OUST Ouster, Inc. - Common Stock
$30.40
Price · May 20, 2026
Fundamentals as of May 5, 2026
52W Range
$10–$42
65% of range
Analyst Rating
BUY
12 analysts
Price Target
$40
+32% upside
P/E (TTM)
-20.2
ROE
-25.0%
Net Profit Margin
-35.6%
OUST Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$30.40
Market Cap
$1.32B
P/E (TTM)
-20.2
EPS (TTM)
$-1.07
Revenue (TTM)
$169M
Div Yield
—
ROE
-25.0%
Debt/Equity
—
52W Range
$10 – $42
OUST 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
$169M
2021-12-31
→
2025-12-31
EPS
$-1.07
2021-12-31
→
2025-12-31
Free Cash Flow
$-65M
2021-12-31
→
2025-12-31
Margins
-35.6%
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
OUST
Peer Median
P/E (TTM)
-20.2
83.0
P/S (TTM)
7.8
8.2
P/B
5.0
5.2
Price / FCF
-20.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
OUST
Peer Median
Gross Margin
49.3%
43.2%
Operating Margin
-43.7%
—
Net Profit Margin
-35.6%
1.3%
ROA
-19.3%
1.3%
ROE
-25.0%
7.4%
ROIC
-27.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
OUST
Peer Median
Current Ratio
3.9
2.4
Quick Ratio
3.3
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
OUST
Peer Median
Revenue YoY
52.5%
—
Revenue CAGR 3Y
60.4%
—
Revenue CAGR 5Y
55.0%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
OUST
Peer Median
OUST Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
12 analysts
- Strong Buy 3 25.0%
- Buy 8 66.7%
- Hold 1 8.3%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
6 analysts · 2026-05-15
Median
$39.00
← Below all targets
$30.40
Low
$33.00
High
$50.00
Median target
$39.00
+28.3%
Mean target
$40.00
+31.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.06%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.28 | $-0.29 | 0.01% |
| Dec. 31, 2025 | $0.06 | $-0.35 | 0.41% |
| Sept. 30, 2025 | $-0.37 | $-0.38 | 0.01% |
| June 30, 2025 | $-0.38 | $-0.39 | 0.01% |
| March 31, 2025 | $-0.42 | $-0.26 | -0.16% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| OUST | $1.32B | -20.2 | 52.5% | -35.6% | -25.0% | 49.3% |
| VNT | $5.29B | 13.5 | 3.2% | 13.2% | 35.4% | — |
| ITRI | $4.17B | 14.3 | -3.0% | 12.7% | 19.4% | 37.7% |
| OSIS | $3.78B | 25.8 | 11.3% | 8.7% | 16.8% | 34.3% |
| BMI | $6.49B | 36.4 | 10.9% | 15.4% | 20.4% | 41.7% |
| CXT | $2.70B | 18.8 | 11.4% | 8.8% | 12.5% | — |
| ARLO | $1.47B | 99.9 | 3.6% | 2.8% | 12.1% | 44.0% |
| NSSC | $1.06B | 24.9 | -3.8% | 23.9% | 25.3% | 55.6% |
| AEVA | $818M | -5.2 | 99.4% | -804.4% | 277.1% | -3.6% |
| VPG | — | 96.2 | 0.22% | 1.7% | 1.6% | 38.9% |
| EVLV | — | — | — | — | — | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $169M | $111M | $83M | $41M | · | · | · | $34M | · | · | $19M | $11M | |
| Cost of Revenue | $86M | $71M | $75M | $30M | · | · | · | $24M | · | · | $17M | $17M | |
| Gross Profit | $83M | $40M | $8M | $11M | · | · | · | $9M | · | · | $2M | $-6M | |
| R&D Expense | $65M | $58M | $91M | $64M | · | · | · | $35M | · | · | $23M | $23M | |
| SG&A Expense | $65M | $59M | $82M | $61M | · | · | · | $52M | · | · | $21M | $15M | |
| Operating Expenses | $157M | $145M | $382M | $156M | · | · | · | $109M | · | · | $53M | $42M | |
