BKSY BlackSky Technology Inc. Class A Common Stock
$27.05
Price · Aug 19, 2026
Fundamentals as of Aug 6, 2026
52W Range
$12–$53
36% of range
Analyst Rating
BUY
13 analysts
Price Target
$38
+42% upside
P/E (TTM)
-9.0
ROE
—
Net Profit Margin
—
BKSY Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$27.05
Market Cap
—
P/E (TTM)
-9.0
EPS (TTM)
$-2.09
Revenue (TTM)
$107M
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$12 – $53
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$107M
2020-12-31
→
2025-12-31
EPS
$-2.09
2020-12-31
→
2025-12-31
Free Cash Flow
—
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BKSY
Peer Median
P/E (TTM)
-9.0
23.3
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BKSY
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BKSY
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BKSY
Peer Median
Revenue YoY
4.4%
—
Revenue CAGR 3Y
17.7%
—
Revenue CAGR 5Y
38.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BKSY
Peer Median
BKSY Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 7 53.8%
- Hold 3 23.1%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
8 analysts · 2026-08-15
Median
$36.00
Mean
$38.42
← Below all targets
$27.05
Low
$33.00
High
$50.00
Median target
$36.00
+33.1%
Mean target
$38.42
+42.0%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.17%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.54 | $-0.40 | -0.14% |
| March 31, 2026 | $-0.82 | $-0.39 | -0.43% |
| Dec. 31, 2025 | $-0.02 | $-0.22 | 0.20% |
| Sept. 30, 2025 | $-0.32 | $-0.48 | 0.16% |
| June 30, 2025 | $-1.27 | $-0.44 | -0.83% |
| March 31, 2025 | $-0.44 | $-0.48 | 0.04% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BKSY | — | -9.0 | 4.4% | — | — | — |
| INOD | $1.65B | 55.4 | 47.6% | 12.8% | 37.7% | 39.5% |
| TIC | — | — | — | — | — | — |
| ICFI | $1.56B | 17.2 | -7.3% | 4.9% | 9.0% | — |
| WLDN | $1.57B | 30.6 | 20.5% | 7.7% | 19.5% | 37.5% |
| RHLD | $1.75B | -299.2 | 9.9% | -1.3% | -206.6% | 56.3% |
| CRAI | $1.31B | 24.6 | 9.3% | 7.3% | 26.7% | — |
| FBYD | — | — | — | — | — | — |
| LZ | $1.76B | 124.1 | 10.9% | 2.0% | 8.4% | 65.9% |
| MG | — | 23.9 | -0.77% | 2.3% | 7.8% | 28.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $107M | $102M | $94M | $65M | $34M | $21M | |
| R&D Expense | $433.0K | $1M | $643.0K | $739.0K | $112.0K | $255.0K | |
| SG&A Expense | $87M | $74M | $73M | $80M | $87M | $29M | |
| Operating Income | $-47M | $-44M | $-56M | $-87M | $-120M | $-41M | |
| Interest Expense | $15M | $12M | $9M | $5M | $5M | $5M | |
| Interest Income | $3M | $1M | $796.0K | $656.0K | $0 | · | |
| Other Non-op | $60.0K | $3.0K | $-2M | $2M | $-148M | $103.0K | |
| Pretax Income | $-70M | $-57M | $-53M | $-75M | $-244M | $-48M | |
| Income Tax | $125.0K | $370.0K | $673.0K | $0 | $0 | $0 | |
| Net Income | $-70M | $-57M | $-54M | $-74M | $-246M | $-20M | |
| EPS (Basic) | $-2.09 | $-2.67 | $-3.18 | $-0.63 | $-3.39 | $-0.60 | |
| EPS (Diluted) | $-2.09 | $-2.67 | $-3.18 | $-0.63 | $-3.39 | $-0.60 | |
| Shares (Basic) | 33,576,000 | 21,443,000 | 16,931,000 | 117,821,000 | 72,462,000 | 33,009,000 | |
| Shares (Diluted) | 33,576,000 | 21,443,000 | 16,931,000 | 117,821,000 | 72,462,000 | 33,009,000 | |
| EBITDA | · | · | · | · | · | $-3M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $42M | $13M | $33M | $34M | $166M | $5M | |
| Short-term Investments | $82M | $39M | $20M | $38M | $0 | · | |
| Receivables | $34M | $15M | $7M | $3M | $3M | $3M | |
