | · | · | -6.4 | · | · | · | -35.1 | · | · | |
| Earnings Yield | -20.2% | -39.6% | · | -36.9% | -14.9% | -40.4% | · | -89.4% | -121.4% | -77.3% | · | -66.4% | -31.2% | -21.5% | · | -6.5% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $18M | $9M | $4M | $4M | $9M |
| Gross Margin % | -3.6% | -41.8% | -136.5% | -101.5% | — |
| Operating Margin % | -705.8% | -1747.1% | -3427.4% | -3624.9% | — |
| Net Income | $-145M | $-152M | $-149M | $-147M | $-102M |
| Diluted EPS | $-2.55 | $-2.85 | $-3.29 | $-3.39 | $-0.51 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 4.3 | 3.1 | 12.5 | 15.4 | — |
| Quick Ratio | 3.5 | 2.9 | 12.0 | 15.0 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-120M | $-112M | $-125M | $-117M | — |
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Institutional owners (13F) 225 filers · $1.2B total · As of June 30, 2026
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.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 77 (+33 vs prior Q) | 16 (-17 vs prior Q) | 42 (-12 vs prior Q) | 62 (+28 vs prior Q) | +2.8M |
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.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| SYLEBRA CAPITAL LLC | $466,084,042 | 16,228,553 | 38.13% | Shares |
| Canaan Partners XI LLC | $103,306,960 | 3,597,039 | 8.45% | Shares |
| Think Investments LP | $47,371,859 | 1,649,438 | 3.88% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $44,684,184 | 1,555,856 | 3.66% | Shares |
| Wasserstein Management, L.P. | $43,353,960 | 1,509,539 | 3.55% | Shares |
| STATE STREET CORP | $33,123,925 | 1,153,340 | 2.71% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $28,998,584 | 1,009,700 | 2.37% | Call option |
| D. E. Shaw & Co., Inc. | $23,854,229 | 830,579 | 1.95% | Shares |
| Apollo Management Holdings, L.P. | $23,066,095 | 803,137 | 1.89% | Shares |
| VANGUARD GROUP INC | $21,362,314 | 1,608,608 | 1.75% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $19,568,201 | 681,173 | 1.60% | Shares |
| Point72 Asset Management, L.P. | $18,448,723 | 642,365 | 1.51% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $15,796,000 | 550,000 | 1.29% | Shares |
| SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC | $14,360,000 | 500,000 | 1.17% | Call option |
| JANE STREET GROUP, LLC | $13,857,400 | 482,500 | 1.13% | Call option |
| Melqart Asset Management (UK) Ltd | $12,754,609 | 444,102 | 1.04% | Shares |
| HAWK RIDGE CAPITAL MANAGEMENT LP | $11,970,496 | 416,800 | 0.98% | Shares |
| MILLENNIUM MANAGEMENT LLC | $10,219,811 | 355,843 | 0.84% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $10,052,000 | 350,000 | 0.82% | Shares |
| FMR LLC | $9,795,990 | 341,086 | 0.80% | Shares |
| BANK OF AMERICA CORP /DE/ | $9,581,882 | 333,631 | 0.78% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $8,767,038 | 305,259 | 0.72% | Shares |
| GOLDMAN SACHS GROUP INC | $8,210,158 | 285,869 | 0.67% | Shares |
| DeepCurrents Investment Group LLC | $7,915,232 | 2,756 | 0.65% | Call option |
| Delta Global Management LP | $7,770,483 | 270,560 | 0.64% | Shares |
| Wasserstein Management, L.P. | $7,510,280 | 261,500 | 0.61% | Call option |
| Wasserstein Management, L.P. | $7,510,280 | 261,500 | 0.61% | Put option |
| TUDOR INVESTMENT CORP ET AL | $7,509,418 | 261,470 | 0.61% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $6,969,597 | 242,674 | 0.57% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,759,080 | 235,344 | 0.55% | Shares |
| KETTLE HILL CAPITAL MANAGEMENT, LLC | $6,382,388 | 222,228 | 0.52% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,120,548 | 213,111 | 0.50% | Shares |
| LPL Financial LLC | $5,996,728 | 208,800 | 0.49% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,936,424 | 206,700 | 0.49% | Put option |
| CITADEL ADVISORS LLC | $5,138,008 | 178,900 | 0.42% | Call option |
| ExodusPoint Capital Management, LP | $5,130,857 | 178,651 | 0.42% | Shares |
| CenterBook Partners LP | $5,042,974 | 175,591 | 0.41% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $4,877,001 | 169,812 | 0.40% | Shares |
