10-Year Performance
Revenue, net income, margins and EPS trends
06
Revenue$7M2016-12-31 → 2025-12-31
EPS$-1.152020-12-31 → 2025-12-31
Free Cash Flow$-112M2016-12-31 → 2025-12-31
Net margin-1941.1%2018-12-31 → 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
FATE
5Y avg
Peer Median
Verdict
P/E (TTM)
-2.05Y avg ≈-6.7
≈-6.7
·
·
P/S (TTM)
37.95Y avg ≈29.4
≈29.4
48.5
Fair value
P/B (MRQ)
1.65Y avg ≈2.5
≈2.5
2.5
Undervalued
Price / FCF (TTM)
-2.35Y avg ≈-7.0
≈-7.0
·
·
Price / Cash Flow (TTM)
-2.45Y avg ≈-8.7
≈-8.7
·
·
Price / Tangible Book
1.25Y avg ≈2.5
≈2.5
·
·
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
FATE
5Y avg
Peer Median
Verdict
Operating Margin (TTM)
-2058.1%5Y avg ≈-954.7%
≈-954.7%
-126.3%
Weak
EBITDA Margin (TTM)
-1873.4%5Y avg ≈-877.4%
≈-877.4%
-126.3%
Weak
Net Profit Margin (TTM)
-1941.1%5Y avg ≈-868.7%
≈-868.7%
-177.4%
Weak
ROA (TTM)
-39.9%5Y avg ≈-32.8%
≈-32.8%
-38.5%
In line
ROE (TTM)
-60.7%5Y avg ≈-48.2%
≈-48.2%
-51.9%
Weak
Financial Health
Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FATE
5Y avg
Peer Median
Verdict
Current Ratio (MRQ)
4.85Y avg ≈6.8
≈6.8
6.4
Low liquidity
Quick Ratio (MRQ)
4.75Y avg ≈5.4
≈5.4
5.5
Low liquidity
Growth
Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FATE
5Y avg
Peer Median
Verdict
Revenue YoY
-51.2%5Y avg ≈-2.7%
≈-2.7%
·
·
Revenue CAGR 3Y
-59.0%5Y avg ≈-23.4%
≈-23.4%
·
·
Revenue CAGR 5Y
-26.7%
·
·
·
Per Share Metrics
EPS, book value per share, cash flow per share, dividend per share
Metric
5Y trend
FATE
5Y avg
Peer Median
Verdict
EPS (Diluted)
$-1.155Y avg ≈$-1.92
≈$-1.92
·
·
Revenue / Share
$0.065Y avg ≈$0.45
≈$0.45
·
·
Cash Flow / Share
$-0.895Y avg ≈$-1.47
≈$-1.47
·
·
Cash / Share
$0.405Y avg ≈$0.63
≈$0.63
·
·
Capital Efficiency
Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FATE
5Y avg
Peer Median
Verdict
Asset Turnover
0.05Y avg ≈0.1
≈0.1
0.0
Below avg
Receivables Turnover
3.05Y avg ≈4.6
≈4.6
2.4
Top tier
Revenue / Employee
≈$41.3K
·
·
·
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History
EPS actual vs estimate, surprise %, beat rate, next earnings date
14
Avg Surprise10.6%
Next ReportNov 11, 2026
Period
Report
EPS Actual
EPS Est
Surprise
June 30, 2026
Aug 13, 2026
$-0.25
$-0.27
8.5%
March 31, 2026
May 11, 2026
$-0.26
$-0.29
9.0%
Dec. 31, 2025
$-0.27
$-0.28
1.9%
Sept. 30, 2025
$-0.27
$-0.30
9.1%
June 30, 2025
$-0.29
$-0.35
17.0%
March 31, 2025
$-0.32
$-0.39
18.1%
Full Fundamentals
All metrics by year — income statement, balance sheet, cash flow
15
Income Statement15