| Inventory | $6M | $6M | $0 | · | · | · | |
| Prepaid Expense | $12M | $4M | $4M | $5M | $6M | $965.0K | |
| Other Current Assets | $221.0K | $375.0K | · | · | · | · | |
| Current Assets | $207M | $107M | $79M | $89M | $179M | $18M | |
| PP&E (Net) | $79M | $46M | $67M | $72M | $71M | $21M | |
| PP&E (Gross) | $212M | $160M | $157M | $134M | $98M | $38M | |
| Accum. Depreciation | $132M | $115M | $90M | $62M | $27M | $17M | |
| Goodwill | $10M | $10M | $9M | $9M | $9M | $9M | |
| Intangibles | $4M | $5M | $1M | $2M | $2M | $4M | |
| Other Non-current Assets | $2M | $1M | $9M | $3M | $560.0K | $2M | |
| Total Assets | $386M | $254M | $224M | $234M | $306M | $120M | |
| Accounts Payable | $15M | $20M | $12M | $14M | $2M | $4M | |
| Current Liabilities | $59M | $26M | $27M | $27M | $31M | $55M | |
| Capital Leases | $8M | $8M | $3M | $3M | $0 | · | |
| Other Non-current Liabilities | $11M | $2M | $2M | $825.0K | $653.0K | $4M | |
| Total Liabilities | $291M | $160M | $131M | $112M | $126M | $153M | |
| Long-term Debt | $201M | $108M | $84M | $76M | $71M | $102M | |
| Common Stock | $4.0K | $3.0K | $2.0K | $12.0K | $11.0K | $3.0K | |
| Paid-in Capital | $821M | $750M | $692M | $667M | $651M | $191M | |
| Retained Earnings | $-726M | $-656M | $-599M | $-545M | $-471M | $-224M | |
| Stockholders' Equity | $95M | $94M | $93M | $122M | $180M | $-33M | |
| Liabilities + Equity | $386M | $254M | $224M | $234M | $306M | $120M | |
| Shares Outstanding | 35,930,000 | 30,663,000 | 17,855,000 | 14,939,000 | 114,452,000 | 34,692,000 |
Cash Flow 9
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $30M | $44M | $43M | $36M | $14M | $10M | |
| Stock-based Comp | $14M | $11M | $11M | $20M | $43M | $2M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | $0 | |
| Amort. of Intangibles | $1M | $600.0K | $600.0K | $600.0K | $1M | $1M | |
| Operating Cash Flow | $-28M | $-6M | $-17M | $-44M | $-54M | $-32M | |
| Investing Cash Flow | $-87M | $-68M | $-15M | $-82M | $-64M | $-10M | |
| Financing Cash Flow | $144M | $56M | $29M | $-5M | $275M | $3M | |
| Net Change in Cash | $29M | $-19M | $-4M | $-131M | $158M | $-38M | |
| Taxes Paid | · | · | · | · | · | $350.0K |
Profitability 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| ROA | · | · | · | · | · | -4.8% | |
| ROE | · | · | · | · | · | 172.4% | |
| ROIC | · | · | · | · | · | -62.7% |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | · | · | · | · | · | 0.3 | |
| Quick Ratio | · | · | · | · | · | 0.2 |
Efficiency 1
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | 0.0 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 4.4% | 8.0% | 44.6% | 91.7% | 61.3% | · | |
| Revenue CAGR 3Y | 17.7% | 44.1% | 64.7% | · | · | · | |
| Revenue CAGR 5Y | 38.2% | · | · | · | · | · |
Valuation (TTM) 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $107M | $102M | $94M | $65M | $34M | $21M | |
| Net Income TTM | $-70M | $-57M | $-54M | $-74M | $-246M | $-20M | |
| P/E | -9.0 | -4.0 | -3.5 | -19.6 | -10.6 | -139.6 | |
| P / Tangible Book | 8.4 | 4.2 | 19.4 | 13.3 | 24.5 | · | |
| Earnings Yield | -11.2% | -24.8% | -28.4% | -5.1% | -9.4% | -0.72% |
Income Statement 15
| 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 | $33M | $21M | $35M | $20M | $22M | $30M | $30M | $23M | $25M | $24M | $36M | $21M | $19M | $18M | $19M | $17M | |
| R&D Expense | $291.0K | $170.0K | $141.0K | $30.0K | $17.0K | $245.0K | $559.0K | $43.0K | $286.0K | $456.0K | $118.0K | $133.0K | $176.0K | $216.0K | $290.0K | $197.0K | |
