BLZE Backblaze, Inc. - Common Stock
$16.58
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$3–$24
64% of range
Analyst Rating
BUY
13 analysts
Price Target
$23
+38% upside
P/E (TTM)
-10.1
ROE
-31.4%
Net Profit Margin
-17.6%
BLZE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$16.58
Market Cap
—
P/E (TTM)
-10.1
EPS (TTM)
$-0.46
Revenue (TTM)
$146M
Div Yield
—
ROE
-31.4%
Debt/Equity
—
52W Range
$3 – $24
BLZE Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$146M
2020-12-31
→
2025-12-31
EPS
$-0.46
2020-12-31
→
2025-12-31
Free Cash Flow
$19M
2021-12-31
→
2025-12-31
Margins
-17.6%
2021-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BLZE
Peer Median
P/E (TTM)
-10.1
48.8
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BLZE
Peer Median
Gross Margin
60.9%
64.7%
Operating Margin
-16.2%
—
Net Profit Margin
-17.6%
-10.7%
ROA
-14.2%
-7.8%
ROE
-31.4%
-30.2%
ROIC
-28.5%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BLZE
Peer Median
Current Ratio
1.1
1.3
Quick Ratio
0.9
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BLZE
Peer Median
Revenue YoY
14.3%
—
Revenue CAGR 3Y
19.6%
—
Revenue CAGR 5Y
22.1%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BLZE
Peer Median
BLZE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
13 analysts
- Strong Buy 3 23.1%
- Buy 8 61.5%
- Hold 2 15.4%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-16
Median
$23.00
← Below all targets
$16.58
Low
$21.00
High
$25.00
Median target
$23.00
+38.7%
Mean target
$22.83
+37.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.08 | $-0.11 | 0.03% |
| March 31, 2026 | $-0.10 | $-0.09 | -0.01% |
| Dec. 31, 2025 | $-0.09 | $-0.11 | 0.02% |
| Sept. 30, 2025 | $-0.06 | $-0.12 | 0.06% |
| June 30, 2025 | $-0.13 | $-0.18 | 0.05% |
| March 31, 2025 | $-0.17 | $-0.19 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BLZE | — | -10.1 | 14.3% | -17.6% | -31.4% | 60.9% |
| FSLY | $1.54B | -12.3 | 14.8% | -19.5% | -13.0% | 57.1% |
| SHAZ | — | — | 257.4% | -2529.2% | -401.0% | 6.4% |
| SHAZ | — | — | 257.4% | -2529.2% | -401.0% | 6.4% |
| RXT | $238M | -1.0 | -1.9% | -8.4% | 19.3% | 18.9% |
| WYFI | $606M | -20.3 | 66.2% | -31.2% | -6.2% | 60.2% |
| CXDO | $201M | 40.4 | 12.0% | 7.4% | 8.3% | — |
| CMRC | $336M | -17.2 | 2.8% | -5.7% | -49.5% | 78.8% |
| SNOW | $66.35B | -48.8 | 29.2% | -28.4% | -54.1% | 67.2% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $146M | $128M | $102M | $85M | $67M | $54M | |
| Cost of Revenue | $57M | $58M | $52M | $41M | $33M | $26M | |
| Gross Profit | $89M | $69M | $50M | $44M | $34M | $28M | |
| R&D Expense | $46M | $42M | $40M | $33M | $21M | $13M | |
| SG&A Expense | $29M | $29M | $27M | $23M | $13M | $7M | |
| Operating Expenses | $112M | $116M | $108M | $92M | $53M | $32M | |
| Operating Income | $-24M | $-46M | $-58M | $-48M | $-19M | $-4M | |
| Interest Expense | · | · | $4M | $4M | $4M | $3M | |
| Interest Income | $2M | $1M | $2M | $965.0K | $0 | · | |
| Pretax Income | $-26M | $-49M | $-60M | $-51M | $-22M | $-7M | |
| Income Tax | $84.0K | $6.0K | $0 | $-39.0K | $96.0K | $5.0K | |
| Net Income | $-26M | $-49M | $-60M | $-51M | $-22M | $-7M | |
| EPS (Basic) | $-0.46 | $-1.11 | $-1.66 | $-1.62 | $-1.07 | $-0.36 | |
| EPS (Diluted) | $-0.46 | $-1.11 | $-1.66 | $-1.62 | $-1.07 | $-0.36 | |
| Shares (Basic) | 56,209,667 | 43,543,023 | 36,011,446 | 31,662,301 | 20,345,655 | 18,609,422 | |
| Shares (Diluted) | 56,209,667 | 43,543,023 | 36,011,446 | 31,662,301 | 20,345,655 | 18,609,422 | |
| EBITDA | $2M | · | $-33M | $-28M | $-2M | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $29M | $46M | $13M | $7M | $105M | $6M | |
