FCEL FuelCell Energy, Inc. - Common Stock
$22.18
Price · Aug 18, 2026
Fundamentals as of Jun 8, 2026
52W Range
$4–$38
54% of range
Analyst Rating
BUY
14 analysts
Price Target
$23
+3% upside
P/E (TTM)
-3.4
ROE
-28.5%
Net Profit Margin
-118.8%
About FuelCell Energy, Inc. - Common Stock Company overview from Wikipedia
FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
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FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.
The company operates the Gyeonggi Green Energy Fuel cell park, which provides 59 megawatt of electricity plus district heating to a number of customers in South Korea. It also operates a fuel cell park of five 2.8 MW power plants and a rankine cycle turbine bottoming cycle in Bridgeport, Connecticut.
History
The company was founded as Energy Research Corporation (ERC) in 1969 by chemical engineers Bernard Baker and Martin Klein. From the 1970s to 1990s, with sponsorship from U.S. military and other utility companies, the company extended to low-temperature fuel cell area and high-temperature carbonate fuel systems.
It completed its IPO in 1992 and was renamed as FuelCell Energy, Inc. It spun off its battery division, Evercel, in 1999. FuelCell Energy began expanding globally in 2007 through a partnership with POSCO Energy, targeting markets in Asia, particularly South Korea, but the company announced the termination of the partnership in 2020.
In 2012, the company's European facility was established with German-based FuelCell Energy Solutions, GmbH. In the same year, it completed a joint venture with Fraunhofer IKTS and acquired Versa Power Systems, Inc.
Beginning in 2012, FuelCell entered into a partnership with ExxonMobil to remove carbon dioxide from the exhaust of Exxon's power plants for carbon capture and sequestration (CCS). In 2019, the two companies renewed their joint-development agreement.
In 2017 FuelCell entered an agreement with Toyota to develop a 2.25 MW facility at Long Beach, California. Also in 2017, FuelCell was tapped by the Office of Naval Research to provide assistance on the Large Displacement Unmanned Undersea Vehicle (LDUUV) program.
In 2018, FuelCell Energy earned a $1.5 million research grant from the U.S. Department of Energy (DOE) to develop the company's fuel cell technology to aid the nuclear industry by converting excess power back into hydrogen. That same year, FuelCell began the construction of two plants in Hartford and New Britain as part of a clean energy procurement process for the Connecticut Department of Energy and Environmental Protection (DEEP).
In November 2018, FuelCell acquired a 14.9-MW fuel cell project in Bridgeport, Connecticut from Dominion Energy for $37 million. FuelCell had developed, built and been operating the plant since 2013. The plant is powered by five FuelCell stationary fuel cell power plants and an organic rankine turbine that converts heat from the fuel cells into additional electricity, which is sold to Connecticut Light & Power.
In 2019, FuelCell entered an agreement with Drax Power Station in the UK to study the use of the company's carbonate fuel cells to capture carbon dioxide emissions from Drax's biomass boilers. In August 2019, Jason Few was named FuelCell's new president and CEO.
In May 2021, the company obtained $8 million from the DOE for solid oxide fuel cell (SOFC) technology development.
In June 2021, FuelCell completed construction on a project with the city of San Bernardino Municipal Water Department (SBMWD) where a fuel cell treats anaerobic digester gas to produce electricity and thermal energy.
Products and services
The company today has fuel cell projects that run on natural gas and biogas. The cells can produce hydrogen in addition to power and thermal energy. Additionally, the company is developing fuel cell-based carbon capture, long-duration energy storage and solid-oxide based electrolysis.
FuelCell's proprietary technology uses carbonate fuel cells to capture and concentrate carbon dioxide from large industrial sources. Combustion exhaust is directed to the fuel cell, which produces power while capturing and concentrating carbon dioxide for permanent storage.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
FCEL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$22.18
Market Cap
$1.17B
P/E (TTM)
-3.4
EPS (TTM)
$-7.42
Revenue (TTM)
$158M
Div Yield
—
ROE
-28.5%
Debt/Equity
—
52W Range
$4 – $38
FCEL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$158M
2016-10-31
→
2025-10-31
EPS
$-7.42
2016-10-31
→
2025-10-31
Free Cash Flow
$-144M
2016-10-31
→
2025-10-31
Margins
-118.8%
2016-10-31
→
2020-10-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
FCEL
Peer Median
P/E (TTM)
-3.4
22.8
P/S (TTM)
7.4
4.8
P/B
1.8
3.1
Price / FCF
-8.1
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
FCEL
Peer Median
Operating Margin
-121.6%
—
Net Profit Margin
-118.8%
-80.8%
ROA
-20.0%
-22.9%
ROE
-28.5%
-31.7%
ROIC
-29.1%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
FCEL
Peer Median
Current Ratio
6.6
2.6
Quick Ratio
4.2
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
FCEL
Peer Median
Revenue YoY
41.0%
—
Revenue CAGR 3Y
6.6%
—
Revenue CAGR 5Y