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Revenue
$7M
$14M
$64M
$96M
$56M
$31M
$11M
$5M
$4M
$4M
$2M
·
R&D Expense
$108M
$135M
$173M
$320M
$216M
$126M
$88M
$56M
$34M
$26M
$20M
$16M
SG&A Expense
$47M
$74M
$81M
$84M
$57M
$34M
$24M
$16M
$12M
$10M
$10M
$8M
Operating Expenses
$154M
$224M
$254M
$405M
$273M
$160M
$111M
$72M
$46M
$36M
$30M
$25M
Operating Income
$-148M
$-210M
$-191M
$-308M
$-217M
$-128M
$-101M
$-67M
$-42M
$-32M
$-28M
$-25M
Interest Expense
·
·
·
·
$0
$0
$2M
$2M
$1M
$2M
$2M
$549.0K
Interest Income
$11M
$17M
$17M
$6M
$1M
$2M
$4M
$2M
$559.0K
$138.0K
$10.0K
$2.0K
Other Non-op
$11M
$24M
$30M
$27M
$5M
$-45M
$3M
$494.0K
$-827.0K
$-1M
$-2M
$-979.0K
Income Tax
$2.0K
$0
$0
$0
$0
$0
$0
·
·
·
·
·
Net Income
$-136M
$-186M
$-161M
$-282M
$-212M
$-173M
$-98M
$-67M
$-43M
$-33M
$-30M
$-26M
EPS (Basic)
$-1.15
$-1.64
$-1.64
$-2.91
$-2.24
$-2.10
·
·
·
·
·
·
EPS (Diluted)
$-1.15
$-1.64
$-1.64
$-2.91
$-2.24
$-2.10
·
·
·
·
·
·
Shares (Basic)
118,789,974
113,685,177
98,411,162
96,826,058
94,747,311
82,385,319
·
·
·
·
·
·
Shares (Diluted)
118,789,974
113,685,177
98,411,162
96,826,058
94,747,311
82,385,319
·
·
·
·
·
·
EBITDA
$-135M
$-191M
$-172M
$-295M
$-211M
$-125M
$-99M
$-66M
$-41M
$-31M
$-27M
$-24M
Balance Sheet23
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Cash & Equivalents
$47M
$36M
$42M
$61M
$134M
$167M
$100M
$191M
$89M
$89M
$65M
$49M
Short-term Investments
$157M
$243M
$273M
$375M
$482M
·
·
·
·
$4M
·
·
Receivables
$916.0K
$4M
$2M
$38M
$9M
$6M
·
$500.0K
·
·
·
·
Prepaid Expense
$4M
$9M
$15M
$27M
$9M
$6M
$6M
$4M
$2M
$1M
$843.0K
$760.0K
Current Assets
$209M
$292M
$332M
$502M
$633M
$494M
$227M
$205M
$103M
$93M
$66M
$50M
PP&E (Net)
$57M
$64M
$97M
$110M
$92M
$32M
$11M
$5M
$3M
$2M
$2M
$1M
PP&E (Gross)
$93M
$100M
$144M
$140M
$108M
$43M
$20M
$11M
$8M
$6M
$6M
$4M
Accum. Depreciation
$36M
$35M
$48M
$30M
$17M
$11M
$9M
$6M
$5M
$4M
$3M
$3M
Other Non-current Assets
$0
$9.0K
$9.0K
$33.0K
$33.0K
$9.0K
$9.0K
$526.0K
$24.0K
$24.0K
$24.0K
$10.0K
Total Assets
$319M
$441M
$506M
$706M
$921M
$622M
$302M
$213M
$105M
$95M
$68M
$51M
Accounts Payable
$3M
$9M
$5M
$8M
$9M
$6M
$6M
$4M
$2M
$934.0K
$996.0K
$645.0K
Accrued Liabilities
$20M
$21M
$28M
$54M
$42M
$16M
$15M
$11M
$7M
$4M
$2M
$2M
Current Liabilities
$36M
$39M
$39M
$114M
$81M
$86M
$28M
$27M
$11M
$15M
$13M
$5M
Capital Leases
$73M
$78M
$97M
$104M
$109M
$94M
$25M
·
·
·
·
·
Long-term Debt
·
·
·
·
·
·
·
$18M
$19M
$13M
$22M
$20M
Total Debt
·
·
·
·
·
·
·
$15M
$15M
$11M
$18M
$20M
Common Stock
$115.0K
$114.0K
$99.0K
$97.0K
$96.0K
$88.0K
$76.0K
$65.0K
$53.0K
$41.0K
$29.0K