| Short-term Investments | $22M | $9M | $17M | $59M | $0 | · | |
| Receivables | $3M | $2M | $800.0K | $856.0K | $309.0K | $209.0K | |
| Prepaid Expense | $4M | $3M | $8M | $8M | $6M | $3M | |
| Other Current Assets | $7M | $6M | · | · | · | · | |
| Current Assets | $66M | $66M | $39M | $74M | $111M | $9M | |
| PP&E (Net) | · | · | · | · | $43M | $39M | |
| PP&E (Gross) | · | · | · | · | $86M | $71M | |
| Accum. Depreciation | · | · | · | · | $43M | $32M | |
| Intangibles | $41M | · | · | · | · | · | |
| Other Non-current Assets | $5M | $2M | $944.0K | $793.0K | $2M | $809.0K | |
| Total Assets | $192M | $169M | $132M | $152M | $164M | $54M | |
| Accounts Payable | $2M | $1M | $2M | $3M | $2M | $2M | |
| Accrued Liabilities | $2M | $1M | $1M | $3M | $2M | $1M | |
| Current Liabilities | $62M | $60M | $57M | $56M | $45M | $36M | |
| Capital Leases | $20M | $13M | $8M | $5M | $0 | · | |
| Other Non-current Liabilities | · | · | · | $0 | $298.0K | $820.0K | |
| Total Liabilities | $109M | $91M | $87M | $84M | $68M | $59M | |
| Total Debt | · | · | · | · | $0 | · | |
| Common Stock | · | · | · | · | · | $5.0K | |
| Paid-in Capital | $307M | $274M | $192M | $156M | $132M | $8M | |
| Retained Earnings | $-222M | $-196M | $-147M | $-88M | $-36M | $-15M | |
| Treasury Stock | $2M | $0 | · | · | · | · | |
| Stockholders' Equity | $83M | $78M | $45M | $69M | $95M | $-7M | |
| Liabilities + Equity | $192M | $169M | $132M | $152M | $164M | $54M | |
| Shares Outstanding | · | 53,375,770 | 39,150,610 | 33,393,737 | 30,384,834 | 18,614,905 |
Cash Flow 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| D&A | $26M | $28M | $25M | $20M | $16M | $13M | |
| Stock-based Comp | $26M | $29M | $25M | $17M | $6M | $2M | |
| Deferred Tax | $0 | $0 | $0 | $-38.0K | $38.0K | $0 | |
| Restructuring | $2M | $5M | $4M | · | · | · | |
| Other Non-cash | $-3M | · | $2M | $455.0K | $3M | · | |
| Operating Cash Flow | $24M | $13M | $-7M | $-14M | $4M | $13M | |
| CapEx | $5M | $2M | $6M | $7M | $8M | $2M | |
| Investing Cash Flow | $-25M | $-6M | $22M | $-74M | $-11M | $-5M | |
| Stock Repurchased | $2M | $0 | $0 | · | · | · | |
| Net Stock Activity | $-2M | · | · | · | · | · | |
| Financing Cash Flow | $-15M | $23M | $-9M | $-6M | $107M | $-9M | |
| Net Change in Cash | $-17M | $29M | $5M | $-94M | $99M | $-902.0K | |
| Free Cash Flow | $19M | · | $-13M | $-21M | $-4M | · | |
| Levered FCF | · | · | $-17M | $-25M | $-8M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 60.9% | · | 48.9% | 51.5% | 50.9% | · | |
| Operating Margin | -16.2% | · | -56.8% | -56.5% | -27.9% | · | |
| Net Margin | -17.6% | · | -58.5% | -60.4% | -32.2% | · | |
| Pretax Margin | -17.5% | · | -58.5% | -60.4% | -32.0% | · | |
| EBITDA Margin | 1.4% | · | -32.3% | -32.8% | -3.7% | · | |
| ROA | -14.2% | · | -42.0% | -32.5% | -19.9% | · | |
| ROE | -31.4% | · | -129.4% | -70.8% | -53.9% | · | |
| ROIC | -28.5% | · | -128.9% | -69.9% | -19.8% | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 1.1 | · | 0.7 | 1.3 | 2.5 | · | |
| Quick Ratio | 0.9 | · | 0.5 | 1.2 | 2.3 | · | |
| Debt / Equity | · | · | · | · | 0.0 | · | |
| Interest Coverage | · | · | -15.3 | -11.2 | -5.1 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | · | 0.7 | 0.5 | 0.6 | · | |
| Receivables Turnover | 54.9 | · | 123.2 | 146.2 | 260.5 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue YoY | 14.3% | 25.1% | 19.8% | 26.2% | 25.5% | · | |
| Revenue CAGR 3Y | 19.6% | 23.7% | 23.8% | · | · | · | |