17.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
FCEL
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Feb. 17, 1999 | $239.7600 |
FCEL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
14 analysts
- Strong Buy 3 21.4%
- Buy 6 42.9%
- Hold 3 21.4%
- Sell 2 14.3%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-08-15
Median
$25.50
Mean
$22.83
Now
$22.18
Low
$8.00
High
$32.00
Median target
$25.50
+15.0%
Mean target
$22.83
+2.9%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
Next Report
Sep 07, 2026
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.66 | $-0.53 | -0.13% |
| March 31, 2026 | $-0.52 | $-0.67 | 0.15% |
| Dec. 31, 2025 | $-0.81 | $-1.06 | 0.25% |
| Sept. 30, 2025 | $-1.15 | $-1.45 | 0.30% |
| June 30, 2025 | $-1.79 | $-1.46 | -0.33% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| FCEL | $412M | -1.2 | 41.0% | -118.8% | -28.5% | — |
| FLNC | — | -29.2 | -16.2% | -2.1% | -10.7% | 13.1% |
| PLPC | $1.01B | 29.0 | 12.7% | 5.3% | 7.9% | 31.2% |
| RUN | $4.30B | 10.8 | 45.1% | 15.2% | 15.8% | — |
| ALNT | $910M | 40.7 | 4.6% | 4.0% | 7.5% | 32.8% |
| AMPX | $1.06B | -22.5 | 202.1% | -60.3% | -48.8% | 11.3% |
| AMSC | $1.61B | 11.1 | 34.3% | 44.7% | 29.8% | 30.6% |
| TE | — | -3.1 | 25572.8% | — | — | — |
| EOSE | $3.86B | -1.7 | 631.8% | -849.1% | 58.0% | -126.0% |
| SHLS | — | 42.5 | 19.1% | 7.1% | 5.7% | 35.0% |
| LYTS | $511M | 21.5 | 22.1% | 4.2% | 10.9% | 24.7% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $158M | $112M | $123M | $130M | $70M | $71M | $61M | $89M | $96M | $108M | $163M | $180M | |
| Cost of Revenue | $185M | $148M | $134M | $160M | $85M | $79M | $82M | $86M | $93M | $109M | $150M | $167M | |
| Gross Profit | · | · | · | · | · | $-8M | $-21M | $3M | $3M | $-357.0K | $13M | $14M | |
| R&D Expense | $34M | $55M | $61M | $35M | $11M | $5M | $14M | $23M | $20M | $21M | $17M | $18M | |
| SG&A Expense | $61M | $65M | $65M | $80M | $38M | $27M | $32M | $25M | $26M | $25M | $24M | $23M | |
| Operating Expenses | $166M | $123M | $126M | $114M | $49M | $31M | $46M | $48M | $48M | $46M | $42M | $41M | |
| Operating Income | $-192M | $-158M | $-136M | $-144M | $-65M | $-39M | $-67M | $-45M | $-45M | $-46M | $-29M | $-27M | |
| Interest Expense | $10M | $10M | $7M | $6M | $7M | $15M | $11M | $9M | $9M | $5M | $3M | $4M | |
| Interest Income | $8M | $14M | $16M | $3M | $34.0K | · | · | · | · | · | · | · | |
| Other Non-op | $3M | $-2M | $5M | $319.0K | $-728.0K | $684.0K | $93.0K | $3M | $247.0K | $622.0K | $2M | $-8M | |
| Pretax Income | $-191M | $-157M | $-107M | $-146M | $-101M | $-89M | $-77M | $-50M | $-54M | $-51M | $-29M | $-38M | |
| Income Tax | $137.0K | $25.0K | $581.0K | $819.0K | $2.0K | $46.0K | $109.0K | $-3M | $44.0K | $519.0K | $274.0K | $488.0K | |
| Net Income | $-188M | $-126M | $-108M | $-143M | $-101M | $-89M | $-78M | $-47M | $-54M | $-51M | $-29M | $-38M | |
| EPS (Basic) | $-7.42 | $-7.83 | $-7.92 | $-11.43 | $-0.31 | $-0.42 | $-1.82 | $-9.01 | $-13.73 | $-1.82 | $-1.33 | $-2.02 | |
| EPS (Diluted) | $-7.42 | $-7.83 | $-7.92 | $-11.43 | $-0.31 | $-0.42 | $-1.82 | $-9.01 | $-13.73 | $-1.82 | $-1.33 | $-2.02 | |
| Shares (Basic) | 25,743,252 | 16,505,257 | 13,991,593 | 12,771,305 | 334,742,346 | 221,960,288 | 55,081,266 | 6,896,189 | 4,159,575 | 29,773,700 | 24,513,731 | 20,473,915 | |
| Shares (Diluted) | 25,743,252 | 16,505,257 | 13,991,593 | 12,771,305 | 334,742,346 | 221,960,288 | 55,081,266 | 6,896,189 | 4,159,575 | 29,773,700 | 24,513,731 | 20,473,915 | |
| EBITDA | $-152M | $-122M | $-111M | $-122M | $-45M | $-20M | $-67M | $-45M | $-45M | $-46M | $-29M | $-27M |
Balance Sheet 29
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $278M | $148M | $250M | $458M | $432M | $150M | $9M | $39M | $49M | $84M | $59M | $84M | |
| Short-term Investments | · | $109M | $104M | · | · | · | · | · | · | · | · | · | |
| Receivables | $4M | $12M | $4M | $5M | $15M | $10M | $3M | $9M | $69M | $25M | $61M | $64M | |
| Inventory | $86M | $114M | $84M | $91M | $67M | $51M | $55M | $54M | $74M | $74M | $66M | $56M | |
| Prepaid Expense | · | · | · | · | $5M | $4M | $4M | $6M | $5M | $8M | $4M | $4M | |
| Other Current Assets | $16M | $13M | $13M | $11M | $9M | $6M | $6M | $9M | $7M | $10M | $7M | $8M | |
| Current Assets | $450M | $444M | $476M | $580M | $543M | $234M | $84M | $130M | $204M | $202M | $204M | $217M | |
| PP&E (Net) | $96M | $131M | $90M | $58M | $39M | $36M | $41M | $48M | $44M | $37M | $29M | $26M | |
| PP&E (Gross) | $215M | $245M | $198M | $161M | $142M | $133M | $133M | $135M | $128M | $117M | $106M | $99M | |
| Accum. Depreciation | $118M | $115M | $108M | $103M | $102M | $97M | $92M | $87M | $85M | $80M | $77M | $73M | |
| Goodwill | · | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | |
| Intangibles | $4M | $15M | $16M | $17M | $19M | $20M | $21M | $10M | $10M | $10M | $10M | $10M | |
| Other Non-current Assets | $104M | $49M | $51M | $14M | $17M | $15M | $9M | $14M | $17M | $16M | $3M | $4M | |
| Total Assets | $932M | $944M | $956M | $940M | $875M | $524M | $333M | $340M | $384M | $341M | $277M | $281M | |
| Accounts Payable | $17M | $23M | $27M | $28M | $19M | $10M | $17M | $23M | $43M | $18M | $16M | $23M | |