$21.0K
Paid-in Capital
$1.74B
$1.72B
$1.58B
$1.54B
$1.45B
$941M
$628M
$446M
$296M
$249M
·
$141M
Retained Earnings
$-1.53B
$-1.40B
$-1.21B
$-1.05B
$-769M
$-557M
$-384M
$-285M
$-219M
$-176M
$-142M
$-112M
AOCI
$116.0K
$268.0K
$15.0K
$-2M
$-762.0K
$70.0K
$22.0K
$-2.0K
$-3.0K
$-1.0K
·
·
Stockholders' Equity
$207M
$319M
$368M
$484M
$679M
$384M
$245M
$160M
$77M
$73M
$38M
$28M
Liabilities + Equity
$319M
$441M
$506M
$706M
$921M
$622M
$302M
$213M
$105M
$95M
$68M
$51M
Shares Outstanding
115,359,735
113,928,279
98,627,076
97,294,917
95,726,962
87,722,237
75,730,260
64,693,681
52,648,601
41,386,506
28,716,570
20,569,399
Cash Flow15
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
D&A
$13M
$19M
$18M
$14M
$6M
$3M
$2M
$1M
$971.0K
$881.0K
$687.0K
$496.0K
Stock-based Comp
·
·
·
·
·
·
·
·
·
·
$2M
$2M
Restructuring
$1M
·
·
·
·
·
·
·
·
·
·
·
Other Non-cash
$17M
$44M
$10M
$20M
$43M
$131M
$13M
$27M
$5M
$3M
$9M
$534.0K
Operating Cash Flow
$-106M
$-123M
$-132M
$-248M
$-163M
$-39M
$-83M
$-39M
$-37M
$-30M
$-18M
$-22M
CapEx
$6M
$730.0K
$6M
$36M
$51M
$5M
$7M
$2M
$2M
$457.0K
$1M
$882.0K
Investing Cash Flow
$111M
$12M
$113M
$167M
$-324M
$-161M
$-157M
$-463.0K
$-10M
$-4M
·
·
Debt Issued
·
·
·
·
·
·
·
·
$15M
·
·
$20M
Net Debt Issued
·
·
·
·
·
·
$-15M
·
$4M
$-8M
$-2M
$18M
Stock Issued
·
·
·
·
$412M
$189M
$162M
$135M
$43M
·
$5M
$142.0K
Net Stock Activity
·
·
·
·
$412M
$189M
$162M
·
·
·
$5M
$142.0K
Financing Cash Flow
$5M
$100M
$85.0K
$9M
$453M
$283M
$150M
$141M
$47M
$58M
·
·
Net Change in Cash
$11M
$-11M
$-20M
$-72M
$-34M
$83M
$-91M
$102M
$343.0K
$24M
$16M
$-5M
Taxes Paid
$1.6K
$1.7K
·
·
·
·
·
·
·
·
·
·
Free Cash Flow
$-112M
$-124M
$-138M
$-284M
$-214M
$-44M
$-91M
$-41M
$-39M
$-30M
$-20M
$-23M
Profitability5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Operating Margin
-2222.4%
-1542.6%
-299.9%
-320.2%
-388.6%
-407.5%
-943.1%
-1415.4%
·
·
-1142.8%
·
Net Margin
-2051.1%
-1366.5%
-253.3%
-292.6%
-379.9%
-551.6%
-919.0%
-1405.0%
·
·
-1233.7%
·
EBITDA Margin
-2028.3%
-1403.5%
-271.1%
-305.9%
-378.1%
-397.7%
-922.6%
-1390.0%
·
·
-1114.6%
·
ROA
-35.9%
-39.3%
-26.6%
-34.6%
-27.5%
-37.5%
-38.1%
-41.8%
-42.9%
-41.1%
-50.3%
-48.5%
ROE
-58.2%
-54.7%
-41.7%
-56.2%
-30.1%
-42.9%
-38.3%
-39.8%
-69.9%
-60.2%
-90.4%
-65.4%
Liquidity & Solvency5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Current Ratio
5.8
7.6
8.5
4.4
7.8
5.8
8.2
7.5
9.3
6.1
4.9
10.9
Quick Ratio
5.7
7.3
8.1
4.2
1.8
2.0
3.6
7.0
8.1
6.1
4.8
10.7
Debt / Equity
·
·
·
·
·
·
·
0.1
0.2
0.1
0.5
0.7
LT Debt / Equity
·
·
·
·
·
·
·
0.1
0.2
0.0
0.3
0.6