| Revenue CAGR 5Y | 22.1% | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $146M | $128M | $102M | $85M | $67M | · | |
| Net Income TTM | $-26M | $-49M | $-60M | $-51M | $-22M | · | |
| Market Cap | · | · | $297M | $205M | $513M | · | |
| Enterprise Value | · | · | · | · | $408M | · | |
| P/E | -10.1 | -5.4 | -4.6 | -3.8 | -15.8 | · | |
| P/S | · | · | 2.9 | 2.4 | 7.6 | · | |
| P/B | · | · | 6.6 | 3.0 | 5.4 | · | |
| P / Tangible Book | · | 4.1 | 6.6 | 3.0 | 5.4 | · | |
| P / Cash Flow | · | · | -40.4 | -14.9 | 145.8 | · | |
| P / FCF | · | · | -23.1 | -9.7 | -126.4 | · | |
| EV / EBITDA | · | · | · | · | -165.2 | · | |
| EV / FCF | · | · | · | · | -100.6 | · | |
| EV / Revenue | · | · | · | · | 6.1 | · | |
| Earnings Yield | -9.9% | -18.4% | -21.9% | -26.3% | -6.3% | · |
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 | $43M | $39M | $38M | $37M | $36M | $35M | $34M | $33M | $31M | $30M | $29M | $25M | $25M | $23M | $23M | $22M | |
| Cost of Revenue | $16M | $15M | $14M | $14M | $13M | $15M | $15M | $15M | $14M | $14M | $14M | $14M | $13M | $12M | $11M | $11M | |
| Gross Profit | $27M | $24M | $23M | $23M | $23M | $19M | $19M | $18M | $17M | $16M | $15M | $12M | $12M | $11M | $12M | $11M | |
| R&D Expense | $11M | $11M | $11M | $11M | $12M | $12M | $12M | $11M | $10M | $10M | $9M | $10M | $10M | $11M | $9M | $8M | |
| SG&A Expense | $10M | $7M | $8M | $6M | $7M | $7M | $9M | $8M | $6M | $7M | $7M | $7M | $6M | $7M | $7M | $5M | |
| Operating Expenses | $31M | $29M | $28M | $26M | $29M | $28M | $32M | $30M | $27M | $26M | $27M | $27M | $26M | $28M | $25M | $23M | |
| Operating Income | $-4M | $-5M | $-5M | $-3M | $-6M | $-9M | $-14M | $-12M | $-10M | $-11M | $-12M | $-16M | $-14M | $-17M | $-14M | $-12M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $921.0K | · | $936.0K | $942.0K | $923.0K | $1M | $950.0K | |
| Interest Income | $381.0K | $404.0K | $451.0K | $477.0K | $500.0K | $533.0K | $363.0K | $313.0K | $362.0K | $384.0K | $408.0K | $447.0K | $519.0K | $610.0K | $560.0K | $210.0K | |
| Other Non-op | $7.0K | $39.0K | · | · | $-477.0K | $-149.0K | · | · | · | · | · | · | · | · | · | · | |
| Pretax Income | $-5M | $-6M | $-5M | $-4M | $-7M | $-9M | $-14M | $-13M | $-10M | $-11M | $-12M | $-16M | $-14M | $-17M | $-14M | $-13M | |
| Income Tax | $40.0K | $28.0K | $0 | $0 | $0 | $84.0K | $0 | $0 | $0 | $6.0K | $0 | $0 | $0 | $0 | $30.0K | $0 | |
| Net Income | $-5M | $-6M | $-5M | $-4M | $-7M | $-9M | $-14M | $-13M | $-10M | $-11M | $-12M | $-16M | $-14M | $-17M | $-14M | $-13M | |
| EPS (Basic) | $-0.08 | $-0.10 | $-0.09 | $-0.07 | $-0.13 | $-0.17 | $-0.30 | $-0.29 | $-0.25 | $-0.27 | $-0.31 | $-0.44 | $-0.41 | $-0.50 | $-0.44 | $-0.40 | |
| EPS (Diluted) | $-0.08 | $-0.10 | $-0.09 | $-0.07 | $-0.13 | $-0.17 | $-0.30 | $-0.29 | $-0.25 | $-0.27 | $-0.31 | $-0.44 | $-0.41 | $-0.50 | $-0.44 | $-0.40 | |
| Shares (Basic) | 60,793,955 | 59,290,195 | -110,455,560 | 56,977,764 | 55,627,214 | 54,060,249 | -82,349,176 | 43,515,110 | 42,151,850 | 40,225,239 | -69,725,432 | 36,665,195 | 35,149,000 | 33,922,683 | -62,056,946 | 31,994,391 | |
| Shares (Diluted) | 60,793,955 | 59,290,195 | -110,455,560 | 56,977,764 | 55,627,214 | 54,060,249 | -82,349,176 | 43,515,110 | 42,151,850 | 40,225,239 | -69,725,432 | 36,665,195 | 35,149,000 | 33,922,683 | -62,056,946 | 31,994,391 | |
| EBITDA | $-4M | $1M | · | $-3M | $-7M | $-1M | · | $-12M | $-10M | $-4M | · | $-16M | $-14M | $-11M | · | $-12M |
Balance Sheet 22
| 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 | $32M | $26M | $29M | $29M | $32M | $41M | $46M | $3M | $9M | $6M | $13M | $9M | $6M | $4M | $7M | $25M | |
