TYGO Tigo Energy, Inc. - Common Stock
$1.14
Price · Aug 19, 2026
Fundamentals as of Aug 4, 2026
52W Range
$1–$5
5% of range
Analyst Rating
BUY
10 analysts
Price Target
$3
+192% upside
P/E (TTM)
-38.0
ROE
-12.8%
Net Profit Margin
-1.8%
TYGO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$1.14
Market Cap
$80M
P/E (TTM)
-38.0
EPS (TTM)
$-0.03
Revenue (TTM)
$104M
Div Yield
—
ROE
-12.8%
Debt/Equity
0.0
52W Range
$1 – $5
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$104M
2022-12-31
→
2025-12-31
EPS
$-0.03
2022-12-31
→
2025-12-31
Free Cash Flow
$10M
2023-12-31
→
2025-12-31
Margins
-1.8%
2023-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
TYGO
Peer Median
P/E (TTM)
-38.0
13.7
P/S (TTM)
0.8
0.8
P/B
2.9
2.1
EV / EBITDA
-22.5
—
Price / FCF
8.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
TYGO
Peer Median
Gross Margin
42.8%
36.2%
Operating Margin
-4.3%
—
Net Profit Margin
-1.8%
-18.5%
ROA
-2.5%
-33.1%
ROE
-12.8%
-31.5%
ROIC
-24.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
TYGO
Peer Median
Debt / Equity
0.0
68.7
Current Ratio
1.5
1.3
Quick Ratio
0.6
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
TYGO
Peer Median
Revenue YoY
91.7%
—
Revenue CAGR 3Y
8.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
TYGO
Peer Median
TYGO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
10 analysts
- Strong Buy 2 20.0%
- Buy 7 70.0%
- Hold 1 10.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
3 analysts · 2026-08-15
Median
$3.50
Mean
$3.33
← Below all targets
$1.14
Low
$3.00
High
$3.50
Median target
$3.50
+207.0%
Mean target
$3.33
+192.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.02%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.03 | $0.00 | 0.03% |
| March 31, 2026 | $-0.02 | $-0.03 | 0.01% |
| Dec. 31, 2025 | $-0.02 | $-0.04 | 0.02% |
| Sept. 30, 2025 | $-0.03 | $-0.05 | 0.02% |
| June 30, 2025 | $-0.07 | $-0.10 | 0.03% |
| March 31, 2025 | $-0.11 | $-0.14 | 0.03% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| TYGO | $97M | -46.0 | 91.7% | -1.8% | -12.8% | 42.8% |
| SPWR | — | — | — | — | — | — |
| ULBI | — | -0.2 | 16.2% | — | — | — |
| BLNK | — | -0.9 | -16.5% | — | — | — |
| OESX | $35M | -9.8 | 8.3% | -3.7% | -22.6% | 32.6% |
| WATT | $9M | -0.6 | 633.1% | -170.4% | -90.2% | 36.0% |
| STI | $53M | -0.7 | — | -307146.1% | 385.4% | 50.2% |
| STEM | $128M | -1.6 | 8.1% | 88.2% | -42.5% | 38.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 18
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue | $104M | $54M | $145M | $81M | |
| Cost of Revenue | $59M | $58M | $94M | $57M | |
| Gross Profit | $44M | $-4M | $51M | $25M | |
| R&D Expense | $9M | $10M | $9M | $6M | |
| SG&A Expense | $22M | $21M | $29M | $9M | |
| Operating Expenses | $49M | $48M | $60M | $26M | |
| Operating Income | $-4M | $-52M | $-8M | $-896.0K | |
| Interest Expense | · | · | $8M | $1M | |
| Interest Income | $919.0K | $867.0K | $2M | $199.0K | |
| Other Non-op | $-192.0K | $-245.0K | $37.0K | $-142.0K | |
| Pretax Income | $-1M | $-63M | $-846.0K | $-7M | |
| Income Tax | $603.0K | $103.0K | $138.0K | $71.0K | |
| Net Income | $-2M | $-63M | $-984.0K | $-7M | |
| EPS (Basic) | $-0.03 | $-1.04 | $-0.08 | $-2.71 | |
| EPS (Diluted) | $-0.03 | $-1.04 | $-0.14 | $-2.71 | |
| Shares (Basic) | 65,007,762 | 60,263,190 | 38,048,516 | 4,940,562 | |
| Shares (Diluted) | 65,007,762 | 60,263,190 | 43,223,134 | 4,940,562 | |
| EBITDA | $-3M | $-51M | $-7M | $-1M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash & Equivalents | $8M | $12M | $4M | $36M | |