| Operating Income | $-74M | $-104M | $-373M | $-145M | · | · | · | $-100M | · | · | $-52M | $-48M | |
| Interest Expense | · | · | $9M | $3M | · | · | · | $504.0K | · | · | $3M | $4M | |
| Interest Income | $9M | $9M | $9M | $2M | · | · | · | $471.0K | · | · | $24.0K | $278.0K | |
| Other Non-op | $1M | $646.0K | $-130.0K | $8M | · | · | · | $3M | · | · | $-52M | $7.0K | |
| Pretax Income | $-63M | $-97M | $-374M | $-138M | · | · | · | $-97M | · | · | $-106M | $-52M | |
| Income Tax | $-3M | $537.0K | $523.0K | $305.0K | · | · | · | $-3M | · | · | $375.0K | $1.0K | |
| Net Income | $-60M | $-97M | $-374M | $-139M | · | · | · | $-94M | · | · | $-107M | $-52M | |
| EPS (Basic) | $-1.07 | $-2.08 | $-10.10 | $-7.79 | · | · | · | $-0.70 | · | · | $-5.98 | $-6.99 | |
| EPS (Diluted) | $-1.07 | $-2.08 | $-10.10 | $-7.79 | · | · | · | $-0.70 | · | · | $-5.98 | $-6.99 | |
| Shares (Basic) | 56,334,911 | 46,584,479 | 37,042,081 | 17,792,316 | · | · | · | 133,917,571 | · | · | 17,858,976 | 7,390,456 | |
| Shares (Diluted) | 56,334,911 | 46,584,479 | 37,042,081 | 17,792,316 | · | · | · | 133,917,571 | · | · | 17,858,976 | 7,390,456 | |
| EBITDA | $-66M | $-94M | $-356M | $-136M | · | · | · | $-94M | · | · | · | · |
Balance Sheet 30
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $67M | $46M | $51M | $123M | $133M | $160M | $161M | $183M | $240M | $257M | $11M | $17M | |
| Short-term Investments | $141M | $126M | $139M | $0 | · | · | · | · | · | · | · | · | |
| Receivables | $28M | $18M | $15M | $11M | $11M | $9M | $10M | $11M | $5M | $2M | $2M | · | |
| Inventory | $24M | $16M | $23M | $20M | $21M | $17M | $12M | $7M | $5M | $5M | $5M | · | |
| Prepaid Expense | $18M | $13M | $35M | $9M | $7M | $8M | $3M | $6M | $6M | $4M | $2M | · | |
| Other Current Assets | $4M | $1M | $3M | $2M | $1M | $924.0K | · | $897.0K | · | · | · | · | |
| Current Assets | $279M | $220M | $263M | $162M | $172M | $195M | $186M | $207M | $256M | $269M | $21M | · | |
| PP&E (Net) | $32M | $10M | $10M | $10M | $9M | $8M | $9M | $10M | $9M | $9M | $10M | · | |
| PP&E (Gross) | $49M | $30M | $34M | $23M | $23M | $22M | $21M | $21M | · | $16M | $16M | · | |
| Accum. Depreciation | $17M | $20M | $23M | $13M | $15M | $14M | $12M | $11M | · | $7M | $6M | · | |
| Goodwill | $0 | · | $0 | $51M | $51M | $51M | $51M | $51M | · | · | $0 | · | |
| Intangibles | $13M | $18M | $24M | $18M | $19M | $20M | $22M | $23M | · | · | $0 | · | |
| Other Non-current Assets | $2M | $2M | $3M | $541.0K | $554.0K | $355.0K | $452.0K | $371.0K | $0 | $62.0K | $3M | · | |
| Total Assets | $350M | $276M | $331M | $256M | $266M | $291M | $284M | $308M | $276M | $290M | $46M | · | |
| Accounts Payable | $20M | $6M | $4M | $9M | $8M | $6M | $9M | $5M | $4M | $4M | $7M | · | |
| Accrued Liabilities | $26M | $31M | $58M | $17M | $14M | $15M | $12M | $14M | $6M | $5M | $4M | · | |
| Current Liabilities | $71M | $78M | $82M | $29M | $26M | $23M | $24M | $22M | $13M | $11M | $21M | · | |
| Capital Leases | $13M | $13M | $19M | $13M | $14M | $15M | $16M | $16M | $10M | $11M | $12M | · | |