| SG&A Expense | $24M | $23M | $22M | $22M | $23M | $21M | $19M | $18M | $18M | $19M | $17M | $18M | $19M | $19M | $21M | $19M | |
| Operating Income | $-8M | $-19M | $-4M | $-17M | $-14M | $-12M | $-6M | $-13M | $-12M | $-13M | $-5M | $-15M | $-20M | $-17M | $-18M | $-19M | |
| Interest Expense | $4M | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $1M | |
| Interest Income | $979.0K | $552.0K | $805.0K | $888.0K | $460.0K | $412.0K | $444.0K | $135.0K | $228.0K | $267.0K | $245.0K | $214.0K | $181.0K | $156.0K | $283.0K | $195.0K | |
| Other Non-op | $-1.0K | $-1.0K | $0 | $-8.0K | $3.0K | $65.0K | $22.0K | $-22.0K | $2.0K | $1.0K | $1.0K | $2.0K | $-867.0K | $-943.0K | $2M | $-14.0K | |
| Pretax Income | $-21M | $-30M | $-847.0K | $-15M | $-41M | $-13M | $-19M | $-13M | $-9M | $-16M | $-3M | $813.0K | $-33M | $-17M | $-15M | $-14M | |
| Income Tax | $0 | $0 | $21.0K | $39.0K | $35.0K | $30.0K | $20.0K | $28.0K | $252.0K | $70.0K | $413.0K | $138.0K | $9.0K | $113.0K | $0 | $0 | |
| Net Income | $-21M | $-30M | $-868.0K | $-15M | $-41M | $-13M | $-19M | $-13M | $-9M | $-16M | $-4M | $675.0K | $-33M | $-17M | $-15M | $-13M | |
| EPS (Basic) | $-0.54 | $-0.82 | $0.04 | $-0.44 | $-1.27 | $-0.42 | $-0.61 | $-0.66 | $-0.52 | $-0.88 | $-2.84 | $0.04 | $-0.24 | $-0.14 | $-0.13 | $-0.11 | |
| EPS (Diluted) | $-0.54 | $-0.82 | $0.04 | $-0.44 | $-1.27 | $-0.42 | $-0.61 | $-0.66 | $-0.52 | $-0.88 | $-2.84 | $0.04 | $-0.24 | $-0.14 | $-0.13 | $-0.11 | |
| Shares (Basic) | 38,424,000 | 36,153,000 | -64,905,000 | 35,194,000 | 32,473,000 | 30,814,000 | -33,729,000 | 19,120,000 | 18,148,000 | 17,904,000 | -261,781,000 | 17,360,000 | 137,208,000 | 124,144,000 | -234,352,000 | 118,582,000 | |
| Shares (Diluted) | 38,424,000 | 36,153,000 | -64,905,000 | 35,194,000 | 32,473,000 | 30,814,000 | -160,767,000 | 19,120,000 | 145,186,000 | 17,904,000 | -262,304,000 | 17,883,000 | 137,208,000 | 124,144,000 | -234,352,000 | 118,582,000 | |
| EBITDA | $-8M | $-9M | · | $-17M | $-14M | $-5M | · | $-13M | $-12M | $-2M | · | $-15M | $-20M | $-7M | · | $-19M |
Balance Sheet 27
| 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 | $37M | $39M | $42M | $29M | $23M | $21M | $13M | $56M | $26M | $15M | $33M | · | · | · | $34M | $37M | |
| Short-term Investments | $197M | $76M | $82M | $118M | $71M | $55M | $39M | $7M | $16M | $20M | $20M | · | · | · | $38M | $51M | |
| Receivables | $28M | $25M | $34M | $4M | $7M | $8M | $15M | $10M | $8M | $6M | $7M | · | · | · | $3M | $5M | |
| Inventory | $6M | $6M | $6M | $0 | $0 | $0 | $6M | · | · | · | $0 | · | · | · | · | · | |
| Prepaid Expense | $5M | $13M | $12M | $13M | $4M | $4M | $4M | $5M | $4M | $4M | $4M | · | · | · | $5M | $5M | |
| Other Current Assets | $737.0K | $452.0K | $221.0K | $453.0K | · | · | $375.0K | · | · | · | · | · | · | · | · | · | |
| Current Assets | $310M | $185M | $207M | $201M | $139M | $121M | $107M | $107M | $82M | $69M | $79M | · | · | · | $89M | $107M | |
| PP&E (Net) | $91M | $96M | $79M | $73M | $77M | $61M | $46M | $47M | $52M | $60M | $67M | · | · | · | $72M | $78M | |
| PP&E (Gross) | $240M | $237M | $212M | $198M | $194M | $170M | $160M | $152M | $156M | $152M | $157M | · | · | · | $134M | $131M | |
| Accum. Depreciation | $149M | $142M | $132M | $125M | $117M | $110M | $115M | $105M | $103M | $92M | $90M | · | · | · | $62M | $53M | |
| Goodwill | $10M | $10M | $10M | $10M | $10M | $10M | $10M | $9M | $9M | $9M | $9M | · | · | · | $9M | $9M | |