| Short-term Investments | · | $8M | $27M | · | |
| Receivables | $14M | $8M | $7M | $16M | |
| Inventory | $31M | $22M | $61M | $25M | |
| Prepaid Expense | $5M | $4M | $5M | $4M | |
| Current Assets | $58M | $53M | $105M | $85M | |
| PP&E (Net) | $3M | $3M | $3M | $2M | |
| PP&E (Gross) | $8M | $8M | $7M | $5M | |
| Accum. Depreciation | $6M | $5M | $4M | $3M | |
| Goodwill | $12M | $12M | $12M | · | |
| Intangibles | $2M | $2M | $2M | $0 | |
| Other Non-current Assets | $923.0K | $984.0K | $728.0K | $82.0K | |
| Total Assets | $78M | $73M | $128M | $88M | |
| Accounts Payable | $29M | $8M | $16M | $23M | |
| Current Liabilities | $39M | $17M | $26M | $40M | |
| Capital Leases | $2M | $961.0K | $1M | $762.0K | |
| Total Liabilities | $50M | $65M | $65M | $57M | |
| Long-term Debt | · | $50M | $50M | $21M | |
| Total Debt | $0 | $41M | $32M | · | |
| Common Stock | $7.0K | $6.0K | $6.0K | $1.0K | |
| Paid-in Capital | $168M | $147M | $139M | $7M | |
| Retained Earnings | $-140M | $-139M | $-76M | $-62M | |
| AOCI | · | $2.0K | $-59.0K | · | |
| Stockholders' Equity | $28M | $8M | $63M | $-56M | |
| Liabilities + Equity | $78M | $73M | $128M | $88M | |
| Shares Outstanding | 70,424,566 | 60,800,130 | 58,751,666 | 5,469,921 |
Cash Flow 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| D&A | $1M | $1M | $1M | $562.0K | |
| Stock-based Comp | $8M | $8M | $4M | $813.0K | |
| Deferred Tax | $-66.0K | $-181.0K | $-21.0K | · | |
| Amort. of Intangibles | $300.0K | $300.0K | $200.0K | $0 | |
| Other Non-cash | $3M | $42M | $-41M | · | |
| Operating Cash Flow | $10M | $-12M | $-37M | $-16M | |
| CapEx | $642.0K | $1M | $2M | $1M | |
| Investing Cash Flow | $23M | $20M | $-31M | $-2M | |
| Financing Cash Flow | $-37M | $-61.0K | $35M | $48M | |
| Net Change in Cash | $-4M | $7M | $-33M | $30M | |
| Taxes Paid | $263.0K | $575.0K | · | · | |
| Free Cash Flow | $10M | $-14M | $-39M | · | |
| Levered FCF | · | · | $-49M | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Gross Margin | 42.8% | -7.7% | 35.3% | · | |
| Operating Margin | -4.3% | -96.3% | -5.7% | · | |
| Net Margin | -1.8% | -116.2% | -0.68% | · | |
| Pretax Margin | -1.2% | -116.0% | -0.58% | · | |
| EBITDA Margin | -3.1% | -94.0% | -4.9% | · | |
| ROA | -2.5% | -62.5% | -0.91% | -0.25% | |
| ROE | -12.8% | -299.8% | -1.4% | 0.62% | |
| ROIC | -24.0% | -106.5% | -10.2% | -353.6% |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Current Ratio | 1.5 | 3.1 | 4.0 | · | |
| Quick Ratio | 0.6 | 1.6 | 1.4 | · | |
| Debt / Equity | 0.0 | 4.8 | 0.5 | · | |
| LT Debt / Equity | 0.0 | 4.8 | 0.5 | · | |
| Interest Coverage | · | · | -1.0 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Asset Turnover | 1.4 | 0.5 | 1.3 | · | |
| Inventory Turnover | 2.2 | 1.4 | 2.2 | · | |
| Receivables Turnover | 9.5 | 7.3 | 12.8 | · |
Growth Rates 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue YoY | 91.7% | -62.8% | 78.6% | · | |
| Revenue CAGR 3Y | 8.4% | · | · | · |
Valuation (TTM) 14
| Metric | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue TTM | $104M | $54M | $145M | $81M | |
| Net Income TTM | $-2M | $-63M | $-984.0K | $-7M | |
| Market Cap | $97M | $60M | $123M | · | |
| Enterprise Value | $90M | $80M | $123M | · | |
| P/E | -46.0 | -0.9 | -14.9 | -3.8 | |
| P/S | 0.9 | 1.1 | 0.8 | · | |
| P/B | 3.5 | 7.1 | 2.0 | · | |
| P / Tangible Book | 7.1 | · | 2.5 | · | |
| P / Cash Flow | 9.4 | -4.8 | -3.3 | · | |