| Point72 Asset Management, L.P. | $4,862,296 | 169,300 | 0.40% | Call option |
| TITAN GLOBAL CAPITAL MANAGEMENT USA LLC | $4,575,697 | 159,323 | 0.37% | Shares |
| PEAK6 LLC | $4,486,064 | 156,200 | 0.37% | Call option |
| Diametric Capital, LP | $4,484,857 | 156,158 | 0.37% | Shares |
| CREDIT AGRICOLE S A | $4,308,000 | 150,000 | 0.35% | Shares |
| Siren, L.L.C. | $4,177,582 | 145,459 | 0.34% | Shares |
| CITADEL ADVISORS LLC | $3,931,768 | 136,900 | 0.32% | Put option |
| Caption Management, LLC | $3,590,000 | 125,000 | 0.29% | Call option |
| Caption Management, LLC | $3,590,000 | 125,000 | 0.29% | Put option |
| ARDSLEY ADVISORY PARTNERS LP | $3,489,480 | 121,500 | 0.29% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $3,385,370 | 117,875 | 0.28% | Shares |
| Clear Street Group Inc. | $3,271,323 | 113,904 | 0.27% | Shares |
| XTX Topco Ltd | $3,135,621 | 109,179 | 0.26% | Shares |
| JANE STREET GROUP, LLC | $3,116,120 | 108,500 | 0.25% | Put option |
| SEVEN GRAND MANAGERS, LLC | $2,872,000 | 100,000 | 0.23% | Shares |
| Brevan Howard Capital Management LP | $2,679,318 | 93,291 | 0.22% | Shares |
| Cubist Systematic Strategies, LLC | $2,533,150 | 174,700 | 0.21% | Call option |
| DEUTSCHE BANK AG\ | $2,327,670 | 81,047 | 0.19% | Shares |
| Quantinno Capital Management LP | $2,198,401 | 76,546 | 0.18% | Shares |
| TWO SIGMA INVESTMENTS, LP | $2,073,469 | 72,196 | 0.17% | Shares |
| IMC-Chicago, LLC | $1,901,724 | 66,216 | 0.16% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $1,885,841 | 65,663 | 0.15% | Shares |
| JANE STREET GROUP, LLC | $1,798,245 | 62,613 | 0.15% | Shares |
| Tuttle Capital Management, LLC | $1,765,619 | 61,477 | 0.14% | Shares |
| CITADEL ADVISORS LLC | $1,714,641 | 59,702 | 0.14% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $1,653,123 | 57,560 | 0.14% | Shares |
| WOLVERINE TRADING, LLC | $1,558,500 | 103,900 | 0.13% | Call option |
| Centiva Capital, LP | $1,438,872 | 50,100 | 0.12% | Call option |
| AlphaCentric Advisors LLC | $1,436,000 | 50,000 | 0.12% | Shares |
| Ghisallo Capital Management LLC | $1,436,000 | 50,000 | 0.12% | Shares |
| CITIGROUP INC | $1,390,766 | 48,425 | 0.11% | Shares |
| Squarepoint Ops LLC | $1,320,258 | 45,970 | 0.11% | Shares |
| ARDSLEY ADVISORY PARTNERS LP | $1,292,400 | 45,000 | 0.11% | Call option |
| Swiss National Bank | $1,269,424 | 44,200 | 0.10% | Shares |
| Caption Management, LLC | $1,250,699 | 43,548 | 0.10% | Shares |
| Abbot Financial Management, Inc. | $1,145,210 | 39,875 | 0.09% | Shares |
| RHUMBLINE ADVISERS | $1,144,883 | 39,864 | 0.09% | Shares |
| LBP AM SA | $1,126,542 | 39,225 | 0.09% | Shares |
| OPPENHEIMER & CO INC | $1,001,036 | 34,855 | 0.08% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $977,284 | 34,028 | 0.08% | Shares |
| Cubist Systematic Strategies, LLC | $936,700 | 64,600 | 0.08% | Put option |
| Dorsey & Whitney Trust CO LLC | $922,199 | 32,110 | 0.08% | Shares |
| Engineers Gate Manager LP | $909,907 | 31,682 | 0.07% | Shares |
| Flight Deck Capital, LP | $743,963 | 25,904 | 0.06% | Shares |
| AXQ CAPITAL, LP | $719,465 | 25,051 | 0.06% | Shares |
| BlackRock, Inc. | $716,047 | 24,932 | 0.06% | Shares |
| Quadrature Capital Ltd | $698,183 | 24,310 | 0.06% | Shares |
| Point72 Asset Management, L.P. | $697,896 | 24,300 | 0.06% | Put option |
| Bank of New York Mellon Corp | $694,478 | 24,181 | 0.06% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $678,194 | 23,614 | 0.06% | Shares |
| GROUP ONE TRADING LLC | $660,416 | 22,995 | 0.05% | Shares |
| AMERIPRISE FINANCIAL INC | $650,652 | 22,655 | 0.05% | Shares |
| Shay Capital LLC | $574,400 | 20,000 | 0.05% | Call option |
| MetLife Investment Management, LLC | $512,623 | 17,849 | 0.04% | Shares |
| Inspire Investing, LLC | $512,069 | 38,911 | 0.04% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $505,903 | 17,615 | 0.04% | Shares |
| SEI INVESTMENTS CO | $476,750 | 16,600 | 0.04% | Shares |