| Accrued Liabilities | $31M | $30M | $26M | $27M | $16M | $16M | $11M | $8M | $18M | $21M | $19M | $12M | |
| Current Liabilities | $68M | $74M | $66M | $86M | $53M | $59M | $63M | $60M | $98M | $52M | $75M | $75M | |
| Capital Leases | $12M | $9M | $9M | $8M | $8M | $10M | · | · | · | · | · | · | |
| Other Non-current Liabilities | $115M | $131M | $120M | $83M | $79M | $151M | $90M | $72M | $64M | $81M | $13M | $13M | |
| Total Liabilities | $201M | $217M | $195M | $185M | $170M | $269M | $198M | $163M | $195M | $166M | $123M | $122M | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | $82M | $16M | $11M | |
| Total Debt | · | · | · | · | · | · | · | · | · | $83M | $16M | $11M | |
| Common Stock | $5.0K | $2.0K | $2.0K | $41.0K | $37.0K | $29.0K | $19.0K | $1.0K | $7.0K | $4.0K | $3.0K | $2.0K | |
| Retained Earnings | $-1.83B | $-1.64B | $-1.52B | $-1.41B | $-1.27B | $-1.16B | $-1.08B | $-991M | $-944M | $-890M | $-839M | $-809M | |
| Treasury Stock | $1M | $1M | $1M | $855.0K | $586.0K | $432.0K | $466.0K | $363.0K | $280.0K | $179.0K | $78.0K | $-95.0K | |
| AOCI | $-2M | $-2M | $-2M | $-2M | $-819.0K | $-739.0K | $-647.0K | $-403.0K | $-415.0K | $-544.0K | $-509.0K | $-159.0K | |
| Stockholders' Equity | $662M | $657M | $682M | $684M | $642M | $195M | $76M | $82M | $101M | $114M | $95M | $98M | |
| Liabilities + Equity | $932M | $944M | $956M | $940M | $875M | $524M | $333M | $340M | $384M | $341M | $277M | $281M | |
| Shares Outstanding | 46,075,237 | 20,375,932 | 15,020,872 | 13,518,743 | 12,220,600 | 294,706,758 | 193,608,684 | 7,972,686 | 5,791,068 | 2,931,202 | 25,964,710 | 23,930,000 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $40M | $36M | $25M | $21M | $20M | $19M | $12M | $9M | · | · | · | · | |
| Stock-based Comp | $11M | $12M | $12M | $7M | $4M | $2M | $3M | $3M | $5M | $3M | $3M | $3M | |
| Deferred Tax | · | · | · | · | · | $0 | $0 | $-3M | $0 | $0 | · | · | |
| Amort. of Intangibles | $1M | $1M | $1M | $1M | $1M | · | · | · | · | · | · | · | |
| Restructuring | · | · | · | · | · | $0 | · | $0 | $1M | $0 | · | · | |
| Other Non-cash | $11M | $-75M | $-70M | $2M | $6M | $31M | · | · | · | · | · | · | |
| Operating Cash Flow | $-125M | $-153M | $-140M | $-112M | $-70M | $-37M | $-31M | $16M | $-72M | $-47M | $-44M | $-57M | |
| CapEx | $19M | $48M | $39M | $21M | $6M | $382.0K | $2M | $10M | $12M | $8M | $7M | $6M | |
| Investing Cash Flow | $89M | $-60M | $-192M | $-47M | $-73M | $-33M | $-69M | $-51M | $-31M | $-41M | $-7M | $-7M | |
| Net Debt Issued | $-14M | $-12M | $-48M | $-10M | $-99M | $-30M | $-48M | $-17M | $-9M | $-30M | $-2M | $-6M | |
| Stock Issued | · | · | · | · | · | · | · | · | · | $71M | $27M | $106M | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | $71M | $27M | $106M | |
| Financing Cash Flow | $169M | $122M | $151M | $181M | $412M | $222M | $60M | $28M | $72M | $121M | $28M | $96M | |
| Net Change in Cash | $133M | $-91M | $-181M | $21M | $268M | $152M | $-40M | $-7M | $-31M | $33M | $-23M | $16M | |
| Free Cash Flow | $-144M | $-201M | $-180M | $-133M | $-77M | $-37M | $-33M | $6M | $-84M | $-54M | $-51M | $-65M | |
| Levered FCF | $-154M | $-210M | $-187M | $-140M | $-84M | $-52M | $-43M | $-2M | $-93M | $-59M | $-54M | $-68M |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | · | · | · | · | · | -10.9% | -35.0% | 3.5% | 2.9% | -0.33% | 7.8% | 7.6% | |
| Operating Margin | -121.6% | -141.3% | -110.3% | -110.1% | -93.3% | -55.3% | -110.2% | -49.9% | -47.0% | -42.8% | -17.7% | -15.2% | |
| Net Margin | -118.8% | -112.4% | -87.2% | -109.4% | -145.2% | -125.7% | -127.7% | -52.9% | -56.3% | -47.1% | -18.0% | -21.1% | |
| Pretax Margin | -120.9% | -139.8% | -87.1% | -112.2% | -145.2% | -125.7% | -127.5% | -56.3% | -56.3% | -46.8% | -18.0% | -21.3% | |
| EBITDA Margin | -96.1% | -109.1% | -89.7% | -93.8% | -64.7% | -27.9% | -110.2% | -49.9% | -47.0% | -42.8% | -17.7% | -15.2% | |
| ROA | -20.0% | -13.3% | -11.3% | -15.7% | -14.4% | -20.8% | -23.0% | -13.1% | -14.9% | -16.4% | -10.5% | -14.7% | |
| ROE | -28.5% | -18.8% | -15.7% | -21.5% | -21.2% | -61.3% | -96.6% | -53.3% | -50.0% | -48.7% | -30.3% | -87.1% | |
| ROIC | -29.1% | -24.1% | -20.1% | -21.1% | -10.1% | -20.1% | -88.5% | -51.0% | -44.4% | -23.7% | -26.1% | -25.0% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 6.6 | 6.0 | 7.2 | 6.8 | 10.3 | 4.0 | 1.3 | 2.2 | 2.1 | 3.9 | 2.7 | 2.9 | |
| Quick Ratio | 4.2 | 3.6 | 5.4 | 5.4 | 8.5 | 2.7 | 0.2 | 1.0 | 1.2 | 2.1 | 1.6 | 2.0 | |
| Debt / Equity | · | · | · | · | · | · | · | · | · | 0.7 | 0.2 | 0.1 | |
| LT Debt / Equity | · | · | · | · | · | · | · | · | · | 0.7 | 0.1 | 0.1 | |
| Interest Coverage | -18.5 | -16.4 | -18.8 | -22.5 | -8.8 | -2.6 | -6.3 | -4.9 | -4.9 | -9.3 | -9.8 | -7.7 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | 0.3 | 0.3 | 0.6 | 0.7 | |
| Inventory Turnover | 1.8 | 1.5 | 1.5 | 2.0 | 1.4 | 1.5 | 1.5 | 1.3 | 1.3 | 1.6 | 2.5 | 3.0 | |
| Receivables Turnover | 20.1 | 14.4 | 28.4 | 13.3 | 5.7 | 11.0 | 9.7 | 2.0 | 2.1 | 2.5 | 2.6 | 3.2 |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 41.0% | -9.1% | -5.4% | 87.5% | -1.8% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 6.6% | 17.2% | 20.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 17.4% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $158M | $112M | $123M | $130M | $70M | $71M | $61M | $89M | $96M | $108M | $163M | $180M | |