| P / FCF | 10.1 | -4.4 | -3.1 | · | |
| EV / EBITDA | -27.7 | -1.6 | -17.2 | · | |
| EV / FCF | 9.3 | -5.9 | -3.1 | · | |
| EV / Revenue | 0.9 | 1.5 | 0.8 | · | |
| Earnings Yield | -2.2% | -105.6% | -6.7% | -26.6% |
Income Statement 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25M | $25M | $30M | $31M | $24M | $19M | $17M | $14M | $13M | $10M | $9M | $17M | $69M | $50M | $31M | $23M | |
| Cost of Revenue | $15M | $14M | $17M | $18M | $13M | $12M | $30M | $12M | $9M | $7M | $6M | $13M | $43M | $32M | $21M | $16M | |
| Gross Profit | $10M | $11M | $13M | $13M | $11M | $7M | $-13M | $2M | $4M | $3M | $3M | $4M | $26M | $18M | $10M | $7M | |
| R&D Expense | $3M | $3M | $2M | $3M | $2M | $2M | $2M | $2M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | |
| SG&A Expense | $5M | $6M | $6M | $5M | $6M | $5M | $5M | $5M | $6M | $5M | $8M | $7M | $10M | $4M | $3M | $4M | |
| Operating Expenses | $12M | $13M | $13M | $12M | $12M | $11M | $12M | $12M | $12M | $12M | $16M | $15M | $17M | $11M | $8M | $9M | |
| Operating Income | $-2M | $-2M | $333.0K | $649.0K | $-2M | $-4M | $-24M | $-10M | $-8M | $-9M | $-14M | $-11M | $9M | $8M | $742.4K | $-2M | |
| Interest Expense | · | · | · | · | · | · | · | · | $3M | $3M | · | $-3M | $2M | $778.0K | $3M | $-392.0K | |
| Interest Income | · | · | · | · | · | · | · | · | · | · | · | · | · | $245.2K | $-511.5K | $527.0K | |
| Other Non-op | $331.0K | $497.0K | $-711.0K | $276.0K | $100.0K | $143.0K | $-622.0K | $164.0K | $1.0K | $212.0K | $-2M | $636.0K | $672.0K | $551.0K | $-218.8K | $19.0K | |
| Pretax Income | $-1M | $-2M | $12M | $-2M | $-4M | $-7M | $-27M | $-13M | $-11M | $-12M | $-7M | $40M | $-33M | $-348.6K | $-5M | $-2M | |
| Income Tax | $-3M | $-164.0K | $-81.0K | $230.0K | $158.0K | $296.0K | $87.0K | $0 | $16.0K | $0 | $109.0K | $11M | $-11M | $0 | $71.0K | $0 | |
| Net Income | $2M | $-2M | $12M | $-2M | $-4M | $-7M | $-27M | $-13M | $-11M | $-12M | $-15M | $29M | $-22M | $7M | $903.0K | $-2M | |
| EPS (Basic) | $0.03 | $-0.02 | $0.18 | $-0.03 | $-0.07 | $-0.11 | $-0.44 | $-0.22 | $-0.19 | $-0.19 | $0.17 | $0.50 | $-0.84 | $0.09 | $-0.20 | $-0.92 | |
| EPS (Diluted) | $0.03 | $-0.02 | $0.18 | $-0.03 | $-0.07 | $-0.11 | $-0.44 | $-0.22 | $-0.19 | $-0.19 | $0.92 | $-0.27 | $-0.84 | $0.05 | $-0.20 | $-0.92 | |
| Shares (Basic) | 76,281,971 | 72,578,839 | -124,623,699 | 65,683,332 | 62,290,411 | 61,657,718 | -120,083,443 | 60,608,934 | 60,363,680 | 59,374,019 | -54,592,161 | 58,408,441 | 27,750,374 | 6,481,862 | 87,866 | 4,908,232 | |
| Shares (Diluted) | 80,551,007 | 72,578,839 | -124,623,699 | 65,683,332 | 62,290,411 | 61,657,718 | -120,083,443 | 60,608,934 | 60,363,680 | 59,374,019 | -63,901,134 | 68,368,758 | 27,750,374 | 11,005,136 | 87,866 | 4,908,232 | |
| EBITDA | $-2M | $-2M | · | $649.0K | $-2M | $-4M | · | $-10M | $-8M | $-9M | · | $-11M | · | $-593.8K | · | $-230.0K |
Balance Sheet 28
| 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 | $17M | $12M | $8M | $24M | $10M | $9M | $12M | $9M | $15M | $9M | $4M | $2M | $12M | $123.8K | $36M | $266.5K | |
| Short-term Investments | · | · | · | $16M | $18M | $12M | $8M | $10M | $5M | $13M | $27M | $34M | $44M | · | · | · | |
| Receivables | $14M | $14M | $14M | $16M | $10M | $10M | $8M | $9M | $7M | $6M | $7M | $20M | $46M | · | $16M | · | |
| Inventory | $21M | $25M | $31M | $29M | $19M | $19M | $22M | $47M | $51M | $56M | $61M | $57M | $51M | · | $25M | · | |
| Prepaid Expense | $4M | $5M | $5M | $3M | $3M | $2M | $4M | $4M | $5M | $4M | $5M | $3M | $4M | $137.8K | $4M | · | |