| Intangibles | $4M | $4M | $4M | $5M | $5M | $5M | $5M | $936.0K | $1M | $1M | $1M | · | · | · | $2M | $2M | |
| Other Non-current Assets | $1M | $1M | $2M | $9M | $11M | $8M | $1M | $3M | $3M | $4M | $9M | · | · | · | $3M | $2M | |
| Total Assets | $517M | $372M | $386M | $381M | $311M | $285M | $254M | $245M | $224M | $210M | $224M | · | · | · | $234M | $244M | |
| Accounts Payable | $14M | $12M | $15M | $12M | $12M | $13M | $20M | $13M | $11M | $13M | $12M | · | · | · | $14M | $15M | |
| Current Liabilities | $53M | $54M | $59M | $52M | $37M | $32M | $26M | $19M | $20M | $17M | $27M | · | · | · | $27M | $27M | |
| Capital Leases | $10M | $8M | $8M | $8M | $8M | $8M | $8M | $7M | $7M | $7M | $3M | · | · | · | $3M | · | |
| Other Non-current Liabilities | $4M | $8M | $555.0K | $369.0K | $1M | $4M | $2M | $4M | $3M | $4M | $2M | · | · | · | $825.0K | $3M | |
| Total Liabilities | $305M | $291M | $291M | $290M | $224M | $196M | $160M | $135M | $148M | $128M | $131M | · | · | · | $112M | $111M | |
| Long-term Debt | $211M | $203M | $201M | $195M | $122M | $115M | $108M | $99M | $109M | $85M | $84M | · | · | · | $76M | $73M | |
| Total Debt | $199M | $193M | · | $189M | $117M | $112M | · | $98M | $108M | $85M | · | · | · | · | · | $73M | |
| Common Stock | $4.0K | $4.0K | $4.0K | $4.0K | $3.0K | $3.0K | $3.0K | $3.0K | $15.0K | $14.0K | $2.0K | · | · | · | $12.0K | $12.0K | |
| Paid-in Capital | $988M | $837M | $821M | $817M | $797M | $758M | $750M | $747M | $701M | $696M | $692M | · | · | · | $667M | $664M | |
| Retained Earnings | $-777M | $-756M | $-726M | $-726M | $-710M | $-669M | $-656M | $-637M | $-624M | $-615M | $-599M | · | · | · | $-545M | $-530M | |
| Stockholders' Equity | $212M | $81M | $95M | $91M | $87M | $89M | $94M | $110M | $77M | $82M | $93M | · | · | · | $122M | $133M | |
| Liabilities + Equity | $517M | $372M | $386M | $381M | $311M | $285M | $254M | $245M | $224M | $210M | $224M | · | · | · | $234M | $244M | |
| Shares Outstanding | 40,628,000 | 36,767,000 | 35,930,000 | 35,695,000 | 34,557,000 | 31,356,000 | 30,663,000 | 30,482,000 | 146,530,000 | 144,434,000 | 17,855,000 | · | · | · | 119,508,000 | 118,906,000 |
Cash Flow 7
| 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 | $8M | $9M | $8M | $8M | $7M | $7M | $10M | $11M | $11M | $11M | $11M | $11M | $12M | $10M | $9M | $10M | |
| Stock-based Comp | $4M | $4M | $4M | $4M | $3M | $3M | $3M | $3M | $2M | $3M | $3M | $2M | $2M | $3M | $4M | $3M | |
| Other Non-cash | · | $14M | · | · | · | $30M | · | · | · | $-3M | · | · | · | $-12M | · | · | |
| Operating Cash Flow | $-4M | $-2M | $-9M | $-39M | $-7M | $27M | $-2M | $1M | $-2M | $-4M | $-2M | $-173.0K | $977.0K | $-17M | $-5M | $-12M | |
| Investing Cash Flow | $-136M | $-9M | $24M | $-61M | $-26M | $-24M | $-41M | $-4M | $-8M | $-15M | $-277.0K | $-8M | $-17M | $11M | $3M | $-15M | |
| Financing Cash Flow | $145M | $10M | $-866.0K | $106M | $35M | $4M | $-243.0K | $34M | $21M | $862.0K | $1M | $-510.0K | $-668.0K | $29M | $-539.0K | $-502.0K | |
| Net Change in Cash | $5M | $-2M | $14M | $6M | $2M | $8M | $-43M | $31M | $11M | $-18M | $-539.0K | $-9M | $-17M | $23M | $-3M | $-27M |
Profitability 7
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -23.4% | -89.2% | · | -85.8% | -62.8% | -40.6% | · | -58.7% | -47.0% | -54.7% | · | -68.3% | -103.1% | -91.9% | · | -114.3% | |