| Deferred Tax | $0 | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $703.0K | $1M | $2M | $2M | $2M | $1M | $1M | $1M | $899.0K | $956.0K | $978.0K | · | |
| Total Liabilities | $88M | $95M | $151M | $85M | $61M | $60M | $47M | $47M | $50M | $38M | $83M | · | |
| Long-term Debt | · | · | · | $40M | $19M | $19M | · | · | · | · | · | · | |
| Total Debt | · | $0 | $44M | $40M | · | · | · | · | · | · | · | · | |
| Common Stock | $48.0K | $47.0K | $42.0K | $19.0K | $18.0K | $18.0K | $17.0K | $17.0K | $16.0K | $16.0K | $0 | · | |
| Paid-in Capital | $1.24B | $1.09B | $995M | $614M | $605M | $595M | $573M | $564M | $488M | $482M | $133M | · | |
| Retained Earnings | $-973M | $-913M | $-816M | $-442M | $-400M | $-364M | $-336M | $-303M | $-262M | $-230M | $-209M | · | |
| AOCI | $-442.0K | $-1M | $192.0K | $-149.0K | $-181.0K | $-94.0K | $-18.0K | $-6.0K | · | · | $0 | · | |
| Stockholders' Equity | $262M | $181M | $180M | $172M | $205M | $231M | $237M | $261M | $226M | $252M | $-76M | $-100M | |
| Liabilities + Equity | $350M | $276M | $331M | $256M | $266M | $291M | $284M | $308M | $276M | $290M | $46M | · | |
| Shares Outstanding | 60,947,757 | 52,560,770 | 43,257,862 | 18,658,798 | 18,419,002 | 18,142,451 | 17,360,250 | 17,220,042 | 161,449,205 | 161,449,205 | 33,327,294 | 7,902,407 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $8M | $10M | $17M | $9M | · | · | · | $5M | · | · | $4M | $2M | |
| Stock-based Comp | $41M | $40M | $58M | $33M | · | · | · | $25M | · | · | $12M | $1M | |
| Deferred Tax | $265.0K | $189.0K | $29.0K | $0 | · | · | · | $-3M | · | · | $351.0K | $0 | |
| Amort. of Intangibles | $4M | $7M | $7M | $4M | · | · | · | $700.0K | · | · | $0 | $0 | |
| Restructuring | · | · | $23M | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | $-28M | $13M | $161M | $-15M | · | · | · | $-5M | · | · | · | · | |
| Operating Cash Flow | $-40M | $-34M | $-138M | $-111M | · | · | · | $-71M | · | · | $-42M | $-40M | |
| CapEx | $25M | $4M | $3M | $5M | · | · | · | $4M | · | · | $4M | $7M | |
| Investing Cash Flow | $-36M | $15M | $51M | $-5M | · | · | · | $-15M | · | · | $-4M | $-7M | |
| Stock Repurchased | · | · | $0 | $45.0K | · | · | · | $45.0K | · | · | $0 | $0 | |
| Net Stock Activity | · | · | $0 | $-45.0K | · | · | · | $-45.0K | · | · | · | · | |
| Financing Cash Flow | $98M | $15M | $16M | $56M | · | · | · | $258M | · | · | $40M | $51M | |
| Net Change in Cash | $22M | $-5M | $-72M | $-60M | · | · | · | $172M | · | · | $-6M | $3M | |
| Taxes Paid | $-685.0K | $400.0K | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-65M | $-37M | $-141M | $-116M | · | · | · | $-75M | · | · | · | · | |
| Levered FCF | · | · | $-150M | $-119M | · | · | · | $-76M | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.3% | 36.4% | 10.0% | 26.6% | · | · | · | 27.1% | · | · | · | · | |
| Operating Margin | -43.7% | -93.8% | -448.1% | -354.4% | · | · | · | -296.9% | · | · | · | · | |
| Net Margin | -35.6% | -87.4% | -449.2% | -337.7% | · | · | · | -279.9% | · | · | · | · | |
| Pretax Margin | -37.4% | -86.9% | -448.6% | -337.0% | · | · | · | -288.2% | · | · | · | · | |