| Current Assets | $55M | $55M | $58M | $88M | $60M | $52M | $53M | $79M | $83M | $88M | $105M | $117M | $156M | $261.5K | $85M | $436.6K | |
| PP&E (Net) | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $2M | · | |
| PP&E (Gross) | $9M | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $7M | $7M | $7M | $7M | $6M | · | $5M | · | |
| Accum. Depreciation | $6M | $6M | $6M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $4M | $4M | $4M | · | $3M | · | |
| Goodwill | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $12M | $13M | $13M | · | · | · | |
| Intangibles | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | · | $0 | · | |
| Other Non-current Assets | $1M | $1M | $1M | $1M | $1M | $989.0K | $984.0K | $772.0K | $768.0K | $731.0K | $728.0K | $725.0K | $722.0K | · | $82.0K | · | |
| Total Assets | $78M | $75M | $78M | $108M | $81M | $71M | $73M | $99M | $103M | $109M | $128M | $143M | $195M | $25M | $88M | $118M | |
| Accounts Payable | $11M | $14M | $29M | $28M | $14M | $8M | $8M | $12M | $7M | $6M | $16M | $19M | $54M | $948.5K | $23M | $153.6K | |
| Short-term Debt | · | · | · | $47M | $45M | $43M | · | · | · | · | · | · | · | · | · | · | |
| Current Liabilities | $18M | $22M | $39M | $85M | $68M | $58M | $17M | $20M | $15M | $14M | $26M | $30M | $67M | · | $40M | · | |
| Capital Leases | $1M | $2M | $2M | $2M | $2M | $843.0K | $961.0K | $1M | $1M | $1M | $1M | $2M | $2M | · | $762.0K | · | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | $714.0K | $2M | · | · | · | |
| Total Liabilities | $33M | $34M | $50M | $96M | $79M | $67M | $65M | $65M | $59M | $55M | $65M | $67M | $165M | $1M | $57M | $246.6K | |
| Long-term Debt | · | · | · | $50M | $50M | $50M | · | $50M | $50M | $50M | · | $50M | $50M | · | $21M | · | |
| Total Debt | $4M | $0 | · | $47M | $45M | $43M | · | $38M | $36M | $34M | · | $29M | · | · | · | · | |
| Common Stock | $7.0K | $7.0K | $7.0K | $7.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | $6.0K | · | $1.0K | $334 | |
| Paid-in Capital | $185M | $183M | $168M | $164M | $152M | $149M | $147M | $145M | $143M | $142M | $139M | $137M | $121M | $88.1K | $7M | $916.8K | |
| Retained Earnings | $-140M | $-142M | $-140M | $-152M | $-150M | $-146M | $-139M | $-112M | $-99M | $-87M | $-76M | $-61M | $-90M | $-995.0K | $-62M | $-354.6K | |
| AOCI | · | · | · | $5.0K | $-3.0K | · | $2.0K | $3.0K | $-23.0K | $-47.0K | $-59.0K | $-156.0K | $-181.0K | · | · | · | |
| Stockholders' Equity | $45M | $41M | $28M | $12M | $2M | $4M | $8M | $33M | $45M | $54M | $63M | $76M | $30M | $-906.6K | $-56M | $562.6K | |
| Liabilities + Equity | $78M | $75M | $78M | $108M | $81M | $71M | $73M | $99M | $103M | $109M | $128M | $143M | $195M | $25M | $88M | $118M | |
| Shares Outstanding | 76,769,103 | 75,859,828 | 70,424,566 | 69,484,663 | 62,628,790 | 61,914,519 | 60,800,130 | 60,743,061 | 60,371,987 | 60,358,166 | 58,751,666 | 58,733,366 | 58,144,543 | · | 5,469,921 | · |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $354.0K | $327.0K | $323.0K | $301.0K | $285.0K | $357.0K | $302.0K | $305.0K | $302.0K | $310.0K | $286.0K | $284.0K | $294.0K | $242.0K | $158.0K | $178.0K | |
| Stock-based Comp | $1M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $2M | $1M | $497.0K | $366.0K | $420.0K | $341.0K | |
| Deferred Tax | · | · | · | · | · | · | · | · | · | · | $-9.0K | $11M | · | · | · | · | |