| Net Margin | -62.5% | -142.8% | · | -78.2% | -185.8% | -43.4% | · | -55.8% | -37.7% | -65.2% | · | 3.2% | -173.0% | -94.1% | · | -77.0% | |
| Pretax Margin | -62.5% | -142.8% | · | -78.0% | -185.6% | -43.3% | · | -55.7% | -36.7% | -64.9% | · | 3.8% | -172.9% | -93.5% | · | -81.2% | |
| EBITDA Margin | -23.4% | -44.7% | · | -85.8% | -62.8% | -16.1% | · | -58.7% | -47.0% | -8.5% | · | -68.3% | -103.1% | -39.4% | · | -114.3% | |
| ROA | -5.0% | -9.0% | · | -4.9% | -15.4% | -5.2% | · | -5.1% | -3.9% | -6.4% | · | · | · | · | · | -4.6% | |
| ROE | -14.0% | -35.0% | · | -15.2% | -50.6% | -15.0% | · | -10.3% | -8.5% | -12.7% | · | · | · | · | · | -9.1% | |
| ROIC | -1.9% | -6.8% | · | -6.0% | -6.8% | -6.0% | · | -6.3% | -6.5% | -8.0% | · | · | · | · | · | -9.4% |
Liquidity & Solvency 5
| 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 | 5.8 | 3.5 | · | 3.9 | 3.7 | 3.8 | · | 5.7 | 4.2 | 4.0 | · | · | · | · | · | 4.0 | |
| Quick Ratio | 4.9 | 2.6 | · | 2.9 | 2.7 | 2.6 | · | 3.9 | 2.5 | 2.4 | · | · | · | · | · | 3.5 | |
| Debt / Equity | 0.9 | 2.4 | · | 2.1 | 1.4 | 1.3 | · | 0.9 | 1.4 | 1.0 | · | · | · | · | · | 0.5 | |
| LT Debt / Equity | 0.9 | 2.4 | · | 2.1 | 1.4 | 1.3 | · | 0.9 | 1.4 | 1.0 | · | · | · | · | · | 0.5 | |
| Interest Coverage | -2.0 | -4.7 | · | -4.2 | -4.0 | -3.6 | · | -4.2 | -3.9 | -5.0 | · | -5.7 | -8.9 | -9.1 | · | -15.8 |
Efficiency 2
| 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 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | · | · | · | 0.1 | |
| Receivables Turnover | 1.9 | 1.3 | · | 2.8 | 2.9 | 4.4 | · | 2.9 | 4.3 | 4.4 | · | · | · | · | · | 3.4 |
Valuation (TTM) 12
| 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 | $96M | $92M | · | $94M | $99M | $101M | · | $93M | $90M | $83M | · | $76M | $70M | $64M | · | $54M | |
| Net Income TTM | $-107M | $-99M | · | $-82M | $-76M | $-51M | · | $-37M | $-58M | $-66M | · | $-63M | $-90M | $-77M | · | $-106M | |
| Market Cap | $1.13B | $925M | · | $719M | $711M | $242M | · | $144M | $1.25B | $1.57B | · | · | · | · | · | $1.43B | |
| Enterprise Value | $1.10B | $1.00B | · | $762M | $735M | $278M | · | $180M | $1.32B | $1.62B | · | · | · | · | · | $1.41B | |
| P/E | -9.1 | -8.5 | · | -7.2 | -7.2 | -3.1 | · | -2.3 | -5.3 | -8.9 | · | -20.8 | -25.0 | -18.8 | · | -10.3 | |
| P/S | 11.8 | 10.0 | · | 7.7 | 7.2 | 2.4 | · | 1.6 | 14.0 | 18.9 | · | · | · | · | · | 26.5 | |
| P/B | 5.4 | 11.4 | · | 7.9 | 8.2 | 2.7 | · | 1.3 | 16.4 | 19.2 | · | · | · | · | · | 10.7 | |
| P / Tangible Book | 5.7 | 13.9 | · | 9.5 | 10.0 | 3.3 | · | 1.4 | 19.0 | 22.1 | · | · | · | · | · | 11.7 | |
| P / Cash Flow | · | -392.6 | · | · | · | 8.9 | · | · | · | -412.5 | · | · | · | · | · | · | |
| EV / EBITDA | -141.0 | -108.0 | · | -45.3 | -52.7 | -58.6 | · | -13.6 | -112.7 | -783.3 | · | · | · | · | · | -72.9 | |
| EV / Revenue | 11.5 | 10.9 | · | 8.1 | 7.4 | 2.7 | · | 1.9 | 14.7 | 19.5 | · | · | · | · | · | 26.2 | |
| Earnings Yield | -11.0% | -11.7% | · | -13.9% | -14.0% | -32.1% | · | -42.6% | -18.7% | -11.2% | · | -4.8% | -4.0% | -5.3% | · | -9.8% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | |
|---|---|---|---|---|---|
| Revenue | $107M | $102M | $94M | — | — |
| Net Income | $-70M | $-57M | $-54M | — | — |
| Diluted EPS | $-2.09 | $-2.67 | $-3.18 | — | — |
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Institutional owners (13F) 259 filers · $602.5M 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 |
|---|---|---|---|---|
| 86 (+41 vs prior Q) | 25 (0 vs prior Q) | 77 (+17 vs prior Q) | 45 (-2 vs prior Q) | +6.2M |