| Short-term Investments | $17M | $19M | $22M | $21M | $18M | $13M | $9M | $18M | $14M | $22M | · | $21M | $31M | $46M | $59M | $53M | |
| Receivables | $5M | $4M | $3M | $3M | $3M | $2M | $2M | $3M | $2M | $2M | · | $2M | $826.0K | $789.0K | $856.0K | $720.0K | |
| Prepaid Expense | $4M | $6M | $4M | $4M | $3M | $10M | $3M | $8M | $8M | $9M | · | $7M | $7M | $8M | $8M | $6M | |
| Other Current Assets | $9M | $7M | $7M | $7M | $7M | · | $6M | · | · | · | · | · | · | · | · | · | |
| Current Assets | $69M | $63M | $66M | $65M | $64M | $65M | $66M | $32M | $34M | $39M | · | $45M | $45M | $58M | $74M | $85M | |
| Intangibles | $42M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $10M | $6M | $5M | $4M | $4M | $2M | $2M | $1M | $1M | $963.0K | · | $868.0K | $483.0K | $595.0K | $793.0K | $2M | |
| Total Assets | $224M | $193M | $192M | $192M | $186M | $170M | $169M | $136M | $128M | $132M | · | $135M | $135M | $143M | $152M | $157M | |
| Accounts Payable | · | · | $2M | · | · | · | $1M | $2M | $1M | $1M | · | $2M | $2M | $3M | $3M | $3M | |
| Accrued Liabilities | · | · | $2M | · | · | · | $1M | $1M | $1M | $1M | · | $2M | $1M | $2M | $3M | $2M | |
| Current Liabilities | $69M | $60M | $62M | $59M | $60M | $59M | $60M | $59M | $55M | $56M | · | $61M | $51M | $53M | $56M | $54M | |
| Capital Leases | $31M | $19M | $20M | $21M | $22M | $12M | $13M | $12M | $8M | $8M | · | $9M | $4M | $5M | $5M | $3M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $0 | |
| Total Liabilities | $135M | $108M | $109M | $109M | $106M | $92M | $91M | $93M | $83M | $84M | · | $87M | $80M | $82M | $84M | $80M | |
| Total Debt | · | · | · | · | · | · | · | · | · | · | · | $6M | · | · | · | · | |
| Paid-in Capital | $325M | $315M | $307M | $300M | $292M | $283M | $274M | $224M | $214M | $206M | · | $183M | $173M | $165M | $156M | $150M | |
| Retained Earnings | $-233M | $-228M | $-222M | $-216M | $-212M | $-205M | $-196M | $-182M | $-169M | $-159M | · | $-135M | $-119M | $-105M | $-88M | $-73M | |
| Treasury Stock | $3M | $3M | $2M | $1M | · | · | $0 | · | · | · | · | · | · | · | · | · | |
| Stockholders' Equity | $89M | $85M | $83M | $83M | $80M | $78M | $78M | $43M | $45M | $47M | $45M | $47M | $54M | $61M | $69M | $77M | |
| Liabilities + Equity | $224M | $193M | $192M | $192M | $186M | $170M | $169M | $136M | $128M | $132M | · | $135M | $135M | $143M | $152M | $157M | |
| Shares Outstanding | · | · | · | · | 56,462,752 | 54,869,647 | · | 44,265,173 | 42,886,281 | 41,469,779 | · | 37,464,639 | 35,984,501 | 34,517,414 | 33,393,737 | 32,436,389 |
Cash Flow 14
| 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 | $7M | $7M | $6M | $6M | $5M | $8M | $7M | $7M | $7M | $7M | $7M | $6M | $6M | $6M | $5M | $5M | |
| Stock-based Comp | $9M | $7M | $6M | $5M | $7M | $7M | $9M | $8M | $6M | $6M | $7M | $8M | $5M | $6M | $4M | $5M | |
| Amort. of Intangibles | $3M | · | · | · | $2M | · | · | · | · | · | · | · | · | · | · | · | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | $0 | $12.0K | $1M | $2M | · | · | |
| Other Non-cash | · | $-4M | · | · | · | $-856.0K | · | · | · | $2M | · | · | · | $361.0K | · | · | |
| Operating Cash Flow | $10M | $3M | $9M | $6M | $4M | $5M | $2M | $5M | $2M | $3M | $3M | $-170.0K | $-5M | $-5M | $-3M | $-2M | |
| CapEx | $802.0K | $651.0K | $265.0K | $3M | $784.0K | $503.0K | $826.0K | $191.0K | $271.0K | $423.0K | $446.0K | $347.0K | $2M | $3M | $3M | $3M | |
| Investing Cash Flow | $-2M | $289.0K | $-3M | $-8M | $-9M | $-6M | $6M | $-7M | $4M | $-9M | $-423.0K | $5M | $10M | $7M | $-12M | $23M | |