| Utah Retirement Systems | $448,693 | 15,623 | 0.04% | Shares |
| MARSHALL WACE, LLP | $443,896 | 15,456 | 0.04% | Shares |
| FIRST TRUST ADVISORS LP | $441,627 | 15,377 | 0.04% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $432,408 | 15,056 | 0.04% | Shares |
| Entropy Technologies, LP | $425,717 | 14,823 | 0.03% | Shares |
Company insiders 10 insiders · 1 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Saurabh Sinha | Chief Financial Officer | July 27, 2026 S | 651,372 | 0 | 13 | $-4,217,828 |
| SYLEBRA CAPITAL LLC | Director | June 30, 2026 J | 16,240,671 | 0 | 0 | $0 |
| Stephen Paul Zadesky | Director | June 22, 2026 S | 92,898 | 0 | 3 | $-75,817 |
| Hrach Simonian | Director | June 18, 2026 A | 117,441 | 0 | 0 | $0 |
| Christopher G Eberle Jr | Director | June 21, 2024 A | 87,394 | 0 | 0 | $0 |
| Erin L Polek | Director | June 21, 2024 A | 104,836 | 0 | 0 | $0 |
| Shahin Farshchi | Director | Nov. 18, 2023 M | 106,616 | 0 | 0 | $0 |
| Katherine Motlagh | — | Aug. 12, 2026 S | 9,618 | 0 | 1 | $-63,750 |
| Soroush Salehian Dardashti | — | Aug. 11, 2026 S | 1,220,808 | 0 | 25 | $-27,703,993 |
| Mina Rezk | — | Aug. 10, 2026 S | 1,606,669 | 0 | 15 | $-22,056,989 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 7 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| SYLEBRA CAPITAL LLC, Sylebra Capital Ltd, Sylebra Capital Management, Ltd, Gibson Daniel Patrick | July 6, 2026 | 29.30% | Amendment | Passive investment | SEC |
| Mina Rezk ×4 filings | March 20, 2026 | 6.50% | Amendment | — | SEC |
| Soroush Salehian Dardashti ×3 filings | Aug. 7, 2025 | 5.80% | Amendment | — | SEC |
| Canaan XI L.P., Canaan Partners XI LLC ×3 filings | July 14, 2025 | 6.50% | Amendment | — | SEC |
| Sylebra Capital Ltd, Sylebra Capital Management, Ltd, SYLEBRA CAPITAL LLC, Gibson Daniel Patrick | April 3, 2025 | 29.60% | Amendment | — | SEC |
| Sylebra Capital Limited, Sylebra Capital Management, Sylebra Capital LLC, Daniel Patrick Gibson ×3 filings | Nov. 13, 2023 | — | Initial filing | Board campaign | SEC |
| Lux Venture Partners IV, LLC, Lux Ventures IV, L.P., Lux Co-Invest Partners, LLC, Lux Co-Invest Opportunities, L.P., Peter Hebert, Josh Wolfe ×3 filings | Aug. 15, 2022 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 30 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| GINN · Goldman Sachs ETF Trust | 0.15% | 11,372 NS | May 31, 2026 | N-PORT |
| GSSC · Goldman Sachs ETF Trust | 0.07% | 22,872 NS | May 31, 2026 | N-PORT |
| ESSC · Strategy Shares | 0.04% | 623 NS | April 30, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.03% | 1,880 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.02% | 17,333 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.02% | 1,471 NS | May 31, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.02% | 131,218 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.01% | 1,487 NS | May 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 0.01% | 61,327 NS | April 30, 2026 | N-PORT |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,450 NS | May 31, 2026 | N-PORT |
| ONEQ · Fidelity Commonwealth Trust | 0.01% | 20,390 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 37 NS | May 31, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.00% | 122 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 19,296 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| ITOT · iShares Trust | — | — | July 22, 2026 | Daily |
| IWV · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWO · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IWM · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| IGM · iShares Trust | — | — | Aug. 17, 2026 | Daily |
| IWC · iShares Trust | — | — | Aug. 18, 2026 | Daily |
| VGT · VANGUARD WORLD FUND | — | — | July 20, 2026 | Daily |
| ISCB · iShares Trust | — | — | July 20, 2026 | Daily |
| ISCG · iShares Trust | — | — | July 21, 2026 | Daily |
| SMLF · iShares Trust | — | — | Aug. 10, 2026 | Daily |
| WSML · iShares Trust | — | — | July 20, 2026 | Daily |