10-Year Performance
Revenue, net income, margins and EPS trends
06
Revenue$141M2018-12-31 → 2025-12-31
EPS$0.022020-12-31 → 2025-12-31
Free Cash Flow$26M2020-12-31 → 2025-12-31
Net margin6.8%2020-12-31 → 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
API
5Y avg
Peer Median
Verdict
P/E
204.05Y avg ≈12.5
≈12.5
57.0
Overvalued
P/S
10.15Y avg ≈19.1
≈19.1
1.6
Overvalued
P/B
2.55Y avg ≈4.0
≈4.0
3.1
Undervalued
Price / FCF
55.85Y avg ≈-73.9
≈-73.9
·
·
Price / Cash Flow
52.35Y avg ≈-114.2
≈-114.2
15.8
Overvalued
Price / Tangible Book
2.55Y avg ≈4.2
≈4.2
·
·
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
API
5Y avg
Peer Median
Verdict
Gross Margin
66.4%5Y avg ≈63.6%
≈63.6%
74.4%
Weak
Operating Margin
-6.7%5Y avg ≈-41.7%
≈-41.7%
0.31%
Weak
EBITDA Margin
-5.2%5Y avg ≈-38.0%
≈-38.0%
2.5%
Weak
Pretax Margin
7.0%5Y avg ≈-34.9%
≈-34.9%
4.5%
Top tier
Net Profit Margin
6.8%5Y avg ≈-35.8%
≈-35.8%
2.2%
Top tier
ROA
1.3%5Y avg ≈-6.9%
≈-6.9%
0.79%
Top tier
ROE
1.7%5Y avg ≈-7.5%
≈-7.5%
1.4%
Top tier
ROIC
-1.6%5Y avg ≈-9.1%
≈-9.1%
0.50%
Weak
Financial Health
Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
API
5Y avg
Peer Median
Verdict
Current Ratio
4.65Y avg ≈6.9
≈6.9
1.2
Strong liquidity
Quick Ratio
1.85Y avg ≈5.0
≈5.0
0.9
Strong liquidity
Interest Coverage
-261.4
·
-20.6
Low liquidity
Growth
Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Per Share Metrics
EPS, book value per share, cash flow per share, dividend per share
Metric
5Y trend
API
5Y avg
Peer Median
Verdict
EPS (Diluted)
$0.025Y avg ≈$-0.15
≈$-0.15
·
·
Revenue / Share
$0.365Y avg ≈$0.36
≈$0.36
·
·
Cash Flow / Share
$0.075Y avg ≈$-0.03
≈$-0.03
·
·
Cash / Share
$0.225Y avg ≈$0.26
≈$0.26
·
·
Capital Efficiency
Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
API
5Y avg
Peer Median
Verdict
Asset Turnover
0.25Y avg ≈0.2
≈0.2
0.7
Weak
Receivables Turnover
5.15Y avg ≈4.9
≈4.9
5.5
Weak
Revenue / Employee
≈$259.8K
·
·
·
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History
EPS actual vs estimate, surprise %, beat rate, next earnings date
14
Period
Report
EPS Actual
EPS Est
Surprise
June 30, 2026
Aug 13, 2026
$0.02
—
—
March 31, 2026
May 26, 2026
$0.01
—
—
Dec. 31, 2025
$0.05
—
—
Sept. 30, 2025
$0.03
—
—
June 30, 2025
$0.01
—
—
March 31, 2025
$0.00
—
—
Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
15
Income Statement17
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
Revenue
$141M
$133M
$142M
$161M
$168M
$134M
$64M
Cost of Revenue
$47M
$48M
$52M
$61M
$64M
$47M
$20M
Gross Profit
$94M
$85M
$89M
$99M
$104M
$86M
$44M
R&D Expense
$55M
$80M
$78M
$115M
$111M
$49M
$24M
SG&A Expense
$23M
$33M
$35M
$39M
$30M
$18M
$7M
Operating Expenses
$104M
$140M
$147M
$207M
$187M
$93M
$50M
Operating Income
$-9M
$-53M
$-87M
$-116M
$-81M
$-5M
$-6M
Interest Expense
$36.0K
$253.0K
$20.0K
·
·
·
·
Interest Income
$0