| Stock Repurchased | $566.0K | $809.0K | $798.0K | $1M | $0 | $0 | $0 | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $-809.0K | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-2M | $-7M | $-6M | $-1M | $-3M | $-4M | $30M | $-4M | $-3M | $-264.0K | $-1M | $-4M | $-2M | $-2M | $-1M | $-471.0K | |
| Net Change in Cash | $6M | $-3M | $105.0K | $-3M | $-8M | $-5M | $38M | $-6M | $3M | $-6M | $2M | $1M | $2M | $352.0K | $-16M | $20M | |
| Free Cash Flow | · | $3M | · | · | · | $4M | · | · | · | $3M | · | · | · | $-8M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $2M | · | · | · | $-9M | · | · |
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 | 62.8% | 60.9% | · | 62.1% | 63.5% | 55.6% | · | 54.6% | 55.1% | 52.8% | · | 46.5% | 49.0% | 46.9% | · | 50.9% | |
| Operating Margin | -9.8% | -13.8% | · | -8.9% | -18.5% | -25.8% | · | -37.4% | -31.4% | -35.1% | · | -61.5% | -56.6% | -71.8% | · | -54.7% | |
| Net Margin | -11.9% | -15.9% | · | -10.2% | -19.6% | -26.9% | · | -39.1% | -33.1% | -36.9% | · | -63.5% | -58.3% | -73.2% | · | -58.1% | |
| Pretax Margin | -11.8% | -15.8% | · | -10.2% | -19.6% | -26.7% | · | -39.1% | -33.1% | -36.9% | · | -63.5% | -58.3% | -73.2% | · | -58.1% | |
| EBITDA Margin | -9.8% | 3.6% | · | -8.9% | -18.5% | -3.3% | · | -37.4% | -31.4% | -12.0% | · | -61.5% | -56.6% | -47.3% | · | -54.7% | |
| ROA | -2.5% | -3.4% | · | -2.3% | -4.5% | -6.2% | · | -9.4% | -7.9% | -8.0% | · | -11.0% | -9.7% | -11.1% | · | -11.8% | |
| ROE | -6.0% | -7.6% | · | -6.0% | -11.4% | -14.9% | · | -28.3% | -20.8% | -20.5% | · | -25.9% | -20.9% | -23.1% | · | -41.5% | |
| ROIC | -4.8% | -6.3% | · | -4.0% | -8.4% | -11.6% | · | -28.5% | -21.8% | -22.2% | · | -29.1% | -25.7% | -27.7% | · | -15.8% |
Liquidity & Solvency 4
| 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 | 1.0 | 1.0 | · | 1.1 | 1.1 | 1.1 | · | 0.5 | 0.6 | 0.7 | · | 0.7 | 0.9 | 1.1 | · | 1.6 | |
| Quick Ratio | 0.8 | 0.8 | · | 0.9 | 0.9 | 0.9 | · | 0.4 | 0.5 | 0.5 | · | 0.5 | 0.7 | 0.9 | · | 1.4 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | · | · | 0.1 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | -11.4 | · | -16.6 | -14.8 | -18.2 | · | -12.7 |
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 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Receivables Turnover | 10.0 | 12.8 | · | 12.1 | 14.4 | 20.4 | · | 13.7 | 23.7 | 24.9 | · | 18.7 | 40.4 | 45.4 | · | 52.8 |
Valuation (TTM) 13
| 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 | $155M | $147M | · | $141M | $135M | $128M | · | $119M | $111M | $103M | · | $95M | $91M | $86M | · | $80M | |
| Net Income TTM | $-22M | $-26M | · | $-33M | $-40M | $-43M | · | $-50M | $-52M | $-59M | · | $-60M | $-56M | $-54M | · | $-43M | |
| Market Cap | · | · | · | · | $311M | $265M | · | $283M | $264M | $424M | · | $206M | $156M | $174M | · | $161M | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | · | · | $182M | · | · | · | · | |
| P/E | -41.7 | -7.3 | · | -14.1 | -6.5 | -4.9 | · | -5.1 | -4.5 | -6.3 | · | -3.1 | -2.6 | -3.0 | · | -3.3 | |
| P/S | · | · | · | · | 2.3 | 2.1 | · | 2.4 | 2.4 | 4.1 | · | 2.2 | 1.7 | 2.0 | · | 2.0 | |
| P/B | · | · | · | · | 3.9 | 3.4 | · | 6.6 | 5.9 | 8.9 | · | 4.4 | 2.9 | 2.9 | · | 2.1 | |
| P / Tangible Book | · | · | · | · | 3.9 | 3.4 | · | 6.6 | 5.9 | 8.9 | · | 4.4 | 2.9 | 2.9 | · | 2.1 | |
| P / Cash Flow | · | · | · | · | · | 53.6 | · | · | · | 124.2 | · | · | · | -33.6 | · | · | |