| EBITDA Margin | -39.1% | -84.9% | -427.5% | -331.4% | · | · | · | -280.6% | · | · | · | · | |
| ROA | -19.3% | -32.0% | -127.5% | -53.0% | · | · | · | -32.2% | · | · | · | · | |
| ROE | -25.0% | -55.0% | -200.2% | -73.5% | · | · | · | -39.1% | · | · | · | · | |
| ROIC | -27.0% | -57.9% | -167.1% | -69.0% | · | · | · | -37.1% | · | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.9 | 2.8 | 3.2 | 5.5 | · | · | · | 9.4 | · | · | 0.4 | · | |
| Quick Ratio | 3.3 | 2.4 | 2.5 | 4.5 | · | · | · | 8.7 | · | · | 0.3 | · | |
| Debt / Equity | · | 0.0 | 0.2 | 0.2 | · | · | · | · | · | · | · | · | |
| LT Debt / Equity | · | 0.0 | 0.2 | 0.2 | · | · | · | · | · | · | · | · | |
| Interest Coverage | · | · | -40.1 | -54.0 | · | · | · | -197.8 | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.4 | 0.3 | 0.2 | · | · | · | 0.1 | · | · | · | · | |
| Inventory Turnover | 4.3 | 3.6 | 3.5 | 1.5 | · | · | · | 4.0 | · | · | · | · | |
| Receivables Turnover | 7.4 | 6.8 | 6.5 | 3.7 | · | · | · | 4.4 | · | · | · | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 52.5% | 33.4% | 103.0% | 22.2% | · | · | · | 77.6% | · | · | · | · | |
| Revenue CAGR 3Y | 60.4% | 49.0% | 63.9% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 55.0% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2022 | 2022 | 2022 | 2021 | 2021 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $169M | $111M | $83M | $41M | · | · | · | $34M | · | · | $19M | · | |
| Net Income TTM | $-60M | $-97M | $-374M | $-139M | · | · | · | $-94M | · | · | $-107M | · | |
| Market Cap | $1.32B | $642M | $332M | $1.61B | · | · | · | $8.95B | · | · | $675M | · | |
| Enterprise Value | · | $470M | $186M | $1.53B | · | · | · | · | · | · | · | · | |
| P/E | -20.2 | -5.9 | -0.8 | -1.1 | · | · | · | -74.3 | · | · | -22.6 | · | |
| P/S | 7.8 | 5.8 | 4.0 | 39.2 | · | · | · | 266.7 | · | · | 35.7 | · | |
| P/B | 5.0 | 3.6 | 1.8 | 9.4 | · | · | · | 34.3 | · | · | 135.0 | · | |
| P / Tangible Book | 5.3 | 3.9 | 2.1 | 15.7 | · | · | · | 47.9 | · | · | · | · | |
| P / Cash Flow | -33.0 | -19.1 | -2.4 | -14.5 | · | · | · | -126.0 | · | · | · | · | |
| P / FCF | -20.3 | -17.2 | -2.4 | -13.9 | · | · | · | -118.8 | · | · | · | · | |
| EV / EBITDA | · | -5.0 | -0.5 | -11.2 | · | · | · | · | · | · | · | · | |
| EV / FCF | · | -12.6 | -1.3 | -13.2 | · | · | · | · | · | · | · | · | |
| EV / Revenue | · | 4.2 | 2.2 | 37.2 | · | · | · | · | · | · | · | · | |
| Earnings Yield | -4.9% | -17.0% | -131.7% | -90.3% | · | · | · | -1.4% | · | · | -4.4% | · |
Income Statement 18
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $49M | $62M | $40M | $35M | $33M | $30M | $28M | $27M | $26M | $24M | $22M | $19M | $17M | $11M | $11M | $10M | |
| Cost of Revenue | $28M | $25M | $23M | $19M | $19M | $17M | $17M | $18M | $19M | $19M | $19M | $19M | $18M | $9M | $7M | $8M | |
| Gross Profit | $21M | $37M | $17M | $16M | $13M | $13M | $11M | $9M | $7M | $5M | $3M | $186.0K | $-376.0K | $2M | $4M | $3M | |
| R&D Expense | $16M | $15M | $18M | $17M | $15M | $15M | $15M | $14M | $14M | $16M | $17M | $26M | $32M | $15M | $17M | $16M | |