Interest Coverage
·
·
·
·
·
·
-57.5
-39.6
-33.2
-19.5
-12.5
-45.4
Efficiency2
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Asset Turnover
0.0
0.0
0.1
0.1
0.1
0.1
0.0
0.0
·
·
0.0
·
Receivables Turnover
3.0
5.1
3.2
4.1
7.9
10.5
·
19.0
·
·
·
·
Per Share5
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Book Value / Share
$1.80
$2.80
$3.74
$4.97
$7.09
$4.38
$3.23
$2.48
$1.47
$1.77
$1.32
$1.38
Revenue / Share
$0.06
$0.12
$0.65
$0.99
·
·
·
·
·
·
·
·
Cash Flow / Share
$-0.89
$-1.08
$-1.34
$-2.56
·
·
·
·
·
·
·
·
Cash / Share
$0.40
$0.32
$0.42
$0.63
$1.40
$1.91
$1.32
$2.94
$1.69
$2.14
$2.26
$2.39
EPS (TTM)
$-1.15
$-1.64
$-1.64
$-2.91
$-2.24
$-2.10
·
·
·
·
·
·
Growth Rates3
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Revenue YoY
-51.2%
-78.5%
-34.0%
72.4%
77.7%
·
·
·
·
·
·
·
Revenue CAGR 3Y
-59.0%
-37.5%
26.4%
·
·
·
·
·
·
·
·
·
Revenue CAGR 5Y
-26.7%
·
·
·
·
·
·
·
·
·
·
·
Valuation (TTM)14
Metric
Trend
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Revenue TTM
$7M
$14M
$64M
$96M
$56M
$31M
$11M
$5M
$4M
$4M
$2M
$2M
Net Income TTM
$-136M
$-186M
$-161M
$-282M
$-212M
$-173M
$-98M
$-67M
$-43M
$-33M
$-30M
$-26M
Market Cap
$113M
$188M
$369M
$982M
$5.60B
$7.98B
$1.48B
$830M
$322M
$104M
$97M
$103M
Enterprise Value
·
·
·
·
·
·
·
$654M
$248M
$22M
$50M
$74M
P/E
-0.9
-1.0
-2.3
-3.5
-26.1
-43.3
·
·
·
·
·
·
P/S
17.0
13.8
5.8
10.2
100.3
253.8
138.8
175.1
78.3
23.6
39.8
64.1
P/B
0.5
0.6
1.0
2.0
8.3
20.7
6.1
5.2
4.2
1.4
2.5
3.7
P / Tangible Book
0.5
0.6
1.0
2.0
8.3
20.7
·
·
·
·
·
·
P / Cash Flow
-1.1
-1.5
-2.8
-4.0
-34.4
-203.3
-17.8
-21.5
-8.7
-3.5
-5.3
-4.6
P / FCF
-1.0
-1.5
-2.7
-3.5
-26.2
-180.6
-16.4
-20.3
-8.3
-3.4
-4.9
-4.4
EV / EBITDA
·
·
·
·
·
·
·
-9.9
-6.0
-0.7
-1.9
-3.0
EV / FCF
·
·
·
·
·
·
·
-16.0
-6.4
-0.7
-2.5
-3.2
EV / Revenue
·
·
·
·
·
·
·
138.1
60.3
5.1
20.7
45.8
Earnings Yield
-117.3%
-99.4%
-43.9%
-28.8%
-3.8%
-2.3%
·
·
·
·
·
·
Income Statement13
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Revenue
$2M
$1M
$1M
$2M
$2M
$2M
$2M
$3M
$7M
$2M
$2M
$2M
$933.0K
$59M
$44M
$15M
R&D Expense
$24M
$25M
$25M
$26M
$27M
$29M
$34M
$35M
$35M
$32M
$32M
$34M
$41M
$66M
$87M
$80M
SG&A Expense
$9M
$10M
$11M
$11M
$11M
$14M
$15M
$21M
$17M
$21M
$18M
$19M
$23M
$22M
$22M
$22M
Operating Expenses
$33M
$34M
$36M
$36M
$39M
$43M
$64M
$55M
$52M
$53M
$50M
$53M
$63M
$88M
$109M
$101M
Operating Income
$-31M
$-33M
$-35M
$-35M
$-37M
$-41M
$-62M
$-52M
$-45M
$-51M
$-48M
$-51M
$-63M
$-29M
$-64M
$-86M
Interest Income
$2M
$2M
$2M
$3M
$3M
$3M
$4M
$4M
$5M
$4M
$4M
$5M
$4M
$4M
$3M
$2M
Other Non-op