| Amort. of Intangibles | $100.0K | $100.0K | $0 | $100.0K | $100.0K | $100.0K | $0 | $100.0K | $100.0K | $100.0K | $-46.0K | $100.0K | $100.0K | $46.0K | · | $0 | |
| Other Non-cash | · | $-9M | · | · | · | $5M | · | · | · | $-3M | · | · | · | · | · | · | |
| Operating Cash Flow | $-1M | $-9M | $2M | $1M | $8M | $-530.0K | $1M | $-535.0K | $-2M | $-11M | $-8M | $-24M | $-4M | $-5M | $-3M | $-13M | |
| CapEx | $291.0K | $209.0K | $445.0K | $-46.0K | · | · | $529.0K | $339.0K | $51.0K | $367.0K | $259.0K | $345.0K | $1M | $192.0K | $485.0K | $354.0K | |
| Investing Cash Flow | $2M | $-209.0K | $30M | $2M | $-6M | $-4M | $1M | $-5M | $8M | $16M | $10M | $11M | $-52M | $-11M | $-941.0K | $-354.0K | |
| Stock Issued | $0 | $14M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Net Stock Activity | · | $14M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $4M | $13M | $-48M | $11M | $50.0K | $817.0K | $-219.0K | $-102.0K | $10.0K | $250.0K | $3.0K | $4M | $31M | $29M | $-2M | $17M | |
| Net Change in Cash | $5M | $4M | $-17M | $14M | $2M | $-3M | $2M | $-6M | $6M | $5M | $2M | $-9M | $-26M | $13M | $-6M | $36M | |
| Taxes Paid | $90.0K | $56.0K | · | · | $26.0K | $18.0K | · | · | · | · | · | · | · | $321.5K | · | · | |
| Free Cash Flow | · | $-9M | · | · | · | · | · | · | · | $-12M | · | · | · | · | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.4% | 42.8% | · | 42.7% | 44.7% | 38.1% | · | 12.5% | 30.4% | 28.2% | · | 24.3% | · | · | · | · | |
| Operating Margin | -6.6% | -9.6% | · | 2.1% | -6.2% | -21.1% | · | -73.2% | -66.2% | -92.7% | · | -65.6% | · | · | · | · | |
| Net Margin | 8.6% | -7.0% | · | -7.1% | -18.4% | -37.2% | · | -92.1% | -89.1% | -117.4% | · | 169.9% | · | · | · | · | |
| Pretax Margin | -4.0% | -7.6% | · | -6.3% | -17.8% | -35.6% | · | -92.1% | -89.0% | · | · | 234.0% | · | · | · | · | |
| EBITDA Margin | -6.6% | -8.3% | · | 2.1% | -6.2% | -19.2% | · | -73.2% | -66.2% | -89.5% | · | -65.6% | · | · | · | · | |
| ROA | 2.7% | -2.4% | · | -2.1% | -4.8% | -7.8% | · | -10.8% | -7.6% | -17.2% | · | 22.3% | · | -0.58% | · | 0.18% | |
| ROE | 9.4% | -7.8% | · | -9.5% | -19.1% | -24.1% | · | -24.0% | -30.1% | -43.1% | · | 76.1% | · | 496.4% | · | 24.5% | |
| ROIC | 7.3% | -5.4% | · | 1.2% | -3.3% | -8.9% | · | -14.5% | -10.4% | · | · | -7.8% | · | 77.2% | · | -28.7% |
Liquidity & Solvency 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.0 | 2.5 | · | 1.0 | 0.9 | 0.9 | · | 4.0 | 5.4 | 6.2 | · | 3.9 | · | · | · | · | |
| Quick Ratio | 1.7 | 1.2 | · | 0.7 | 0.6 | 0.5 | · | 1.4 | 1.7 | 2.0 | · | 1.9 | · | · | · | · | |
| Debt / Equity | 0.1 | 0.0 | · | 3.9 | 26.6 | 11.3 | · | 1.1 | 0.8 | 0.6 | · | 0.4 | · | · | · | · | |
| LT Debt / Equity | 0.1 | 0.0 | · | · | · | 0.0 | · | 1.1 | 0.8 | 0.6 | · | 0.4 | · | · | · | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | -2.9 | -3.2 | · | 3.9 | · | · | · | · |
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 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.2 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | · | · | · | · | |
| Inventory Turnover | 0.8 | 0.7 | · | 0.5 | 0.4 | 0.3 | · | 0.2 | 0.2 | 0.3 | · | 0.5 | · | · | · | · | |
| Receivables Turnover | 2.1 | 2.1 | · | 2.5 | 2.8 | 2.3 | · | 1.0 | 0.5 | 3.1 | · | 1.7 | · | · | · | · |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $105M | $99M | · | $88M | $70M | $56M | · | $54M | $108M | $146M | · | $159M | $159M | · | · | · | |
| Net Income TTM | $-6M | $-15M | · | $-27M | $-36M | $-43M | · | $-7M | $-16M | $2M | · | $11M | $-18M | $-1M | · | $-8M | |