| SG&A Expense | $16M | $15M | $16M | $19M | $16M | $17M | $16M | $13M | $13M | $19M | $14M | $18M | $31M | $21M | $14M | $13M | |
| Operating Expenses | $40M | $37M | $41M | $43M | $37M | $39M | $38M | $34M | $33M | $43M | $39M | $123M | $177M | $44M | $40M | $36M | |
| Operating Income | $-19M | $904.0K | $-24M | $-27M | $-24M | $-26M | $-28M | $-25M | $-26M | $-37M | $-36M | $-123M | $-177M | $-42M | $-36M | $-33M | |
| Interest Expense | · | · | · | · | · | · | · | · | $741.0K | · | $2M | $2M | $2M | $2M | $699.0K | $444.0K | |
| Interest Income | $2M | $3M | $2M | $3M | $2M | $2M | $2M | $2M | $3M | $3M | $2M | $2M | $2M | $977.0K | $733.0K | $344.0K | |
| Other Non-op | $-175.0K | $749.0K | $176.0K | $-26.0K | $303.0K | $386.0K | $74.0K | $-7.0K | $193.0K | $-6.0K | $-13.0K | $-165.0K | $54.0K | $583.0K | $61.0K | $5M | |
| Pretax Income | $-17M | $4M | $-22M | $-24M | $-22M | $-23M | $-26M | $-24M | $-24M | $-39M | $-35M | $-123M | $-177M | $-42M | $-36M | $-28M | |
| Income Tax | $552.0K | $414.0K | $72.0K | $-4M | $195.0K | $320.0K | $-37.0K | $123.0K | $131.0K | $174.0K | $17.0K | $50.0K | $282.0K | $184.0K | $37.0K | $37.0K | |
| Net Income | $-17M | $4M | $-22M | $-21M | $-22M | $-24M | $-26M | $-24M | $-24M | $-39M | $-35M | $-123M | $-177M | $-42M | $-36M | $-28M | |
| EPS (Basic) | $-0.28 | $0.10 | $-0.37 | $-0.38 | $-0.42 | $-0.46 | $-0.54 | $-0.53 | $-0.55 | $0.01 | $-0.89 | $-3.19 | $-6.03 | $-2.31 | $-1.98 | $-1.60 | |
| EPS (Diluted) | $-0.28 | $0.10 | $-0.37 | $-0.38 | $-0.42 | $-0.46 | $-0.54 | $-0.53 | $-0.55 | $0.01 | $-0.89 | $-3.19 | $-6.03 | $-2.31 | $-1.98 | $-1.60 | |
| Shares (Basic) | 61,824,843 | -108,595,806 | 57,976,375 | 54,466,143 | 52,488,199 | -89,291,780 | 47,684,363 | 44,737,769 | 43,454,127 | -70,045,890 | 39,228,118 | 38,448,241 | 29,411,612 | -34,940,175 | 18,136,135 | 17,505,736 | |
| Shares (Diluted) | 61,824,843 | -108,595,806 | 57,976,375 | 54,466,143 | 52,488,199 | -89,291,780 | 47,684,363 | 44,737,769 | 43,454,127 | -70,045,890 | 39,228,118 | 38,448,241 | 29,411,612 | -34,940,175 | 18,136,135 | 17,505,736 | |
| EBITDA | $-17M | · | · | $-27M | $-22M | · | $-28M | $-25M | $-23M | · | $-36M | $-123M | $-171M | · | $-36M | $-33M |
Balance Sheet 30
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $79M | $67M | $87M | $76M | $54M | $46M | $44M | $53M | $48M | $51M | $76M | $91M | $116M | $123M | · | · | |
| Short-term Investments | $94M | $141M | $157M | $150M | $114M | $126M | $107M | $132M | $140M | $139M | $125M | $133M | $141M | $0 | · | · | |
| Receivables | $26M | $28M | $25M | $15M | $18M | $18M | $18M | $14M | $12M | $15M | $13M | $15M | $23M | $11M | · | · | |
| Inventory | $30M | $24M | $17M | $14M | $15M | $16M | $19M | $19M | $21M | $23M | $26M | $28M | $29M | $20M | · | · | |
| Prepaid Expense | $21M | $18M | $19M | $17M | $17M | $13M | $11M | $34M | $35M | $35M | $12M | $13M | $11M | $9M | · | · | |
| Other Current Assets | $5M | $4M | $2M | $6M | $1M | $1M | $2M | $908.0K | $2M | $3M | $2M | $2M | $2M | $2M | · | · | |