| Net Income TTM | $-188M | $-126M | $-108M | $-143M | $-101M | $-89M | $-78M | $-47M | $-54M | $-51M | $-29M | $-38M | |
| Market Cap | $412M | $208M | $14.74B | $37.96B | $87.88B | $17.68B | $1.39B | $29.28B | $54.79B | $42.42B | $98.71B | $2.51T | |
| Enterprise Value | · | · | · | · | · | · | · | · | · | $42.42B | $98.66B | $2.51T | |
| P/E | -1.2 | -1.3 | -4.1 | -8.2 | -773.2 | -142.9 | -4.0 | -34.0 | -57.4 | -662.6 | -2858.3 | -4320.0 | |
| P/S | 2.6 | 1.9 | 119.4 | 290.9 | 1262.9 | 249.5 | 22.9 | 327.3 | 572.7 | 391.9 | 605.3 | 13898.9 | |
| P/B | 0.6 | 0.3 | 21.6 | 55.5 | 136.8 | 90.9 | 18.4 | 356.2 | 541.1 | 370.8 | 1035.7 | 25062.0 | |
| P / Tangible Book | 0.6 | 0.3 | 22.2 | 57.3 | 141.8 | 103.7 | · | · | · | · | · | · | |
| P / Cash Flow | -3.3 | -1.4 | -105.1 | -338.4 | -1247.6 | -480.7 | -45.6 | 1793.6 | -762.6 | -910.4 | -2229.5 | -43604.7 | |
| P / FCF | -2.9 | -1.0 | -82.0 | -284.9 | -1144.4 | -475.8 | -42.6 | 4651.4 | -650.7 | -780.9 | -1927.7 | -38822.5 | |
| EV / EBITDA | · | · | · | · | · | · | · | · | · | -915.1 | -3415.0 | -91750.6 | |
| EV / FCF | · | · | · | · | · | · | · | · | · | -780.9 | -1926.9 | -38821.3 | |
| EV / Revenue | · | · | · | · | · | · | · | · | · | 391.9 | 605.0 | 13898.5 | |
| Earnings Yield | -82.9% | -76.8% | -24.2% | -12.2% | -0.13% | -0.70% | -25.3% | -2.9% | -1.7% | -0.15% | -0.03% | -0.02% |
Income Statement 17
| 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 | $36M | $31M | $55M | $47M | $37M | $19M | $49M | $24M | $22M | $17M | $22M | $26M | $38M | $37M | $39M | $43M | |
| Cost of Revenue | $49M | $36M | $62M | $52M | $47M | $24M | $60M | $30M | $29M | $28M | $24M | $34M | $44M | $32M | $54M | $47M | |
| R&D Expense | $8M | $7M | $5M | $8M | $10M | $11M | $12M | $13M | $17M | $14M | $18M | $16M | $15M | $13M | $12M | $10M | |
| SG&A Expense | $15M | $13M | $15M | $14M | $16M | $15M | $16M | $15M | $18M | $16M | $17M | $18M | $15M | $15M | $15M | $14M | |
| Operating Expenses | $65M | $20M | $22M | $90M | $26M | $28M | $30M | $27M | $34M | $31M | $35M | $33M | $30M | $28M | $27M | $24M | |
| Operating Income | $-78M | $-26M | $-28M | $-95M | $-36M | $-33M | $-41M | $-34M | $-41M | $-42M | $-36M | $-41M | $-36M | $-22M | $-43M | $-28M | |
| Interest Expense | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Interest Income | $2M | $3M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $4M | $5M | $4M | $4M | $3M | $2M | $932.0K | |
| Other Non-op | $605.0K | $470.0K | $-286.0K | $4M | $-1M | $684.0K | $983.0K | $-2M | $3M | $-4M | $5M | $403.0K | $-236.0K | $49.0K | $249.0K | $204.0K | |
| Pretax Income | $-78M | $-26M | $-29M | $-92M | $-38M | $-32M | $-40M | $-35M | $-38M | $-44M | $-29M | $-24M | $-34M | $-21M | $-42M | $-28M | |
| Income Tax | $-50.0K | · | $13.0K | $40.0K | $84.0K | · | $23.0K | $2.0K | · | · | $0 | $0 | $3.0K | $578.0K | $325.0K | $494.0K | |
| Net Income | $-78M | $-23M | $-30M | $-92M | $-38M | $-28M | $-41M | $-33M | $-32M | $-20M | $-30M | $-24M | $-34M | $-19M | $-42M | $-29M | |
| EPS (Basic) | $-1.45 | $-0.49 | $-0.43 | $-3.78 | $-1.79 | $-1.42 | $-2.29 | $-1.99 | $-2.18 | $-1.37 | $-7.72 | $-0.06 | $-0.09 | $-0.05 | $-11.16 | $-0.08 | |
| EPS (Diluted) | $-1.45 | $-0.49 | $-0.43 | $-3.78 | $-1.79 | $-1.42 | $-2.29 | $-1.99 | $-2.18 | $-1.37 | $-7.72 | $-0.06 | $-0.09 | $-0.05 | $-11.16 | $-0.08 | |
| Shares (Basic) | 54,224,428 | 48,206,002 | -40,939,898 | 24,441,294 | 21,740,193 | 20,501,663 | -30,421,584 | 16,772,791 | 15,099,482 | 15,054,568 | -1,213,995,824 | 415,867,594 | 406,316,070 | 405,803,753 | -1,114,045,016 | 387,465,758 | |
| Shares (Diluted) | 54,224,428 | 48,206,002 | -40,939,898 | 24,441,294 | 21,740,193 | 20,501,663 | -30,421,584 | 16,772,791 | 15,099,482 | 15,054,568 | -1,213,995,824 | 415,867,594 | 406,316,070 | 405,803,753 | -1,114,045,016 | 387,465,758 | |
| EBITDA | $-78M | $-16M | · | $-95M | $-36M | $-23M | · | $-34M | $-41M | $-34M | · | $-41M | $-36M | $-17M | · | $-28M |
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 | $373M | $312M | $278M | $175M | $116M | $98M | $148M | $159M | $159M | $297M | $250M | $304M | $247M | $315M | $458M | $456M | |
| Short-term Investments | · | · | · | · | $61M | $110M | $109M | $108M | $101M | · | · | $77M | $76M | $76M | · | · | |
| Receivables | $8M | $6M | $4M | $10M | $10M | $9M | $12M | $11M | $7M | $3M | · | $10M | $6M | $3M | · | $12M | |
| Inventory | $88M | $90M | $86M | $105M | $124M | $126M | $114M | $129M | $114M | $103M | · | $86M | $87M | $101M | · | $81M | |
| Prepaid Expense | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | $8M | |
| Other Current Assets | $14M | $15M | $16M | $20M | $16M | $13M | $13M | $12M | $13M | $13M | · | $13M | $14M | $12M | · | $14M | |
| Current Assets | $544M | $495M | $450M | $370M | $384M | $411M | $444M | $460M | $426M | $445M | · | $515M | $453M | $525M | · | $580M | |
| PP&E (Net) | $95M | $96M | $96M | $98M | $138M | $135M | $131M | $121M | $112M | $98M | · | $80M | $71M | $63M | · | $53M | |