| Market Cap | $179M | $285M | · | $174M | $80M | $52M | · | $103M | $93M | $65M | · | $412M | · | · | · | · | |
| Enterprise Value | $166M | $274M | · | $181M | $97M | $74M | · | $122M | $109M | $76M | · | $404M | · | · | · | · | |
| P/E | -25.9 | -16.3 | · | -5.8 | -2.2 | -1.2 | · | -2.0 | -1.0 | -0.9 | · | -3.5 | -9.5 | · | · | · | |
| P/S | 1.7 | 2.9 | · | 2.0 | 1.1 | 0.9 | · | 1.9 | 0.9 | 0.4 | · | 2.6 | · | · | · | · | |
| P/B | 4.0 | 7.0 | · | 14.4 | 47.2 | 13.8 | · | 3.1 | 2.1 | 1.2 | · | 5.4 | · | · | · | · | |
| P / Tangible Book | 5.8 | 10.5 | · | · | · | · | · | 5.4 | 3.1 | 1.6 | · | 6.8 | 71.8 | · | · | · | |
| P / Cash Flow | · | -30.8 | · | · | · | -98.1 | · | · | · | -5.7 | · | · | · | · | · | · | |
| P / FCF | · | -30.1 | · | · | · | · | · | · | · | -5.6 | · | · | · | · | · | · | |
| EV / EBITDA | -98.9 | -131.4 | · | 278.3 | -64.4 | -20.6 | · | -11.7 | -13.0 | -8.7 | · | -36.0 | · | · | · | · | |
| EV / FCF | · | -28.9 | · | · | · | · | · | · | · | -6.6 | · | · | · | · | · | · | |
| EV / Revenue | 1.6 | 2.8 | · | 2.1 | 1.4 | 1.3 | · | 2.3 | 1.0 | 0.5 | · | 2.5 | · | · | · | · | |
| Earnings Yield | -3.9% | -6.1% | · | -17.2% | -46.3% | -84.5% | · | -51.2% | -96.8% | -116.8% | · | -28.2% | -10.5% | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $104M | $54M | $145M | $81M | — |
| Gross Margin % | 42.8% | -7.7% | 35.3% | — | — |
| Operating Margin % | -4.3% | -96.3% | -5.7% | — | — |
| Net Income | $-2M | $-63M | $-984.0K | $-7M | $-402.5K |
| Diluted EPS | $-0.03 | $-1.04 | $-0.14 | $-2.71 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 0.0 | 4.8 | 0.5 | — | — |
| Current Ratio | 1.5 | 3.1 | 4.0 | — | — |
| Quick Ratio | 0.6 | 1.6 | 1.4 | — | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $10M | $-14M | $-39M | — | — |
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Institutional owners (13F) 78 filers · $34.0M 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 |
|---|---|---|---|---|
| 34 (+14 vs prior Q) | 5 (-5 vs prior Q) | 17 (+3 vs prior Q) | 21 (+10 vs prior Q) | +4.5M |
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 |
|---|---|---|---|---|
| AWM Investment Company, Inc. | $7,800,684 | 3,347,933 | 22.94% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,184,364 | 2,225,049 | 15.24% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $2,527,351 | 1,084,700 | 7.43% | Shares |
| Qube Research & Technologies Ltd | $2,364,041 | 1,014,610 | 6.95% | Shares |
| STATE STREET CORP | $2,117,895 | 908,968 | 6.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,747,997 | 750,010 | 5.14% | Shares |
| AIGH Capital Management LLC | $1,127,426 | 483,874 | 3.32% | Shares |
| Samjo Management, LLC | $1,109,080 | 476,000 | 3.26% | Shares |
| MILLENNIUM MANAGEMENT LLC | $792,407 | 340,089 | 2.33% | Shares |
| UBS Group AG | $725,802 | 311,503 | 2.13% | Shares |
| TWO SIGMA INVESTMENTS, LP | $667,326 | 286,406 | 1.96% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $634,051 | 272,125 | 1.86% | Shares |
| PANAGORA ASSET MANAGEMENT INC | $630,922 | 270,782 | 1.86% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $581,079 | 249,390 | 1.71% | Shares |
| Squarepoint Ops LLC | $569,981 | 244,627 | 1.68% | Shares |
| Man Group plc | $406,837 | 174,608 | 1.20% | Shares |
| XTX Topco Ltd | $369,829 | 158,725 | 1.09% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $342,300 | 146,910 | 1.01% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $324,886 | 139,436 | 0.96% | Shares |