| Current Assets | $251M | $279M | $305M | $273M | $219M | $220M | $200M | $252M | $256M | $263M | $253M | $280M | $320M | $162M | · | · | |
| PP&E (Net) | $34M | $32M | $13M | $11M | $10M | $10M | $9M | $9M | $11M | $10M | $12M | $13M | $15M | $10M | · | · | |
| PP&E (Gross) | $52M | $49M | $35M | $32M | $31M | $30M | $30M | $34M | $35M | $34M | $34M | $33M | $32M | $23M | · | · | |
| Accum. Depreciation | $18M | $17M | $22M | $21M | $21M | $20M | $21M | $25M | $25M | $23M | $22M | $20M | $18M | $13M | · | · | |
| Goodwill | $39M | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $67M | $51M | · | · | |
| Intangibles | $35M | $13M | $14M | $16M | $17M | $18M | $19M | $21M | $23M | $24M | $26M | $28M | $30M | $18M | · | · | |
| Other Non-current Assets | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $541.0K | · | · | |
| Total Assets | $382M | $350M | $354M | $322M | $269M | $276M | $255M | $310M | $318M | $331M | $322M | $354M | $464M | $256M | · | · | |
| Accounts Payable | $17M | $20M | $16M | $13M | $10M | $6M | $6M | $4M | $6M | $4M | $8M | $10M | $18M | $9M | · | · | |
| Accrued Liabilities | $38M | $26M | $41M | $36M | $40M | $31M | $29M | $49M | $56M | $58M | $36M | $40M | $42M | $17M | · | · | |
| Current Liabilities | $84M | $71M | $94M | $86M | $85M | $78M | $64M | $74M | $83M | $82M | $62M | $67M | $73M | $29M | · | · | |
| Capital Leases | $13M | $13M | $8M | $10M | $12M | $13M | $15M | $16M | $17M | $19M | $20M | $22M | $24M | $13M | · | · | |
| Deferred Tax | $5M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $653.0K | $703.0K | $804.0K | $919.0K | $990.0K | $1M | $1M | $1M | $2M | $2M | $1M | $2M | $2M | $2M | · | · | |
| Total Liabilities | $106M | $88M | $106M | $101M | $101M | $95M | $83M | $139M | $150M | $151M | $128M | $137M | $141M | $85M | · | · | |
| Long-term Debt | · | · | · | · | · | · | · | · | · | · | $40M | $40M | $40M | · | · | · | |
| Total Debt | · | · | · | · | · | · | $0 | $44M | $44M | · | $40M | $40M | $40M | · | · | · | |
| Common Stock | $48.0K | $48.0K | $48.0K | $47.0K | $47.0K | $47.0K | $47.0K | $44.0K | $44.0K | $42.0K | $39.0K | $39.0K | $39.0K | $19.0K | · | · | |
| Paid-in Capital | $1.27B | $1.24B | $1.23B | $1.18B | $1.10B | $1.09B | $1.06B | $1.04B | $1.01B | $995M | $971M | $959M | $942M | $614M | · | · | |
| Retained Earnings | $-991M | $-973M | $-977M | $-956M | $-935M | $-913M | $-889M | $-864M | $-840M | $-816M | $-777M | $-742M | $-619M | $-442M | · | · | |
| AOCI | $-562.0K | $-442.0K | $-482.0K | $-546.0K | $-877.0K | $-1M | $-144.0K | $-777.0K | $-439.0K | $192.0K | $-380.0K | $-230.0K | $-179.0K | $-149.0K | · | · | |
| Stockholders' Equity | $276M | $262M | $247M | $221M | $168M | $181M | $172M | $171M | $167M | $180M | $194M | $217M | $323M | $172M | · | · | |
| Liabilities + Equity | $382M | $350M | $354M | $322M | $269M | $276M | $255M | $310M | $318M | $331M | $322M | $354M | $464M | $256M | · | · | |
| Shares Outstanding | 63,461,091 | 60,947,757 | 59,952,844 | 57,800,303 | 53,788,970 | 52,560,770 | 49,542,659 | 47,167,305 | 44,978,704 | 43,257,862 | 40,626,201 | 39,320,715 | 38,716,997 | 18,658,798 | · | · |