| PP&E (Gross) | · | · | $215M | · | · | · | $245M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $118M | · | · | · | $115M | · | · | · | · | · | · | · | · | · | |
| Goodwill | · | · | · | · | $4M | $4M | $4M | $4M | $4M | $4M | · | $4M | $4M | $4M | · | $4M | |
| Intangibles | $3M | $4M | $4M | $4M | $14M | $14M | $15M | $15M | $15M | $16M | · | $16M | $17M | $17M | · | $18M | |
| Other Non-current Assets | $131M | $110M | $104M | $74M | $54M | $45M | $49M | $40M | $44M | $43M | · | $39M | $35M | $16M | · | $15M | |
| Total Assets | $1.00B | $978M | $932M | $831M | $884M | $908M | $944M | $949M | $917M | $923M | · | $945M | $859M | $892M | · | $944M | |
| Accounts Payable | $16M | $15M | $17M | $16M | $23M | $18M | $23M | $17M | $22M | $17M | · | $22M | $21M | $25M | · | $27M | |
| Accrued Liabilities | $24M | $25M | $31M | $30M | $25M | $24M | $30M | $26M | $24M | $22M | · | $23M | $23M | $20M | · | $23M | |
| Current Liabilities | $63M | $62M | $68M | $69M | $68M | $65M | $74M | $67M | $65M | $54M | · | $59M | $63M | $66M | · | $81M | |
| Capital Leases | $12M | $12M | $12M | $12M | $8M | $9M | $9M | $9M | $9M | $9M | · | $9M | $9M | $10M | · | $8M | |
| Other Non-current Liabilities | $130M | $132M | $115M | $119M | $124M | $126M | $131M | $127M | $130M | $118M | · | $109M | $81M | $82M | · | $82M | |
| Total Liabilities | $215M | $214M | $201M | $205M | $205M | $202M | $217M | $204M | $205M | $181M | · | $177M | $153M | $157M | · | $185M | |
| Common Stock | $6.0K | $5.0K | $5.0K | $3.0K | $2.0K | $2.0K | $2.0K | $55.0K | $46.0K | $45.0K | · | $44.0K | $41.0K | $41.0K | · | $39.0K | |
| Retained Earnings | $-1.93B | $-1.85B | $-1.83B | $-1.80B | $-1.71B | $-1.67B | $-1.64B | $-1.60B | $-1.57B | $-1.54B | · | $-1.49B | $-1.46B | $-1.43B | · | $-1.37B | |
| Treasury Stock | $2M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $923.0K | $923.0K | · | $786.0K | |
| AOCI | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | $-2M | · | $-2M | $-1M | $-1M | · | $-1M | |
| Stockholders' Equity | $719M | $695M | $662M | $556M | $609M | $635M | $657M | $676M | $640M | $664M | · | $700M | $638M | $668M | · | $690M | |
| Liabilities + Equity | $1.00B | $978M | $932M | $831M | $884M | $908M | $944M | $949M | $917M | $923M | · | $945M | $859M | $892M | · | $944M | |
| Shares Outstanding | 63,549,362 | 52,609,242 | 46,075,237 | 29,645,294 | 22,776,193 | 21,143,772 | 20,375,932 | 553,840,943 | 458,406,776 | 451,862,054 | 15,020,872 | 444,704,081 | 406,738,713 | 405,732,053 | 13,518,743 | 394,430,969 |
Cash Flow 11
| 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 | $11M | $11M | $10M | $10M | $11M | $10M | $9M | $9M | $10M | $9M | $7M | $7M | $7M | $5M | $5M | $5M | |
| Stock-based Comp | $3M | $2M | $2M | $2M | $5M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | |
| Other Non-cash | · | $-24M | · | · | · | $-29M | · | · | · | $-50M | · | · | · | $-43M | · | · | |
| Operating Cash Flow | $-27M | $-34M | $-23M | $-27M | $-30M | $-46M | $6M | $-63M | $-37M | $-58M | $-16M | $-36M | $-35M | $-53M | $-24M | $-23M | |
| CapEx | $2M | $773.0K | $1M | $5M | $5M | $7M | $11M | $13M | $13M | $11M | $11M | $11M | $9M | $8M | $5M | $5M | |
| Investing Cash Flow | $-6M | $-3M | $-1M | $52M | $45M | $-7M | $-41M | $8M | $-114M | $87M | $-54M | $-27M | $-27M | $-85M | $-7M | $-10M | |
| Net Debt Issued | · | $-5M | · | · | · | $-3M | · | · | · | $-3M | · | · | · | $-2M | · | · | |
| Financing Cash Flow | $94M | $75M | $129M | $33M | $3M | $5M | $26M | $61M | $15M | $21M | $33M | $122M | $-513.0K | $-4M | $33M | $24M | |
| Net Change in Cash | $61M | $38M | $105M | $58M | $19M | $-48M | $-9M | $6M | $-137M | $49M | $-37M | $59M | $-63M | $-141M | $1M | $-10M | |
| Free Cash Flow | · | $-35M | · | · | · | $-53M | · | · | · | $-69M | · | · | · | $-61M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | · | · | $-63M | · | · |
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 | -218.9% | -86.1% | · | -204.0% | -95.7% | -172.9% | · | -141.9% | -184.5% | -254.5% | · | -162.3% | -93.5% | -60.6% | · | -65.0% | |
| Net Margin | -218.9% | -74.9% | · | -196.1% | -101.7% | -149.1% | · | -137.8% | -143.3% | -118.6% | · | -95.2% | -89.5% | -50.2% | · | -68.2% | |
| Pretax Margin | -218.3% | -85.3% | · | -196.5% | -100.7% | -170.5% | · | -148.2% | -168.0% | -266.0% | · | -92.5% | -88.4% | -55.3% | · | -66.1% | |
| EBITDA Margin | -218.9% | -51.7% | · | -204.0% | -95.7% | -120.6% | · | -141.9% | -184.5% | -203.0% | · | -162.3% | -93.5% | -46.0% | · | -65.0% | |
| ROA | -8.3% | -2.4% | · | -10.3% | -4.2% | -3.1% | · | -3.5% | -3.6% | -2.2% | · | -2.6% | -3.8% | -2.1% | · | -3.2% | |
| ROE | -11.7% | -3.4% | · | -14.9% | -6.1% | -4.4% | · | -4.8% | -5.0% | -3.0% | · | -3.5% | -5.2% | -2.9% | · | -4.3% | |
| ROIC | -10.8% | · | · | -17.2% | -5.9% | · | · | -5.0% | · | · | · | · | -5.6% | -3.5% | · | -4.1% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 8.6 | 8.0 | · | 5.4 | 5.6 | 6.3 | · | 6.9 | 6.6 | 8.3 | · | 8.7 | 7.2 | 7.9 | · | 7.2 | |
| Quick Ratio | 6.0 | 5.1 | · | 2.7 | 2.7 | 3.4 | · | 4.2 | 4.1 | 5.6 | · | 6.6 | 5.3 | 6.0 | · | 5.8 | |