$0
$105.0K
$401.0K
$295.0K
$0
$0
Pretax Income
$10M
$-39M
$-87M
$-120M
$-72M
$-3M
$-5M
Income Tax
$323.0K
$258.0K
$422.0K
$663.0K
$840.0K
$562.0K
$801.0K
Net Income
$10M
$-43M
$-87M
$-120M
$-72M
$-3M
$-6M
EPS (Basic)
$0.03
$-0.11
$-0.22
$-0.27
$-0.16
$-0.76
·
EPS (Diluted)
$0.02
$-0.11
$-0.22
$-0.27
$-0.16
$-0.76
·
Shares (Basic)
367,898,081
373,122,317
398,384,385
446,426,914
440,864,190
268,849,967
·
Shares (Diluted)
395,420,348
373,122,317
398,384,385
446,426,914
440,864,190
268,849,967
·
EBITDA
$-7M
$-50M
·
$-106M
$-72M
$-730.2K
·
Balance Sheet28
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
Cash & Equivalents
$75M
$27M
$37M
$46M
$286M
$111M
$106M
Short-term Investments
$5M
$3M
$8M
$382M
$470M
$524M
$0
Receivables
$25M
$31M
$35M
$33M
$33M
$28M
$16M
Prepaid Expense
$15M
$23M
$9M
$7M
$9M
$7M
$1M
Other Current Assets
$856.0K
$1M
$889.0K
$50.0K
$154.0K
$10.0K
$89.6K
Current Assets
$260M
$328M
$261M
$485M
$798M
$671M
$123M
PP&E (Net)
$88M
$49M
·
$13M
$19M
$17M
$6M
PP&E (Gross)
$40M
$38M
$37M
$37M
$35M
$25M
$10M
Accum. Depreciation
$36M
$34M
$31M
$25M
$17M
$8M
$3M
Goodwill
·
·
$0
$32M
$56M
$3M
$0
Intangibles
$96.0K
$611.0K
$1M
$3M
$7M
$209.0K
$0
Other Non-current Assets
$20M
$19M
$11M
$3M
$4M
$2M
$808.9K
Total Assets
$721M
$700M
$675M
$801M
$945M
$693M
$131M
Accounts Payable
$10M
$13M
$13M
$10M
$5M
$8M
$4M
Current Liabilities
$57M
$58M
$57M
$72M
$74M
$36M
$18M
Capital Leases
$399.0K
$2M
$2M
$340.0K
$3M
$0
·
Deferred Tax
$12.0K
$92.0K
$196.0K
$407.0K
$988.0K
$52.0K
$0
Other Non-current Liabilities
$21M
$20M
·
·
·
·
·
Total Liabilities
$158M
$127M
$70M
$72M
$79M
$36M
$18M
Long-term Debt
$80M
$46M
$11M
·
·
·
·
Common Stock
·
·
·
·
·
$0
$11.9K
Paid-in Capital
$1.15B
$1.14B
$1.14B
$1.13B
$1.10B
$818M
$0
Retained Earnings
$-477M
$-487M
$-444M
$-357M
$-236M
$-164M
$-126M
Treasury Stock
$95M
$73M
$80M
$42M
$0
·
·
AOCI
$-10M
$-12M
$-10M
$-8M
$3M
$2M
$-988.4K
Stockholders' Equity
$563M
$573M
$605M
$728M
$866M
$656M
$-127M
Liabilities + Equity
$721M
$700M
$675M
$801M
$945M
$693M
$131M
Shares Outstanding
349,264,771
373,336,531
368,808,703
462,477,527
449,635,423
415,014,994
119,074,382
Cash Flow17
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
D&A
$2M
$3M
$7M
$9M
$8M
$4M
$2M
Stock-based Comp
$6M
$23M
$25M
$32M
$31M
$12M
$3M
Deferred Tax
$-81.0K
$-102.0K
$-212.0K
$-336.0K
$238.0K
$378.0K
$-336.0K
Amort. of Intangibles
$515.0K
$663.0K
$1M
$500.0K
$2M
$0
$0
Other Non-cash
$10M
$3M
·
$26M
$12M
$-7M
·
Operating Cash Flow
$27M
$-14M
$-14M
$-52M
$-20M
$7M
$706.0K
CapEx
$2M
$3M
$924.0K
$4M
$12M
$13M
$5M
Investing Cash Flow
$13M
$-38M
$57M
$-144M
$-58M
$-535M
$-3M
Debt Issued
$32M
$36M
$11M
·
·
·
·
Net Debt Issued
$32M
$36M
·
·
·
·
·
Stock Repurchased
·
·
·
·
·
$0
$0
Net Stock Activity
·
·
·
·
·
$0
·
Financing Cash Flow
$5M
$46M
$-52M
$-41M
$252M
$534M
$0
Net Change in Cash