$975.0K
$2M
$2M
$2M
$3M
$4M
$10M
$5M
$7M
$3M
$4M
$6M
$10M
$10M
$8M
$3M
Net Income
$-30M
$-31M
$-32M
$-32M
$-34M
$-38M
$-52M
$-48M
$-38M
$-48M
$-44M
$-45M
$-53M
$-19M
$-56M
$-84M
EPS (Basic)
$-0.25
$-0.26
$-0.27
$-0.27
$-0.29
$-0.32
$-0.44
$-0.40
$-0.33
$-0.47
$-0.45
$-0.46
$-0.54
$-0.19
$-0.58
$-0.86
EPS (Diluted)
$-0.25
$-0.26
$-0.27
$-0.27
$-0.29
$-0.32
$-0.44
$-0.40
$-0.33
$-0.47
$-0.45
$-0.46
$-0.54
$-0.19
$-0.58
$-0.86
Shares (Basic)
120,397,390
120,030,638
·
118,998,693
118,528,046
118,375,540
·
117,769,161
117,468,124
101,104,345
·
98,568,012
98,400,355
98,054,687
·
97,023,506
Shares (Diluted)
120,397,390
120,030,638
·
118,998,693
118,528,046
118,375,540
·
117,769,161
117,468,124
101,104,345
·
98,568,012
98,400,355
98,054,687
·
97,023,506
EBITDA
$-31M
$-30M
·
$-35M
$-37M
$-38M
·
$-52M
$-45M
$-46M
·
$-51M
$-63M
$-24M
·
$-86M
Balance Sheet21
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
$40M
$47M
$41M
$41M
$45M
$36M
$38M
$37M
$121M
$42M
$33M
$47M
$42M
$61M
$82M
Short-term Investments
$121M
$135M
$157M
$175M
$182M
$196M
$243M
$259M
$268M
·
$273M
·
·
·
$375M
·
Receivables
$703.0K
$704.0K
$916.0K
$682.0K
$1M
$2M
$4M
$4M
$1M
$858.0K
$2M
$2M
$3M
$14M
$38M
$10M
Prepaid Expense
$3M
$4M
$4M
$5M
$6M
$5M
$9M
$9M
$13M
$10M
$15M
$13M
$11M
$15M
$27M
$20M
Current Assets
$158M
$180M
$209M
$221M
$230M
$248M
$292M
$310M
$319M
$394M
$332M
$364M
$392M
$438M
$502M
$535M
PP&E (Net)
$52M
$54M
$57M
$59M
$61M
$63M
$64M
$82M
$88M
$92M
$97M
$102M
$106M
$109M
$110M
$109M
PP&E (Gross)
·
·
$93M
·
·
·
$100M
·
·
·
$144M
·
·
·
$140M
·
Accum. Depreciation
·
·
$36M
·
·
·
$35M
·
·
·
$48M
·
·
·
$30M
·
Other Non-current Assets
·
·
$0
$0
$0
$0
$9.0K
$9.0K
$9.0K
$9.0K
$9.0K
$9.0K
$33.0K
$33.0K
$33.0K
$33.0K
Total Assets
$260M
$285M
$319M
$344M
$372M
$399M
$441M
$495M
$529M
$570M
$506M
$544M
$585M
$630M
$706M
$749M
Accounts Payable
$3M
$3M
$3M
$4M
$4M
$4M
$9M
$6M
$5M
$7M
$5M
$6M
$8M
$10M
$8M
$10M
Accrued Liabilities
$15M
$14M
$20M
$18M
$18M
$17M
$21M
$24M
$23M
$32M
$28M
$29M
$29M
$32M
$54M
$50M
Current Liabilities
$33M
$31M
$36M
$28M
$29M
$28M
$39M
$37M
$35M
$45M
$39M
$41M
$45M
$49M
$114M
$104M
Capital Leases
$71M
$72M
$73M
$74M
$76M
$77M
$78M
$92M
$94M
$96M
$97M
$99M
$101M
$102M
$104M
$105M
Common Stock
$117.0K
$116.0K
$115.0K
$115.0K
$115.0K
$115.0K
$114.0K
$114.0K
$114.0K
$114.0K
$99.0K
$99.0K
$99.0K
$98.0K
$97.0K
$97.0K
Paid-in Capital
$1.75B
$1.75B
$1.74B
$1.74B
$1.73B
$1.72B
$1.72B
$1.71B
$1.70B
$1.69B
$1.58B
$1.57B
$1.56B
$1.55B
$1.54B
$1.52B
Retained Earnings
$-1.60B
$-1.57B
$-1.53B
$-1.50B
$-1.47B