| P / FCF | · | · | · | · | · | 59.7 | · | · | · | 141.7 | · | · | · | -21.2 | · | · | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | · | · | -11.7 | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | · | · | 1.9 | · | · | · | · | |
| Earnings Yield | -2.4% | -13.6% | · | -7.1% | -15.3% | -20.3% | · | -19.6% | -22.2% | -15.8% | · | -31.8% | -38.8% | -33.3% | · | -30.2% |
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 | $146M | $128M | $102M | $85M | $67M |
| Gross Margin % | 60.9% | — | 48.9% | 51.5% | 50.9% |
| Operating Margin % | -16.2% | — | -56.8% | -56.5% | -27.9% |
| Net Income | $-26M | $-49M | $-60M | $-51M | $-22M |
| Diluted EPS | $-0.46 | $-1.11 | $-1.66 | $-1.62 | $-1.07 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.0 |
| Current Ratio | 1.1 | — | 0.7 | 1.3 | 2.5 |
| Quick Ratio | 0.9 | — | 0.5 | 1.2 | 2.3 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $19M | — | $-13M | $-21M | $-4M |
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Institutional owners (13F) 188 filers · $404.5M 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 |
|---|---|---|---|---|
| 72 (+50 vs prior Q) | 23 (-7 vs prior Q) | 63 (+24 vs prior Q) | 31 (-16 vs prior Q) | +8.6M |
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 |
|---|---|---|---|---|
| Driehaus Capital Management LLC | $42,632,378 | 2,688,044 | 10.54% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $39,882,175 | 2,514,639 | 9.86% | Shares |
| AWM Investment Company, Inc. | $22,206,633 | 1,400,166 | 5.49% | Shares |
| Pillsbury Lake Capital LLC | $21,249,815 | 1,339,837 | 5.25% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $20,792,463 | 1,310,615 | 5.14% | Shares |
| STATE STREET CORP | $19,301,588 | 1,216,998 | 4.77% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $18,346,087 | 1,156,752 | 4.54% | Shares |
| Qube Research & Technologies Ltd | $12,151,932 | 766,200 | 3.00% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $12,094,963 | 762,608 | 2.99% | Shares |
| NEXT CENTURY GROWTH INVESTORS LLC | $10,903,718 | 687,498 | 2.70% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $9,734,614 | 613,784 | 2.41% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $9,452,830 | 596,017 | 2.34% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $8,724,110 | 550,070 | 2.16% | Shares |
| MILLENNIUM MANAGEMENT LLC | $7,857,599 | 495,435 | 1.94% | Shares |
| Jump Financial, LLC | $7,439,926 | 469,100 | 1.84% | Shares |
| Halter Ferguson Financial Inc. | $7,259,963 | 457,753 | 1.79% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $6,718,994 | 423,644 | 1.66% | Shares |
| FMR LLC | $5,610,776 | 353,769 | 1.39% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,341,648 | 336,800 | 1.32% | Call option |
| PRELUDE CAPITAL MANAGEMENT, LLC | $5,025,257 | 316,851 | 1.24% | Shares |
| PERKINS CAPITAL MANAGEMENT INC | $4,896,378 | 308,725 | 1.21% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $4,712,609 | 297,138 | 1.17% | Shares |
| GOLDMAN SACHS GROUP INC | $4,224,676 | 266,373 | 1.04% | Shares |
| TUDOR INVESTMENT CORP ET AL | $3,884,162 | 244,903 | 0.96% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $3,844,242 | 242,386 | 0.95% | Shares |
| JANE STREET GROUP, LLC | $3,589,118 | 226,300 | 0.89% | Call option |
| Trexquant Investment LP | $3,585,867 | 226,095 | 0.89% | Shares |
| NORGES BANK | $3,416,244 | 215,400 | 0.84% | Shares |
| JPMORGAN CHASE & CO | $3,263,535 | 218,005 | 0.81% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,691,727 | 169,718 | 0.67% | Shares |
| Kultura Capital Management LP | $2,650,206 | 167,100 | 0.66% | Call option |