Cash Flow 15
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $4M | $4M | $6M | $2M | $2M | $2M | |
| Stock-based Comp | $7M | $7M | $12M | $13M | $8M | $9M | $12M | $11M | $9M | $11M | $8M | $16M | $22M | $8M | $8M | $8M | |
| Amort. of Intangibles | $2M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $1M | $1M | $1M | $1M | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | $0 | $3M | $12M | · | · | · | |
| Other Non-cash | $-13.0K | · | · | · | $7M | · | · | · | $6M | · | · | · | $96M | · | · | · | |
| Operating Cash Flow | $-7M | $-15M | $-18M | $-1M | $-5M | $-3M | $-4M | $-22M | $-6M | $-24M | $-27M | $-33M | $-53M | $-27M | $-28M | $-34M | |
| CapEx | $3M | $22M | $2M | $889.0K | $552.0K | $1M | $566.0K | $359.0K | $1M | $373.0K | $660.0K | $967.0K | $1M | $3M | $1M | $861.0K | |
| Investing Cash Flow | $17M | $-5M | $-8M | $-36M | $13M | $-20M | $26M | $10M | $-469.0K | $-13M | $9M | $8M | $46M | $-3M | $-1M | $-861.0K | |
| Stock Repurchased | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $-1.0K | $3.0K | $12.0K | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | |
| Financing Cash Flow | $705.0K | $282.0K | $37M | $60M | $660.0K | $25M | $-30M | $17M | $4M | $12M | $3M | $442.0K | $18.0K | $20M | $2M | $33M | |
| Net Change in Cash | $10M | $-20M | $11M | $22M | $8M | $1M | $-7M | $4M | $-3M | $-25M | $-16M | $-25M | $-7M | $-10M | $-27M | $-1M | |
| Taxes Paid | $-2M | $83.0K | · | · | $56.0K | $618.0K | · | · | · | · | · | · | · | · | · | · | |
| Free Cash Flow | $-10M | · | · | · | $-5M | · | · | · | $-7M | · | · | · | $-54M | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | $-8M | · | · | · | $-56M | · | · | · |
Profitability 8
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.9% | · | · | 45.2% | 41.3% | · | 38.3% | 33.7% | 28.6% | · | 13.9% | 0.96% | -2.2% | · | 33.2% | 26.9% | |
| Operating Margin | -39.6% | · | · | -76.5% | -73.0% | · | -98.0% | -93.5% | -99.5% | · | -160.9% | -634.3% | -1027.9% | · | -321.7% | -321.3% | |
| Net Margin | -35.9% | · | · | -58.8% | -67.5% | · | -91.1% | -88.4% | -91.9% | · | -158.1% | -632.8% | -1028.9% | · | -321.2% | -271.1% | |
| Pretax Margin | -34.8% | · | · | -69.1% | -66.9% | · | -91.3% | -88.0% | -91.4% | · | -158.0% | -632.5% | -1027.3% | · | -320.9% | -270.7% | |
| EBITDA Margin | -34.0% | · | · | -76.5% | -67.5% | · | -98.0% | -93.5% | -88.4% | · | -160.9% | -634.3% | -992.1% | · | -321.7% | -321.3% | |
| ROA | -5.4% | · | · | -6.5% | -7.5% | · | -8.9% | -7.2% | -6.1% | · | -12.0% | -69.4% | -76.4% | · | · | · | |
| ROE | -7.9% | · | · | -10.5% | -13.1% | · | -14.0% | -12.3% | -9.7% | · | -16.9% | -113.1% | -109.9% | · | · | · | |
| ROIC | -7.2% | · | · | -10.3% | -14.3% | · | -16.0% | -11.8% | -12.3% | · | -15.2% | -47.9% | -48.9% | · | · | · |
Liquidity & Solvency 5
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | · | · | 3.2 | 2.6 | · | 3.1 | 3.4 | 3.1 | · | 4.1 | 4.2 | 4.4 | · | · | · | |
| Quick Ratio | 2.4 | · | · | 2.8 | 2.2 | · | 2.6 | 2.7 | 2.4 | · | 3.5 | 3.6 | 3.8 | · | · | · | |