$-1.44B
$-1.40B
$-1.35B
$-1.30B
$-1.26B
$-1.21B
$-1.17B
$-1.12B
$-1.07B
$-1.05B
$-994M
AOCI
$-117.0K
$-77.0K
$116.0K
$153.0K
$62.0K
$191.0K
$268.0K
$835.0K
$-422.0K
$-194.0K
$15.0K
$-499.0K
$-587.0K
$-646.0K
$-2M
$-3M
Stockholders' Equity
$153M
$180M
$207M
$234M
$261M
$288M
$319M
$362M
$397M
$426M
$368M
$403M
$438M
$477M
$484M
$518M
Liabilities + Equity
$260M
$285M
$319M
$344M
$372M
$399M
$441M
$495M
$529M
$570M
$506M
$544M
$585M
$630M
$706M
$749M
Shares Outstanding
116,694,106
116,272,513
115,359,735
115,336,697
114,655,067
114,603,910
113,928,279
113,884,884
113,849,557
113,798,942
98,627,076
98,585,750
98,522,718
98,191,015
97,294,917
97,112,209
Cash Flow11
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
$3M
$3M
$3M
$3M
$3M
$3M
$5M
$5M
$5M
$5M
$5M
$5M
$4M
$4M
$5M
$3M
Restructuring
·
·
·
$1M
·
·
·
·
·
·
·
·
·
·
·
·
Other Non-cash
·
$-3M
·
·
·
$479.0K
·
·
·
$10M
·
·
·
$-14M
·
·
Operating Cash Flow
$-23M
$-31M
$-23M
$-24M
$-25M
$-34M
$-28M
$-29M
$-32M
$-33M
$-37M
$-38M
$-28M
$-29M
$-75M
$-55M
CapEx
$80.0K
$239.0K
$1M
$2M
$1M
$1M
$98.0K
$495.0K
$51.0K
$86.0K
$181.0K
$565.0K
$2M
$3M
$7M
$9M
Investing Cash Flow
$15M
$24M
$28M
$21M
$20M
$43M
$23M
$25M
$-53M
$17M
$45M
$25M
$33M
$9M
$53M
$80M
Stock Issued
·
·
·
·
·
·
·
·
$-104.0K
$75M
·
·
·
·
·
·
Net Stock Activity
·
·
·
·
·
·
·
·
$-104.0K
$75M
·
·
·
·
·
·
Financing Cash Flow
·
·
$2M
$2M
$1M
$0
$3M
$0
$1M
$95M
$-180.0K
$0
$58.0K
$207.0K
$2M
$1M
Net Change in Cash
$-7M
$-7M
$6M
$-627.0K
$-4M
$9M
$-2M
$-4M
$-84M
$79M
$9M
$-13M
$5M
$-19M
$-21M
$27M
Free Cash Flow
·
$-31M
·
·
·
$-35M
·
·
·
$-33M
·
·
·
$-32M
·
·
Profitability5
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Operating Margin
-1495.4%
-2540.4%
·
-1995.1%
-1938.5%
-2534.1%
·
-1703.9%
-665.7%
-2652.9%
·
-2637.8%
-6705.8%
-48.5%
·
-576.7%
Net Margin
-1448.6%
-2402.8%
·
-1852.4%
-1786.6%
-2309.4%
·
-1551.0%
-567.4%
-2493.7%
·
-2323.6%
-5654.3%
-32.0%
·
-557.8%
EBITDA Margin
-1495.4%
-2315.8%
·
-1995.1%
-1938.5%
-2329.5%
·
-1703.9%
-665.7%
-2402.4%
·
-2637.8%
-6705.8%
-41.4%
·
-576.7%
ROA
-9.6%
-9.1%
·
-7.7%
-7.6%
-7.8%
·
-9.2%
-6.9%
-8.0%
·
-7.0%
-7.6%
-2.5%
·
-9.6%
ROE
-14.5%
-13.3%
·
-10.8%
-10.3%
-10.5%
·
-12.5%
-9.2%
-10.6%
·
-9.8%
-10.4%
-3.4%
·
-13.4%
Liquidity & Solvency2
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
4.8
5.8
·
7.9
8.0
8.8
·
8.3
9.2
8.7
·
8.8
8.8
9.0
·
5.2
Quick Ratio
4.7
5.7
·
7.7
7.8
8.6
·
8.0
8.8
2.7
·
0.8
1.1
1.1
·
0.9
Efficiency2
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
0.1
·
0.0
Receivables Turnover
2.0
0.8
·
0.7