| Regal Partners Ltd | $2,586,385 | 163,076 | 0.64% | Shares |
| AMERIPRISE FINANCIAL INC | $2,488,863 | 156,927 | 0.62% | Shares |
| Squarepoint Ops LLC | $2,464,914 | 155,417 | 0.61% | Shares |
| Cerity Partners LLC | $2,158,705 | 136,110 | 0.53% | Shares |
| IEQ CAPITAL, LLC | $2,100,118 | 132,416 | 0.52% | Shares |
| MARSHALL WACE, LLP | $2,061,054 | 129,953 | 0.51% | Shares |
| TWO SIGMA INVESTMENTS, LP | $1,954,158 | 123,213 | 0.48% | Shares |
| VANGUARD GROUP INC | $1,810,848 | 388,594 | 0.45% | Shares |
| Scientech Research LLC | $1,783,790 | 112,471 | 0.44% | Shares |
| Cubist Systematic Strategies, LLC | $1,704,263 | 183,649 | 0.42% | Shares |
| Balyasny Asset Management L.P. | $1,481,070 | 93,384 | 0.37% | Shares |
| BlackRock, Inc. | $1,458,612 | 91,968 | 0.36% | Shares |
| CITADEL ADVISORS LLC | $1,446,432 | 91,200 | 0.36% | Call option |
| Informed Momentum Co LLC | $1,419,422 | 89,497 | 0.35% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $1,374,126 | 86,641 | 0.34% | Shares |
| CastleKnight Management LP | $1,365,546 | 86,100 | 0.34% | Shares |
| XTX Topco Ltd | $1,273,257 | 80,281 | 0.31% | Shares |
| SEI INVESTMENTS CO | $1,207,691 | 76,147 | 0.30% | Shares |
| SCALAR GAUGE MANAGEMENT, LLC | $1,189,500 | 75,000 | 0.29% | Shares |
| Mariner, LLC | $1,170,053 | 73,779 | 0.29% | Shares |
| RHUMBLINE ADVISERS | $1,137,060 | 71,694 | 0.28% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $1,107,028 | 69,800 | 0.27% | Shares |
| SIMPLEX TRADING, LLC | $1,103,713 | 69,591 | 0.27% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $995,753 | 62,784 | 0.25% | Shares |
| TWO SIGMA ADVISERS, LP | $917,088 | 196,800 | 0.23% | Shares |
| Cetera Investment Advisers | $908,715 | 57,296 | 0.22% | Shares |
| ZACKS INVESTMENT MANAGEMENT | $894,314 | 56,388 | 0.22% | Shares |
| CITADEL ADVISORS LLC | $856,440 | 54,000 | 0.21% | Put option |
| Penbrook Management LLC | $851,682 | 53,700 | 0.21% | Shares |
| Brevan Howard Capital Management LP | $816,552 | 51,485 | 0.20% | Shares |
| D. E. Shaw & Co., Inc. | $795,379 | 50,150 | 0.20% | Shares |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P | $793,000 | 50,000 | 0.20% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $792,096 | 49,943 | 0.20% | Shares |
| PDT Partners, LLC | $773,651 | 48,780 | 0.19% | Shares |
| BARCLAYS PLC | $744,865 | 46,965 | 0.18% | Shares |
| Integrated Quantitative Investments LLC | $701,202 | 44,212 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $699,426 | 44,100 | 0.17% | Put option |
| Bank of New York Mellon Corp | $695,271 | 43,838 | 0.17% | Shares |
| Quadrature Capital Ltd | $686,849 | 43,307 | 0.17% | Shares |
| BAILARD, INC. | $672,464 | 42,400 | 0.17% | Shares |
| Walleye Trading LLC | $668,087 | 42,124 | 0.17% | Shares |
| BANK OF AMERICA CORP /DE/ | $662,441 | 41,768 | 0.16% | Shares |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $646,237 | 36,718 | 0.16% | Shares |
| JANE STREET GROUP, LLC | $623,298 | 39,300 | 0.15% | Put option |
| Quantbot Technologies LP | $577,812 | 36,432 | 0.14% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $574,132 | 36,200 | 0.14% | Shares |
| MetLife Investment Management, LLC | $539,890 | 34,041 | 0.13% | Shares |
| Cornerstone Investment Partners, LLC | $518,257 | 32,677 | 0.13% | Shares |
| FULLER & THALER ASSET MANAGEMENT, INC. | $505,411 | 31,867 | 0.12% | Shares |
| Foundations Investment Advisors, LLC | $475,800 | 30,000 | 0.12% | Shares |
| SLT Holdings LLC | $475,800 | 30,000 | 0.12% | Shares |