| Hillsdale Investment Management Inc. | $291,483 | 125,100 | 0.86% | Shares |
| VANGUARD GROUP INC | $282,399 | 204,637 | 0.83% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $233,436 | 100,187 | 0.69% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $220,260 | 94,532 | 0.65% | Shares |
| TWO SIGMA ADVISERS, LP | $206,862 | 149,900 | 0.61% | Shares |
| CITADEL ADVISORS LLC | $205,716 | 88,290 | 0.60% | Shares |
| D. E. Shaw & Co., Inc. | $204,616 | 87,818 | 0.60% | Shares |
| MARSHALL WACE, LLP | $173,804 | 74,594 | 0.51% | Shares |
| GOLDMAN SACHS GROUP INC | $151,669 | 65,094 | 0.45% | Shares |
| Worth Venture Partners, LLC | $150,828 | 64,733 | 0.44% | Shares |
| AXQ CAPITAL, LP | $143,929 | 61,772 | 0.42% | Shares |
| Nuveen, LLC | $119,245 | 51,178 | 0.35% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $116,774 | 52,365 | 0.34% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $113,352 | 48,649 | 0.33% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $100,190 | 43,000 | 0.29% | Shares |
| ProShare Advisors LLC | $99,372 | 42,649 | 0.29% | Shares |
| Engineers Gate Manager LP | $95,546 | 41,007 | 0.28% | Shares |
| WELLS FARGO & COMPANY/MN | $82,393 | 35,362 | 0.24% | Shares |
| Bank of New York Mellon Corp | $75,956 | 32,599 | 0.22% | Shares |
| SEI INVESTMENTS CO | $66,219 | 28,420 | 0.19% | Shares |
| Centiva Capital, LP | $63,579 | 27,287 | 0.19% | Shares |
| RHUMBLINE ADVISERS | $61,253 | 26,291 | 0.18% | Shares |
| BANK OF AMERICA CORP /DE/ | $51,926 | 22,286 | 0.15% | Shares |
| DIVERSIFIED TRUST CO | $45,106 | 19,359 | 0.13% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $44,985 | 19,307 | 0.13% | Shares |
| Cubist Systematic Strategies, LLC | $44,055 | 17,622 | 0.13% | Shares |
| Police & Firemen's Retirement System of New Jersey | $43,492 | 18,666 | 0.13% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $41,591 | 17,850 | 0.12% | Shares |
| ALLIANCEBERNSTEIN L.P. | $40,542 | 17,400 | 0.12% | Shares |
| JPMORGAN CHASE & CO | $37,443 | 16,070 | 0.11% | Shares |
| CITIGROUP INC | $37,166 | 15,951 | 0.11% | Shares |
| Invesco Ltd. | $36,017 | 15,458 | 0.11% | Shares |
| PRUDENTIAL FINANCIAL INC | $33,738 | 14,480 | 0.10% | Shares |
| Vanguard Global Advisers, LLC | $30,674 | 13,165 | 0.09% | Shares |
| Walleye Capital LLC | $29,430 | 12,631 | 0.09% | Shares |
| Crusonia Wealth Advisors LLC | $26,823 | 11,512 | 0.08% | Shares |
| BlackRock, Inc. | $24,439 | 10,489 | 0.07% | Shares |
| OSAIC HOLDINGS, INC. | $23,062 | 9,899 | 0.07% | Shares |
| STRS OHIO | $17,708 | 7,600 | 0.05% | Shares |
| CREATIVE FINANCIAL DESIGNS INC /ADV | $16,091 | 6,906 | 0.05% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $15,674 | 6,727 | 0.05% | Shares |
| NORTHERN TRUST CORP | $14,164 | 6,079 | 0.04% | Shares |
| BARCLAYS PLC | $12,487 | 5,359 | 0.04% | Shares |
| Bogart Wealth, LLC | $9,320 | 4,000 | 0.03% | Shares |
| Legal & General Group Plc | $8,777 | 3,767 | 0.03% | Shares |
| MORGAN STANLEY | $8,442 | 3,623 | 0.02% | Shares |
| Ameritas Investment Partners, Inc. | $8,197 | 3,518 | 0.02% | Shares |
| Russell Investments Group, Ltd. | $7,220 | 3,099 | 0.02% | Shares |
| Tower Research Capital LLC (TRC) | $5,182 | 2,224 | 0.02% | Shares |
| ROYAL BANK OF CANADA | $3,000 | 1,369 | 0.01% | Shares |
| DEUTSCHE BANK AG\ | $2,731 | 1,172 | 0.01% | Shares |
| ACADIAN ASSET MANAGEMENT LLC | $2,277 | 979,981 | 0.01% | Shares |
| FMR LLC | $955 | 410 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $785 | 337 | 0.00% | Shares |