| Interest Coverage | -27.3 | -9.5 | · | -37.4 | -14.1 | -12.6 | · | -13.2 | -18.2 | -18.2 | · | -21.7 | -23.9 | -14.9 | · | -17.3 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | 0.0 | · | 0.1 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | 0.0 | 0.0 | · | 0.0 | |
| Inventory Turnover | 0.5 | 0.3 | · | 0.4 | 0.4 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.5 | 0.4 | · | 0.7 | |
| Receivables Turnover | 4.0 | 3.9 | · | 4.4 | 4.4 | 3.0 | · | 2.2 | 3.3 | 5.1 | · | 2.3 | 3.5 | 2.2 | · | 3.3 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $150M | $134M | · | $127M | $103M | $82M | · | $88M | $103M | $118M | · | $144M | $135M | $128M | · | $118M | |
| Net Income TTM | $-230M | $-181M | · | $-191M | $-131M | $-113M | · | $-109M | $-111M | $-97M | · | $-107M | $-113M | $-119M | · | $-112M | |
| Market Cap | $826M | $445M | · | $147M | $93M | $162M | · | $8.47B | $12.79B | $16.27B | · | $29.22B | $22.94B | $44.55B | · | $42.48B | |
| P/E | -1.7 | -1.1 | · | -0.6 | -0.6 | -1.1 | · | -2.7 | -7.5 | -22.9 | · | -234.6 | -188.0 | -343.1 | · | -347.4 | |
| P/S | 5.5 | 3.3 | · | 1.2 | 0.9 | 2.0 | · | 95.9 | 124.2 | 138.3 | · | 202.8 | 170.0 | 347.1 | · | 359.7 | |
| P/B | 1.1 | 0.6 | · | 0.3 | 0.2 | 0.3 | · | 12.5 | 20.0 | 24.5 | · | 41.8 | 35.9 | 66.7 | · | 61.6 | |
| P / Tangible Book | 1.2 | 0.6 | · | 0.3 | 0.2 | 0.3 | · | 12.9 | 20.6 | 25.3 | · | 43.0 | 37.1 | 68.9 | · | 63.6 | |
| P / Cash Flow | · | -13.1 | · | · | · | -3.6 | · | · | · | -279.2 | · | · | · | -834.6 | · | · | |
| P / FCF | · | -12.8 | · | · | · | -3.1 | · | · | · | -236.3 | · | · | · | -728.6 | · | · | |
| Earnings Yield | -57.8% | -88.4% | · | -181.1% | -180.0% | -90.6% | · | -36.6% | -13.3% | -4.4% | · | -0.43% | -0.53% | -0.29% | · | -0.29% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | |
|---|---|---|---|---|---|
| Revenue | $158M | $112M | $123M | $130M | $70M |
| Operating Margin % | -121.6% | -141.3% | -110.3% | -110.1% | -93.3% |
| Net Income | $-188M | $-126M | $-108M | $-143M | $-101M |
| Diluted EPS | $-7.42 | $-7.83 | $-7.92 | $-11.43 | $-0.31 |
Balance Sheet
| 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | |
|---|---|---|---|---|---|
| Current Ratio | 6.6 | 6.0 | 7.2 | 6.8 | 10.3 |
| Quick Ratio | 4.2 | 3.6 | 5.4 | 5.4 | 8.5 |
Cash Flow
| 2025-10-31 | 2024-10-31 | 2023-10-31 | 2022-10-31 | 2021-10-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-144M | $-201M | $-180M | $-133M | $-77M |
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Institutional owners (13F) 258 filers · $1.3B 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 |
|---|---|---|---|---|
| 123 (+94 vs prior Q) | 22 (+3 vs prior Q) | 60 (+14 vs prior Q) | 34 (-4 vs prior Q) | +18.7M |
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 | $84,008,593 | 2,332,924 | 6.42% | Shares |
| STATE STREET CORP | $77,202,127 | 2,143,908 | 5.90% | Shares |
| TWO SIGMA INVESTMENTS, LP | $74,229,322 | 2,061,353 | 5.67% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $65,693,043 | 1,824,300 | 5.02% | Call option |
| JANE STREET GROUP, LLC | $58,408,508 | 1,622,008 | 4.46% | Call option |
| CITADEL ADVISORS LLC | $51,006,941 | 1,416,466 | 3.90% | Call option |
| Encompass Capital Advisors LLC | $49,186,059 | 1,365,900 | 3.76% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $45,822,725 | 1,272,500 | 3.50% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $43,522,932 | 1,208,295 | 3.33% | Shares |
| PEAK6 LLC | $43,150,783 | 1,198,300 | 3.30% | Call option |
| Anatole Investment Management Ltd | $41,969,691 | 1,165,501 | 3.21% | Shares |
| CITADEL ADVISORS LLC | $41,879,630 | 1,163,000 | 3.20% | Put option |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $39,711,828 | 1,102,800 | 3.03% | Put option |
| Driehaus Capital Management LLC | $36,538,879 | 1,014,687 | 2.79% | Shares |
| CITADEL ADVISORS LLC | $30,712,245 | 852,881 | 2.35% | Shares |
| JANE STREET GROUP, LLC | $30,024,130 | 833,772 | 2.29% | Shares |
| MILLENNIUM MANAGEMENT LLC | $26,895,113 | 746,879 | 2.05% | Shares |
| Trexquant Investment LP | $26,625,794 | 739,400 | 2.03% | Shares |
| GROUP ONE TRADING LLC | $25,075,672 | 696,353 | 1.92% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $23,184,606 | 643,838 | 1.77% | Shares |
| Point72 Asset Management, L.P. | $22,365,631 | 621,095 | 1.71% | Shares |
| JANE STREET GROUP, LLC | $20,385,369 | 566,103 | 1.56% | Put option |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $18,188,003 | 505,082 | 1.39% | Shares |
| VANGUARD GROUP INC | $16,021,671 | 2,191,747 | 1.22% | Shares |
| TUDOR INVESTMENT CORP ET AL | $14,109,834 | 391,831 | 1.08% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $13,377,283 | 371,488 | 1.02% | Shares |
| FMR LLC | $13,328,345 | 370,129 | 1.02% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,563,853 | 348,899 | 0.96% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $11,777,719 | 327,068 | 0.90% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $11,495,544 | 319,232 | 0.88% | Shares |
| Walleye Trading LLC | $10,784,995 | 299,500 | 0.82% | Put option |
| Walleye Trading LLC | $9,099,475 | 252,693 | 0.70% | Shares |
| NOMURA HOLDINGS INC | $9,002,500 | 250,000 | 0.69% | Call option |
| Walleye Trading LLC | $7,907,796 | 219,600 | 0.60% | Call option |