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.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $38,725,152 | 1,387,004 | 6.43% | Shares |
| AWM Investment Company, Inc. | $33,504,000 | 1,200,000 | 5.56% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $31,094,504 | 1,113,700 | 5.16% | Call option |
| Driehaus Capital Management LLC | $28,857,498 | 1,033,578 | 4.79% | Shares |
| VAN ECK ASSOCIATES CORP | $28,614,985 | 1,024,892 | 4.75% | Shares |
| STATE STREET CORP | $26,735,494 | 957,575 | 4.44% | Shares |
| Cercano Management LLC | $26,048,857 | 932,982 | 4.32% | Shares |
| MILLENNIUM MANAGEMENT LLC | $25,519,131 | 914,009 | 4.24% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $19,541,653 | 699,775 | 3.24% | Shares |
| Bank of New York Mellon Corp | $15,747,243 | 564,013 | 2.61% | Shares |
| Daiwa Securities Group Inc. | $14,914,752 | 534,196 | 2.48% | Shares |
| JANE STREET GROUP, LLC | $11,554,357 | 413,838 | 1.92% | Shares |
| Trexquant Investment LP | $11,501,365 | 411,940 | 1.91% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $11,386,642 | 407,831 | 1.89% | Shares |
| BANK OF AMERICA CORP /DE/ | $11,255,864 | 403,147 | 1.87% | Shares |
| D. E. Shaw & Co., Inc. | $10,123,792 | 362,600 | 1.68% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $10,091,600 | 361,447 | 1.67% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $8,591,738 | 307,727 | 1.43% | Shares |
| CITADEL ADVISORS LLC | $8,325,744 | 298,200 | 1.38% | Call option |
| Temasek Holdings (Private) Ltd | $8,059,080 | 288,649 | 1.34% | Shares |
| TUDOR INVESTMENT CORP ET AL | $7,886,870 | 282,481 | 1.31% | Shares |
| JANE STREET GROUP, LLC | $7,390,424 | 264,700 | 1.23% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,331,876 | 262,603 | 1.22% | Shares |
| WASATCH ADVISORS LP | $7,192,816 | 285,883 | 1.19% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $7,144,728 | 255,900 | 1.19% | Shares |
| LBP AM SA | $6,834,481 | 244,788 | 1.13% | Shares |
| TWO SIGMA INVESTMENTS, LP | $6,792,098 | 243,270 | 1.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $6,664,504 | 238,700 | 1.11% | Put option |
| BNP PARIBAS FINANCIAL MARKETS | $6,640,269 | 237,832 | 1.10% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,324,857 | 226,535 | 1.05% | Shares |
| Sender Co & Partners, Inc. | $5,531,203 | 198,109 | 0.92% | Shares |
| JANE STREET GROUP, LLC | $5,447,192 | 195,100 | 0.90% | Call option |
| RENAISSANCE TECHNOLOGIES LLC | $5,404,782 | 193,581 | 0.90% | Shares |
| GOLDMAN SACHS GROUP INC | $5,350,086 | 191,622 | 0.89% | Shares |
| Qube Research & Technologies Ltd | $5,239,942 | 187,677 | 0.87% | Shares |
| OPPENHEIMER & CO INC | $5,012,143 | 179,518 | 0.83% | Shares |
| CITADEL ADVISORS LLC | $4,989,304 | 178,700 | 0.83% | Put option |
| Defiance ETFs, LLC | $4,819,439 | 167,691 | 0.80% | Shares |
| RAYMOND JAMES FINANCIAL INC | $4,355,073 | 155,984 | 0.72% | Shares |
| VANGUARD GROUP INC | $3,936,525 | 209,948 | 0.65% | Shares |
| ESSEX INVESTMENT MANAGEMENT CO LLC | $3,637,446 | 130,281 | 0.60% | Shares |
| UBS Group AG | $3,637,334 | 130,277 | 0.60% | Shares |
| MARSHALL WACE, LLP | $3,224,983 | 115,508 | 0.54% | Shares |
| LPL Financial LLC | $3,051,433 | 109,292 | 0.51% | Shares |
| Beacon Pointe Advisors, LLC | $3,047,782 | 121,136 | 0.51% | Shares |
| ADVENT CAPITAL MANAGEMENT /DE/ | $2,792,000 | 100,000 | 0.46% | Put option |