| GSA CAPITAL PARTNERS LLP | $483 | 207,339 | 0.00% | Shares |
| Sterling Capital Management LLC | $317 | 136 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $137 | 59 | 0.00% | Shares |
| PRICE T ROWE ASSOCIATES INC /MD/ | $74 | 31,753 | 0.00% | Shares |
| Virtu Financial LLC | $58 | 24,917 | 0.00% | Shares |
Company insiders 24 insiders · 1 officers · 6 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jeffrey Stuart Sullivan | Chief Operating Officer | Sept. 16, 2024 A | 150,116 | 0 | 0 | $0 |
| Sagit Manor | Director | June 15, 2026 S | 323,098 | 0 | 1 | $-180,975 |
| Joan C Conley | Director | June 10, 2026 S | 227,902 | 0 | 1 | $-155,000 |
| Tomer Babai | Director | May 26, 2026 S | 214,450 | 0 | 1 | $-263,326 |
| Michael R Splinter | Director | May 20, 2026 A | 547,601 | 0 | 0 | $0 |
| Stanley Stern | Director | May 20, 2026 A | 497,283 | 0 | 0 | $0 |
| John Andrew Wilson | Director | Aug. 11, 2023 A | 16,304 | 0 | 0 | $0 |
| James Jd Dillon | — | Aug. 11, 2026 F | 241,408 | 0 | 0 | $0 |
| Jing Tian | — | Aug. 11, 2026 F | 331,361 | 0 | 0 | $0 |
| Bill Roeschlein | — | Aug. 11, 2026 F | 568,798 | 0 | 0 | $0 |
| Zvi Alon | — | Aug. 11, 2026 F | 1,382,097 | 0 | 6 | $-1,280,006 |
| Yahui Chang | — | Aug. 7, 2026 A | 262,960 | 0 | 0 | $0 |
| Byron Roth | — | June 15, 2023 P | 696 | 0 | 0 | $0 |
| LIPMAN JOHN C | — | June 15, 2023 P | 304,326 | 0 | 0 | $0 |
| Matthew Day | — | May 23, 2023 S | 15,223 | 0 | 0 | $0 |
| Andrew Costa | — | May 23, 2023 S | 7,611 | 0 | 0 | $0 |
| CHLM Sponsor LLC | — | May 23, 2023 S | 304,326 | 0 | 0 | $0 |
| CR Financial Holdings, Inc. | — | May 23, 2023 S | 289,676 | 0 | 0 | $0 |
| Aaron Gurewitz | — | May 23, 2023 S | 48,773 | 0 | 0 | $0 |
| Adam Rothstein | — | May 23, 2023 S | 12,549 | 0 | 0 | $0 |
| Sam Chawla | — | May 23, 2023 S | 12,549 | 0 | 0 | $0 |
| Montgomery Molly | — | May 23, 2023 S | 12,549 | 0 | 0 | $0 |
| FRIEDBERG DANIEL M. | — | May 23, 2023 S | 12,549 | 0 | 0 | $0 |
| Gordon J Roth | — | May 23, 2023 S | 696 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 3 positions
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 |
|---|---|---|---|---|---|
| Access Industries Holdings LLC, Access Industries, LLC, Access Industries Management, LLC, Clal Industries Ltd., Len Blavatnik ×4 filings | May 28, 2026 | 4.24% | Amendment | — | SEC |
| Zvi Alon, Alon Ventures, LLC, The Zvi and Ricki Alon Trust U/A/D June 29, 2017 | June 2, 2023 | — | Initial filing | — | SEC |
| Energy Growth Momentum GP II Limited, Energy Growth Momentum II LP, Tigo SPV LP | June 2, 2023 | — | 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 10 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 |
|---|---|---|---|---|
| PBW · Invesco Exchange-Traded Fund Trust | 0.81% | 3,038,226 SH | Aug. 8, 2026 | Daily |
| IWC · iShares Trust | 0.01% | 130,266 SH | Aug. 8, 2026 | Daily |
| OMFS · Invesco Exchange-Traded Self-Indexe… | 0.01% | 24,837 SH | Aug. 8, 2026 | Daily |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.01% | 41,778 SH | Aug. 8, 2026 | Daily |
| IWO · iShares Trust | 0.00% | 355,209 SH | Aug. 8, 2026 | Daily |
| IWM · iShares Trust | 0.00% | 925,081 SH | Aug. 8, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 369,779 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 1,805,503 SH | Aug. 8, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.00% | 224,112 SH | Aug. 8, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 6,235 SH | Aug. 8, 2026 | Daily |