| TWO SIGMA ADVISERS, LP | $7,169,626 | 980,797 | 0.55% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $6,860,193 | 190,508 | 0.52% | Shares |
| Defiance ETFs, LLC | $6,578,237 | 206,279 | 0.50% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $6,482,628 | 180,023 | 0.50% | Shares |
| Informed Momentum Co LLC | $6,440,677 | 178,858 | 0.49% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $5,789,544 | 160,776 | 0.44% | Shares |
| FIRST TRUST ADVISORS LP | $5,118,281 | 142,135 | 0.39% | Shares |
| Lighthouse Investment Partners, LLC | $5,106,218 | 141,800 | 0.39% | Shares |
| SIMPLEX TRADING, LLC | $4,971,324 | 138,054 | 0.38% | Shares |
| ARDSLEY ADVISORY PARTNERS LP | $4,501,250 | 125,000 | 0.34% | Call option |
| ARDSLEY ADVISORY PARTNERS LP | $4,354,800 | 120,000 | 0.33% | Shares |
| RAYMOND JAMES FINANCIAL INC | $4,331,859 | 120,296 | 0.33% | Shares |
| CenterBook Partners LP | $3,877,809 | 107,687 | 0.30% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $3,795,000 | 105,377 | 0.29% | Shares |
| Point72 Asset Management, L.P. | $3,784,651 | 105,100 | 0.29% | Call option |
| MYDA Advisors LLC | $3,601,000 | 100,000 | 0.28% | Call option |
| AMERICAN CENTURY COMPANIES INC | $3,546,265 | 98,480 | 0.27% | Shares |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC | $3,411,443 | 94,736 | 0.26% | Shares |
| XTX Topco Ltd | $3,175,614 | 88,187 | 0.24% | Shares |
| Baird Financial Group, Inc. | $3,107,627 | 86,299 | 0.24% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $3,060,202 | 84,982 | 0.23% | Shares |
| RHUMBLINE ADVISERS | $3,029,407 | 84,127 | 0.23% | Shares |
| Qube Research & Technologies Ltd | $2,908,168 | 80,760 | 0.22% | Shares |
| Squarepoint Ops LLC | $2,862,795 | 79,500 | 0.22% | Call option |
| REX Advisers, LLC | $2,733,159 | 75,900 | 0.21% | Shares |
| LPL Financial LLC | $2,721,394 | 75,573 | 0.21% | Shares |
| Crawford Fund Management, LLC | $2,581,917 | 71,700 | 0.20% | Put option |
| D. E. Shaw & Co., Inc. | $2,571,114 | 71,400 | 0.20% | Call option |
| Bank of New York Mellon Corp | $2,531,359 | 70,296 | 0.19% | Shares |
| Quinn Opportunity Partners LLC | $2,412,670 | 67,000 | 0.18% | Shares |
| Scientech Research LLC | $2,151,814 | 59,756 | 0.16% | Shares |
| Brevan Howard Capital Management LP | $2,149,401 | 59,689 | 0.16% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $2,052,570 | 57,000 | 0.16% | Shares |
| Walleye Capital LLC | $2,023,762 | 56,200 | 0.15% | Put option |
| Caitong International Asset Management Co., Ltd | $1,926,175 | 53,490 | 0.15% | Shares |
| Alight Capital Management LP | $1,800,500 | 50,000 | 0.14% | Shares |
| REX Advisers, LLC | $1,786,686 | 151,800 | 0.14% | Call option |
| FEDERATED HERMES, INC. | $1,736,042 | 48,210 | 0.13% | Shares |
| BlackRock, Inc. | $1,655,488 | 45,973 | 0.13% | Shares |
| WELLS FARGO & COMPANY/MN | $1,637,159 | 45,464 | 0.13% | Shares |
| SEI INVESTMENTS CO | $1,622,575 | 45,059 | 0.12% | Shares |
| COMMONWEALTH EQUITY SERVICES, LLC | $1,600,064 | 44,434 | 0.12% | Shares |
| ALGERT GLOBAL LLC | $1,544,469 | 42,890 | 0.12% | Shares |
| Walleye Capital LLC | $1,529,057 | 42,462 | 0.12% | Shares |
| Caption Management, LLC | $1,512,420 | 42,000 | 0.12% | Shares |
| CITIGROUP INC | $1,460,025 | 40,545 | 0.11% | Shares |
| PEAK6 LLC | $1,440,400 | 40,000 | 0.11% | Put option |
| Amundi | $1,433,558 | 39,810 | 0.11% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,378,067 | 38,269 | 0.11% | Shares |
| D. E. Shaw & Co., Inc. | $1,372,953 | 38,127 | 0.10% | Shares |
| KINGSWOOD WEALTH ADVISORS, LLC | $1,221,891 | 33,932 | 0.09% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $1,221,115 | 40,977 | 0.09% | Shares |
| Entropy Technologies, LP | $1,169,209 | 32,469 | 0.09% | Shares |
| MetLife Investment Management, LLC | $1,145,694 | 31,816 | 0.09% | Shares |
| WOLVERINE TRADING, LLC | $1,117,208 | 143,600 | 0.09% | Call option |
| GOLDMAN SACHS GROUP INC | $1,113,249 | 30,915 | 0.09% | Shares |
| ExodusPoint Capital Management, LP | $1,107,560 | 30,757 | 0.08% | Shares |
| Susquehanna Portfolio Strategies, LLC | $1,073,602 | 29,814 | 0.08% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $1,029,886 | 28,600 | 0.08% | Shares |
| Cinctive Capital Management LP | $1,017,571 | 28,258 | 0.08% | Shares |
| Aventail Capital Group, LP | $917,967 | 25,492 | 0.07% | Shares |
| BARCLAYS PLC | $907,561 | 25,203 | 0.07% | Shares |
| Caption Management, LLC | $900,250 | 25,000 | 0.07% | Call option |
| Jump Financial, LLC | $875,043 | 24,300 | 0.07% | Shares |
| Centiva Capital, LP | $866,761 | 24,070 | 0.07% | Shares |
| OSAIC HOLDINGS, INC. | $846,300 | 23,502 | 0.06% | Shares |
Company insiders 39 insiders · 14 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jason Few | CEO | Dec. 30, 2025 M | 71,648 | 0 | 0 | $0 |
| Daniel Brdar | Chairman, President & CEO | Jan. 18, 2011 J | 307,763 | 0 | 0 | $0 |
| Michael S. Bishop | EVP, TREASURER & CFO | Dec. 30, 2025 M | 21,560 | 0 | 0 | $0 |
| Joseph G Mahler | SVP, CFO, CS, Treasurer | April 6, 2011 A | 415,484 | 0 | 0 | $0 |
| Shankar Achanta | EVP, Chf. Product &Tech Ofc. | July 6, 2026 S | 2,618 | 0 | 2 | $-91,775 |