1.6
1.0
·
1.1
3.5
0.3
·
0.3
0.1
4.3
·
1.7
Per Share5
Metric
Trend
Q2 2026
Q1 2026
Q4 2025
Q3 2025
Q2 2025
Q1 2025
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022
Q3 2022
Book Value / Share
$1.31
$1.55
·
$2.03
$2.28
$2.52
·
$3.18
$3.49
$3.74
·
$4.09
$4.44
$4.86
·
$5.33
Revenue / Share
$0.02
$0.01
·
$0.01
$0.02
$0.01
·
$0.03
$0.06
$0.02
·
$0.02
$0.01
$0.60
·
$0.15
Cash Flow / Share
$-0.19
$-0.26
·
·
·
$-0.29
·
·
·
$-0.33
·
·
·
$-0.29
·
·
Cash / Share
$0.28
$0.34
·
$0.35
$0.36
$0.39
·
$0.33
$0.32
$1.07
·
$0.34
$0.47
$0.43
·
$0.85
EPS (TTM)
$-1.05
$-1.09
·
$-1.32
$-1.45
$-1.49
·
$-1.65
$-1.71
$-1.92
·
$-1.77
$-2.17
$-2.42
·
$-3.05
Valuation (TTM)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
Revenue TTM
$6M
$6M
·
$7M
$8M
$13M
·
$13M
$12M
$6M
·
$106M
$119M
$137M
·
$69M
Net Income TTM
$-126M
$-130M
·
$-156M
$-172M
$-176M
·
$-178M
$-176M
$-190M
·
$-173M
$-212M
$-235M
·
$-294M
Market Cap
$315M
$140M
·
$145M
$128M
$91M
·
$399M
$373M
$835M
·
$209M
$469M
$560M
·
$2.18B
P/E
-2.6
-1.1
·
-1.0
-0.8
-0.5
·
-2.1
-1.9
-3.8
·
-1.2
-2.2
-2.4
·
-7.3
P/S
48.5
22.1
·
20.4
15.2
6.8
·
29.6
30.3
128.9
·
2.0
3.9
4.1
·
31.5
P/B
2.1
0.8
·
0.6
0.5
0.3
·
1.1
0.9
2.0
·
0.5
1.1
1.2
·
4.2
P / Tangible Book
2.1
0.8
·
0.6
0.5
0.3
·
1.1
0.9
2.0
·
0.5
1.1
1.2
·
4.2
P / Cash Flow
-13.5
-4.5
·
·
·
-2.7
·
·
·
-25.0
·
·
·
-19.4
·
·
Earnings Yield
-38.9%
-90.8%
·
-104.8%
-129.5%
-188.6%
·
-47.1%
-52.1%
-26.2%
·
-83.5%
-45.6%
-42.5%
·
-13.6%
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
$7M
$14M
$64M
$96M
$56M
Operating Margin %
-2222.4%
-1542.6%
-299.9%
-320.2%
-388.6%
Net Income
$-136M
$-186M
$-161M
$-282M
$-212M
Diluted EPS
$-1.15
$-1.64
$-1.64
$-2.91
$-2.24
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Current Ratio
5.8
7.6
8.5
4.4
7.8
Quick Ratio
5.7
7.3
8.1
4.2
1.8
Metric
2025-12-31
2024-12-31
2023-12-31
2022-12-31
2021-12-31
Free Cash Flow
$-112M
$-124M
$-138M
$-284M
$-214M
Institutional owners (13F)
160 filers
· $191.7M total
· As of Sept. 30, 2026
17
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders160
Value held$191.7M
New positions33
Exited positions30
Institutional activity — Q2 2026 vs prior quarter
New positions
Exited positions
Increased
Decreased
Net shares change
33 (+2 vs prior Q)
30 (+16 vs prior Q)
60 (+5 vs prior Q)
36 (+2 vs prior Q)
-1.9M
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.
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.
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.
Company insiders
30 insiders
· 13 officers · 17 directors