| Debt / Equity | · | · | · | · | · | · | 0.0 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.1 | · | · | · | |
| LT Debt / Equity | · | · | · | · | · | · | 0.0 | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.1 | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -34.8 | · | -19.6 | -71.2 | -106.1 | · | -51.6 | -74.8 |
Efficiency 3
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | · | · | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | · | · | |
| Inventory Turnover | 1.2 | · | · | 1.2 | 1.1 | · | 0.8 | 0.8 | 0.7 | · | 1.2 | 1.4 | 1.2 | · | · | · | |
| Receivables Turnover | 2.2 | · | · | 2.4 | 2.2 | · | 1.8 | 1.8 | 1.5 | · | 2.2 | 2.6 | 1.5 | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 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 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $156M | · | $135M | $123M | $114M | · | $103M | $95M | $85M | · | $70M | $58M | $47M | · | $38M | $34M | |
| Net Income TTM | $-82M | · | $-90M | $-92M | $-95M | · | $-108M | $-206M | $-359M | · | $-371M | $-364M | $-274M | · | $-109M | $-105M | |
| Market Cap | $1.17B | · | · | $1.40B | $483M | · | $312M | $464M | $357M | · | $205M | $194M | $324M | · | · | · | |
| Enterprise Value | · | · | · | · | · | · | $161M | $323M | $213M | · | $45M | $10M | $107M | · | · | · | |
| P/E | -12.7 | · | -15.8 | -13.0 | -4.4 | · | -2.5 | -1.9 | -0.7 | · | -0.4 | -0.4 | -0.7 | · | -1.7 | -4.3 | |
| P/S | 7.5 | · | · | 11.4 | 4.3 | · | 3.0 | 4.9 | 4.2 | · | 2.9 | 3.3 | 6.8 | · | · | · | |
| P/B | 4.2 | · | · | 6.3 | 2.9 | · | 1.8 | 2.7 | 2.1 | · | 1.1 | 0.9 | 1.0 | · | · | · | |
| P / Tangible Book | 5.8 | · | 7.0 | 6.8 | 3.2 | · | 2.0 | 3.1 | 2.5 | · | 1.2 | 1.0 | 1.4 | · | · | · | |
| P / Cash Flow | -160.1 | · | · | · | -99.0 | · | · | · | -62.4 | · | · | · | -6.1 | · | · | · | |
| P / FCF | -118.4 | · | · | · | -88.9 | · | · | · | -50.3 | · | · | · | -6.0 | · | · | · | |
| EV / EBITDA | · | · | · | · | · | · | -5.8 | -12.8 | -9.3 | · | -1.3 | -0.1 | -0.6 | · | · | · | |
| EV / FCF | · | · | · | · | · | · | · | · | -30.0 | · | · | · | -2.0 | · | · | · | |
| EV / Revenue | · | · | · | · | · | · | 1.6 | 3.4 | 2.5 | · | 0.6 | 0.2 | 2.3 | · | · | · | |
| Earnings Yield | -7.9% | · | -6.3% | -7.7% | -22.7% | · | -39.8% | -52.5% | -134.3% | · | -239.9% | -259.1% | -137.5% | · | -57.7% | -23.4% |
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 | 2022-09-30 | |
|---|---|---|---|---|---|
| Revenue | $169M | $111M | $83M | $41M | — |
| Gross Margin % | 49.3% | 36.4% | 10.0% | 26.6% | — |
| Operating Margin % | -43.7% | -93.8% | -448.1% | -354.4% | — |
| Net Income | $-60M | $-97M | $-374M | $-139M | — |
| Diluted EPS | $-1.07 | $-2.08 | $-10.10 | $-7.79 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Debt / Equity | — | 0.0 | 0.2 | 0.2 | — |
| Current Ratio | 3.9 | 2.8 | 3.2 | 5.5 | — |
| Quick Ratio | 3.3 | 2.4 | 2.5 | 4.5 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2022-09-30 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-65M | $-37M | $-141M | $-116M | — |
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