| Amanda Justine Schreiber | *EVP, GC, and Corp Secy | Jan. 23, 2026 A | — | 0 | 0 | $0 |
| Joshua Dolger | General Counsel & Corp Sec | Dec. 30, 2025 M | 11,743 | 0 | 0 | $0 |
| Mark Feasel | EVP & Ch. Commercial Officer | Dec. 30, 2024 A | 6,027 | 0 | 0 | $0 |
| Michael Lisowski | EVP, Strategic Partnerships | Dec. 30, 2024 A | 7,818 | 0 | 0 | $0 |
| Anthony Leo | EVP & Chief Technology Officer | Dec. 11, 2023 A | 115,695 | 0 | 0 | $0 |
| Jennifer D Arasimowicz | EVP, Gen. Counsel, CAO, Secy | Nov. 24, 2020 A | 111,590 | 0 | 0 | $0 |
| Christopher R Bentley | Executive VP | March 25, 2011 F | 327,693 | 0 | 0 | $0 |
| Hansraj C Maru | Chief Technology Officer | Jan. 23, 2006 J | 56,387 | 0 | 0 | $0 |
| Herbert T Nock | SVP, Marketing and Sales | May 18, 2005 J | 2,255 | 0 | 0 | $0 |
| Iii Homer John Livingston | Director | July 16, 2026 P | 26,343 | 1 | 0 | $494,985 |
| Cynthia L Hansen | Director | July 15, 2026 A | — | 0 | 0 | $0 |
| James Herbert England | Director | July 15, 2026 A | 247,952 | 0 | 0 | $0 |
| Betsy B Bingham | Director | April 21, 2026 M | 23,859 | 0 | 1 | $-73,340 |
| Natica Von Althann | Director | April 21, 2026 M | 23,988 | 0 | 0 | $0 |
| Wilson Donna Sims | Director | April 8, 2026 A | — | 0 | 0 | $0 |
| Tyrone Michael Jordan | Director | April 8, 2026 A | — | 0 | 0 | $0 |
| Matthew F Hilzinger | Director | April 8, 2026 A | 13,734 | 0 | 0 | $0 |
| Richard A Bromley | Director | April 2, 2015 A | 49,787 | 0 | 0 | $0 |
| William A Lawson | Director | April 2, 2015 A | 125,821 | 0 | 0 | $0 |
| James D Gerson | Director | March 27, 2014 A | 1,125,989 | 0 | 0 | $0 |
| George K Petty | Director | April 21, 2011 A | 677 | 0 | 0 | $0 |
| Thomas L Kempner | Director | June 25, 2010 P | 782,834 | 0 | 0 | $0 |
| Glenn H Epstein | Director | March 26, 2009 A | 10,000 | 0 | 0 | $0 |
| Warren D Bagatelle | Director | March 27, 2007 A | 529,200 | 0 | 0 | $0 |
| Charles J Murphy | Director | March 28, 2006 A | 9,905 | 0 | 0 | $0 |
| Thomas R Casten | Director | Dec. 19, 2005 A | 3,397 | 0 | 0 | $0 |
| Anthony Rauseo | — | April 8, 2019 M | 209,883 | 0 | 0 | $0 |
| Arthur A. Bottone Jr. | — | April 8, 2019 M | 402,658 | 0 | 0 | $0 |
| John A Rolls | — | Nov. 20, 2018 S | 317,274 | 0 | 0 | $0 |
| Christina Lampe-Onnerud | — | Nov. 8, 2018 A | — | 0 | 0 | $0 |
| Togo D West JR | — | April 6, 2017 A | 62,868 | 0 | 0 | $0 |
| POSCO Power CORP | — | April 30, 2012 P | 30,786,418 | 0 | 0 | $0 |
| Bruce A Ludemann | — | March 26, 2009 A | 92,518 | 0 | 0 | $0 |
| Jerry D Leitman | — | April 10, 2007 M | 1,290,690 | 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 |
|---|---|---|---|---|---|
| NRG Energy, Inc. | Aug. 11, 2014 | — | Initial filing | Passive investment | 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 32 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 |
|---|---|---|---|---|
| HYDR · Global X Funds | 7.18% | 556,391 NS | May 31, 2026 | N-PORT |
| UPGR · DBX ETF Trust | 6.23% | 18,832 NS | May 29, 2026 | N-PORT |
| PRN · Invesco Exchange-Traded Fund Trust | 1.81% | 389,417 SH | Aug. 8, 2026 | Daily |
| PBW · Invesco Exchange-Traded Fund Trust | 1.44% | 321,963 SH | Aug. 8, 2026 | Daily |
| AIPO · Tidal Trust II | 1.00% | 346,147 NS | May 31, 2026 | N-PORT |
| QQQS · Invesco Exchange-Traded Fund Trust … | 0.47% | 5,169 SH | Aug. 8, 2026 | Daily |
| DWAS · Invesco Exchange-Traded Fund Trust … | 0.39% | 86,530 SH | Aug. 8, 2026 | Daily |
| FSCC · Federated Hermes ETF Trust | 0.39% | 49,529 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.25% | 184,571 SH | Aug. 8, 2026 | Daily |
| IBAT · iShares Trust | 0.23% | 8,137 SH | Aug. 8, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.12% | 47,196 SH | Aug. 8, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.11% | 161,296 SH | Aug. 8, 2026 | Daily |
| IWN · iShares Trust | 0.07% | 502,880 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 312,508 SH | Aug. 8, 2026 | Daily |
| AVSC · AMERICAN CENTURY ETF TRUST | 0.05% | 62,495 NS | May 31, 2026 | N-PORT |
| ZAP · Global X Funds | 0.05% | 16,970 NS | April 30, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 0.04% | 22,352 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.03% | 1,384,500 SH | Aug. 8, 2026 | Daily |
| VIS · VANGUARD WORLD FUND | 0.03% | 64,418 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 607,985 SH | Aug. 8, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 138,814 NS | April 30, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.00% | 1,272 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 5,015 NS | April 30, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 86,719 SH | Aug. 8, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 14,395 SH | Aug. 8, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.00% | 11,879 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.00% | 28,469 NS | April 30, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.00% | 5,655 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.00% | 3,094 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 1 NS | May 31, 2026 | N-PORT |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,670,954 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 4,457 SH | Aug. 8, 2026 | Daily |