| AMERICAN CENTURY COMPANIES INC | $474,198 | 29,899 | 0.12% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $446,729 | 28,167 | 0.11% | Shares |
| Creative Planning | $440,242 | 27,758 | 0.11% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $428,458 | 27,015 | 0.11% | Shares |
| CITIGROUP INC | $388,522 | 24,497 | 0.10% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $372,202 | 23,468 | 0.09% | Shares |
| Invesco Ltd. | $368,412 | 23,229 | 0.09% | Shares |
| Arax Advisory Partners | $366,318 | 23,097 | 0.09% | Shares |
| Vanguard Global Advisers, LLC | $359,974 | 22,697 | 0.09% | Shares |
| ALGERT GLOBAL LLC | $352,409 | 22,220 | 0.09% | Shares |
| Belvedere Trading LLC | $352,092 | 22,200 | 0.09% | Call option |
| TRU INDEPENDENCE ASSET MANAGEMENT 2, LLC | $348,127 | 21,950 | 0.09% | Shares |
| Walleye Capital LLC | $342,576 | 21,600 | 0.08% | Call option |
| NEW YORK STATE COMMON RETIREMENT FUND | $326,716 | 20,600 | 0.08% | Shares |
| GLOBEFLEX CAPITAL L P | $322,957 | 20,363 | 0.08% | Shares |
| AXQ CAPITAL, LP | $314,202 | 19,811 | 0.08% | Shares |
| WINTON GROUP Ltd | $294,996 | 18,600 | 0.07% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $274,727 | 17,322 | 0.07% | Shares |
Company insiders 8 insiders · 3 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Gleb Budman | Chief Executive Officer and Chairperson | April 11, 2022 C | 564,000 | 0 | 0 | $0 |
| Francis P Patchel | Chief Financial Officer | March 24, 2022 A | 108,401 | 0 | 0 | $0 |
| Brian K Wilson | Chief Technology Officer | April 11, 2022 C | 564,000 | 0 | 0 | $0 |
| Timothy M Nufire | Director | April 11, 2022 C | 564,000 | 0 | 0 | $0 |
| Jocelyn Carter-Miller | Director | Nov. 12, 2021 A | 9,375 | 0 | 0 | $0 |
| Barbara H Nelson | Director | Nov. 12, 2021 A | 9,375 | 0 | 0 | $0 |
| Charles J. Jones | 10% owner | April 11, 2022 C | 564,000 | 0 | 0 | $0 |
| Kwok Hang Ng | 10% owner | April 11, 2022 C | 564,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 23 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.24% | 199,187 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.07% | 537,472 SH | Aug. 8, 2026 | Daily |
| GSSC · Goldman Sachs ETF Trust | 0.06% | 76,831 NS | May 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.05% | 62,866 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.03% | 1,511,054 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.03% | 337,430 SH | Aug. 8, 2026 | Daily |
| ITWO · ProShares Trust | 0.01% | 2,651 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 688,048 SH | Aug. 8, 2026 | Daily |
| RSSL · Global X Funds | 0.01% | 24,230 NS | April 30, 2026 | N-PORT |
| UWM · ProShares Trust | 0.01% | 2,076 NS | May 31, 2026 | N-PORT |
| DFAS · Dimensional ETF Trust | 0.01% | 198,202 NS | April 30, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 2,097 NS | May 31, 2026 | N-PORT |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.00% | 7,144 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 53 NS | May 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 90,898 SH | Aug. 8, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.00% | 1,395 NS | May 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 15,551 SH | Aug. 8, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 2,829 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 2,096 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 1,559 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 5,511 NS | April 30, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,768,455 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 5,311 SH | Aug. 8, 2026 | Daily |