$45M
$-6M
$-10M
$-239M
$175M
$6M
$-3M
Taxes Paid
$233.0K
$185.0K
$152.0K
$55.0K
$966.0K
$742.0K
$411.0K
Free Cash Flow
$26M
$-17M
·
$-57M
$-32M
$-6M
·
Levered FCF
$25M
$-17M
·
·
·
·
·
Profitability8
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
Gross Margin
66.4%
64.1%
·
61.9%
61.9%
64.7%
·
Operating Margin
-6.7%
-40.0%
·
-72.0%
-48.0%
-3.9%
·
Net Margin
6.8%
-32.1%
·
-74.9%
-43.1%
-2.3%
·
Pretax Margin
7.0%
-29.3%
·
-74.7%
-42.8%
-1.9%
·
EBITDA Margin
-5.2%
-37.4%
·
-66.1%
-43.1%
-0.55%
·
ROA
1.3%
-6.2%
·
-13.8%
-8.8%
-0.76%
·
ROE
1.7%
-7.3%
·
-15.1%
-9.5%
-1.2%
·
ROIC
-1.6%
-9.4%
·
-16.0%
-9.4%
-0.96%
·
Liquidity & Solvency3
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
Current Ratio
4.6
5.6
·
6.8
10.8
18.5
·
Quick Ratio
1.8
1.0
·
6.4
10.7
18.3
·
Interest Coverage
-261.4
-210.7
·
·
·
·
·
Efficiency2
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
Asset Turnover
0.2
0.2
·
0.2
0.2
0.3
·
Receivables Turnover
5.1
4.1
·
4.9
5.6
6.1
·
Per Share5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
Book Value / Share
$1.61
$1.53
·
$1.57
$1.93
$1.58
·
Revenue / Share
$0.36
$0.36
·
$0.36
·
·
·
Cash Flow / Share
$0.07
$-0.04
·
$-0.12
·
·
·
Cash / Share
$0.22
$0.07
·
$0.10
$0.64
$0.27
·
EPS (TTM)
$0.02
$-0.11
·
$-0.27
$-0.16
$-0.76
·
Valuation (TTM)10
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
Revenue TTM
$141M
$133M
·
$161M
$168M
$134M
·
Net Income TTM
$10M
$-43M
·
$-120M
$-72M
$-3M
·
Market Cap
$1.42B
$1.55B
·
$1.81B
$7.29B
$16.42B
·
P/E
203.5
-37.8
·
-14.5
-101.3
-52.1
·
P/S
10.1
11.7
·
11.3
43.4
122.9
·
P/B
2.5
2.7
·
2.5
8.4
25.0
·
P / Tangible Book
2.5
2.7
·
2.6
9.1
25.1
·
P / Cash Flow
52.2
-109.9
·
-34.5
-364.4
2501.1
·
P / FCF
55.7
-93.1
·
-32.0
-226.3
-2599.7
·
Earnings Yield
0.49%
-2.6%
·
-6.9%
-0.99%
-1.9%
·
Per Share1
Metric
Trend
Q4 2023
Q4 2021
EPS (TTM)
$-0.22
$-0.16
Valuation (TTM)4
Metric
Trend
Q4 2023
Q4 2021
Revenue TTM
$142M
$168M
Net Income TTM
$-87M
$-72M
P/E
-12.0
-101.3
Earnings Yield
-8.4%
-0.99%
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
$141M
$133M
$142M
$161M
$168M
Gross Margin %
66.4%
64.1%
·
61.9%
61.9%
Operating Margin %
-6.7%
-40.0%
·
-72.0%
-48.0%
Net Income
$10M
$-43M
$-87M
$-120M
$-72M
Diluted EPS
$0.02
$-0.11
$-0.22
$-0.27
$-0.16
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Current Ratio
4.6
5.6
·
6.8
10.8
Quick Ratio
1.8
1.0
·
6.4
10.7
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Free Cash Flow
$26M
$-17M
·
$-57M
$-32M
Institutional owners (13F)
64 filers
· $92.1M total
· As of June 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.
Holders64
Value held$92.1M
New positions9
Exited positions11
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
9 (-1 vs prior Q)
11 (-2 vs prior Q)
19 (+2 vs prior Q)
19 (-4 vs prior Q)
-420K
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.