| WOLVERINE ASSET MANAGEMENT LLC | $2,792,000 | 100,000 | 0.46% | Put option |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $2,091,208 | 74,900 | 0.35% | Shares |
| Point72 Asset Management, L.P. | $2,090,482 | 74,874 | 0.35% | Shares |
| Jasper Ridge Partners, L.P. | $2,086,713 | 74,739 | 0.35% | Shares |
| Point72 Asset Management, L.P. | $2,013,032 | 72,100 | 0.33% | Call option |
| ExodusPoint Capital Management, LP | $1,896,187 | 67,915 | 0.31% | Shares |
| GRIFFIN ASSET MANAGEMENT, INC. | $1,875,610 | 67,178 | 0.31% | Shares |
| Jump Financial, LLC | $1,828,760 | 65,500 | 0.30% | Shares |
| BlackRock, Inc. | $1,801,008 | 64,506 | 0.30% | Shares |
| Huntleigh Advisors, Inc. | $1,730,176 | 61,969 | 0.29% | Shares |
| Swiss National Bank | $1,714,288 | 61,400 | 0.28% | Shares |
| BARCLAYS PLC | $1,680,812 | 60,201 | 0.28% | Shares |
| WOLVERINE TRADING, LLC | $1,633,546 | 81,800 | 0.27% | Call option |
| Patriot Financial Group Insurance Agency, LLC | $1,598,420 | 57,250 | 0.27% | Shares |
| OAKMONT Corp | $1,486,433 | 53,239 | 0.25% | Shares |
| D. E. Shaw & Co., Inc. | $1,474,176 | 52,800 | 0.24% | Put option |
| Nuveen, LLC | $1,308,220 | 46,856 | 0.22% | Shares |
| Foundations Investment Advisors, LLC | $1,241,491 | 44,466 | 0.21% | Shares |
| SLT Holdings LLC | $1,240,625 | 44,435 | 0.21% | Shares |
| Cubist Systematic Strategies, LLC | $1,239,225 | 61,500 | 0.21% | Call option |
| Balyasny Asset Management L.P. | $1,234,008 | 44,198 | 0.20% | Shares |
| Pathstone Holdings, LLC | $1,226,107 | 43,915 | 0.20% | Shares |
| RHUMBLINE ADVISERS | $1,174,418 | 42,064 | 0.19% | Shares |
| Squarepoint Ops LLC | $1,127,354 | 40,378 | 0.19% | Shares |
| Crawford Fund Management, LLC | $1,111,216 | 39,800 | 0.18% | Put option |
| Voleon Capital Management LP | $1,081,649 | 38,741 | 0.18% | Shares |
| Cubist Systematic Strategies, LLC | $1,073,995 | 53,300 | 0.18% | Put option |
| EXCHANGE TRADED CONCEPTS, LLC | $1,004,003 | 35,960 | 0.17% | Shares |
| Point72 Asset Management, L.P. | $1,002,328 | 35,900 | 0.17% | Put option |
| Y-Intercept (Hong Kong) Ltd | $1,000,485 | 35,834 | 0.17% | Shares |
| Round Rock Advisors LLC | $978,261 | 35,038 | 0.16% | Shares |
| Windmill Hill Asset Management Ltd | $975,916 | 34,954 | 0.16% | Shares |
| BLAIR WILLIAM & CO/IL | $966,870 | 34,630 | 0.16% | Shares |
| ALLIANCEBERNSTEIN L.P. | $865,353 | 34,394 | 0.14% | Shares |
| D. E. Shaw & Co., Inc. | $834,808 | 29,900 | 0.14% | Call option |
| Numerai GP LLC | $820,150 | 29,375 | 0.14% | Shares |
| Walleye Capital LLC | $806,888 | 28,900 | 0.13% | Put option |
| PERKINS CAPITAL MANAGEMENT INC | $802,700 | 28,750 | 0.13% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $787,484 | 28,205 | 0.13% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $755,041 | 27,043 | 0.13% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $661,456 | 26,290 | 0.11% | Shares |
| Atom Investors LP | $644,617 | 23,088 | 0.11% | Shares |
| WOLVERINE TRADING, LLC | $639,040 | 32,000 | 0.11% | Put option |
| VANGUARD ASSET MANAGEMENT, Ltd | $619,824 | 22,200 | 0.10% | Shares |
| CAPTRUST FINANCIAL ADVISORS | $616,263 | 22,072 | 0.10% | Shares |
| Caitong International Asset Management Co., Ltd | $591,178 | 21,174 | 0.10% | Shares |
| ExodusPoint Capital Management, LP | $558,600 | 20,000 | 0.09% | Call option |
| Firsthand Capital Management, Inc. | $558,400 | 20,000 | 0.09% | Shares |
| MetLife Investment Management, LLC | $551,308 | 19,746 | 0.09% | Shares |
| Walleye Capital LLC | $527,688 | 18,900 | 0.09% | Call option |
| Vanguard Global Advisers, LLC | $521,825 | 18,690 | 0.09% | Shares |
| HSBC HOLDINGS PLC | $521,308 | 18,314 | 0.09% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $516,519 | 18,500 | 0.09% | Shares |
| XTX Topco Ltd | $514,929 | 18,443 | 0.09% | Shares |
Company insiders 8 insiders · 3 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Brian E O'Toole | CEO and President | June 10, 2026 S | 1,139,676 | 0 | 1 | $-528,959 |
| Henry Edward Dubois | Chief Financial Officer | June 10, 2026 S | 502,156 | 0 | 3 | $-1,577,669 |
| Christiana L Lin | General Counsel & CAO | June 10, 2026 S | 440,732 | 0 | 3 | $-1,225,510 |
| William D. Porteous | Director | June 30, 2026 A | 78,590 | 0 | 0 | $0 |
| Susan M. Gordon | Director | June 30, 2026 A | 77,279 | 0 | 0 | $0 |
| Magid M Abraham | Director | June 30, 2026 A | 65,652 | 0 | 0 | $0 |
| James R Tolonen | Director | June 30, 2026 A | 77,846 | 0 | 0 | $0 |
| JANA PARTNERS LLC | — | June 9, 2023 J | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 1 position
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 |
|---|---|---|---|---|---|
| Mithril LP, Mithril GP LP, Mithril II LP, Mithril II GP LP, Mithril II UGP LLC, Ajay Royan, Peter Thiel ×4 filings | Aug. 11, 2025 | 6.60% | Amendment | — | 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 28 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 |
|---|---|---|---|---|
| UFO · Procure ETF Trust II | 1.32% | 279,482 NS | April 30, 2026 | N-PORT |
| SHLD · Global X Funds | 0.24% | 399,934 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.21% | 113,874 SH | Aug. 8, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 0.13% | 92,834 SH | Aug. 8, 2026 | Daily |
| PPA · Invesco Exchange-Traded Fund Trust | 0.09% | 278,931 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.06% | 35,896 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.06% | 12,051 NS | May 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.06% | 299,789 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.04% | 1,498 NS | May 31, 2026 | N-PORT |
| RSSL · Global X Funds | 0.03% | 13,736 NS | April 30, 2026 | N-PORT |
| SCHA · SCHWAB STRATEGIC TRUST | 0.03% | 148,040 NS | May 31, 2026 | N-PORT |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 192,743 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.03% | 857,847 SH | Aug. 8, 2026 | Daily |
| ISCV · iShares Trust | 0.03% | 7,058 SH | Aug. 8, 2026 | Daily |
| UWM · ProShares Trust | 0.02% | 1,171 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.02% | 1,186 NS | May 31, 2026 | N-PORT |
| FIDU · FIDELITY COVINGTON TRUST | 0.01% | 8,402 NS | April 30, 2026 | N-PORT |
| ISCB · iShares Trust | 0.01% | 1,377 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 363,305 SH | Aug. 8, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.01% | 37,398 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.01% | 1,458 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.01% | 1,729 SH | Aug. 8, 2026 | Daily |
| HDG · ProShares Trust | 0.01% | 30 NS | May 31, 2026 | N-PORT |
| SCHB · SCHWAB STRATEGIC TRUST | 0.00% | 18,034 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 46,304 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 8,381 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 992,423 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 2,576 SH | Aug. 8, 2026 | Daily |