LQDA Nasdaq Pharmaceutical Preparations Financials FY2019βFY2025
Liquidia Corp had $158M of revenue in fiscal 2025, up 1,031.2% on the year before. Over five years, revenue changed +192.5% a year on average.
Last close Β· Oct 23, 2026
$42.65
7.5%Hi! I read Liquidia Corpβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+1,031.2%
Yes. Sales grew 1,031.2% last year.
Does it make a profit?
β43.5%
No. It lost money last year.
Does profit turn into cash?
β25.3%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
How is the share priced?
30.5x
One share costs 30.5 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Liquidia Corp had $158M of revenue in fiscal 2025, up 1,031.2% on the year before. Over five years, revenue changed +192.5% a year on average. Its operating margin was β32.5%, up 834.2Β pts: of every 100 in sales, about β32 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Liquidia Corp lost $68.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$40.0M in fiscal 2025, β25.3% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.3M and sold $231M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.3M
1 insider
Sold, 12 months
$231M
15 insiders
Of sales under plans
33%
$76.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 12, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 5,892 | $28.48 | $0.2M | Form 4 |
| Oct 12, 2026 | Jason AdairChief Business Officer | Sold plan | 7,301 | $28.48 | $0.2M | Form 4 |
| Oct 12, 2026 | Michael KasetaCFO and COO | Sold plan | 18,938 | $28.48 | $0.5M | Form 4 |
| Oct 12, 2026 | Rajeev SaggarChief Medical Officer | Sold plan | 9,218 | $28.48 | $0.3M | Form 4 |
| Oct 12, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 32,744 | $28.48 | $0.9M | Form 4 |
| Oct 12, 2026 | Russell SchundlerGeneral Counsel | Sold plan | 13,692 | $28.48 | $0.4M | Form 4 |
| Oct 12, 2026 | Sanjeev KhindriChief Development Officer | Sold plan | 1,101 | $28.48 | $0.0M | Form 4 |
| Oct 12, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 5,245 | $28.48 | $0.1M | Form 4 |
| Oct 12, 2026 | Scott MoomawChief Commercial Officer | Sold plan | 8,863 | $28.48 | $0.3M | Form 4 |
| Oct 5, 2026 | Stephen M BlochDirector | Sold | 235,477 | $27.13 | $6.4M | Form 4 |
| Sep 14, 2026 | Raman SinghDirector | Sold | 8,468 | $66.16 | $0.6M | Form 4 |
| Sep 11, 2026 | Raman SinghDirector | Sold | 9,024 | $68.62 | $0.6M | Form 4 |
| Sep 1, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 274 | $67.76 | $0.0M | Form 4 |
| Aug 21, 2026 | Jason AdairChief Business Officer | Sold plan | 73,631 | $69.09 | $5.1M | Form 4 |
| Aug 20, 2026 | Katherine Rielly-GauvinDirector | Sold plan | 18,393 | $72.23 | $1.3M | Form 4 |
| Aug 19, 2026 | Katherine Rielly-GauvinDirector | Sold plan | 36,789 | $74.99 | $2.8M | Form 4 |
| Aug 19, 2026 | Rajeev SaggarChief Medical Officer | Sold | 50,000 | $74.06 | $3.7M | Form 4 |
| Aug 17, 2026 | Rajeev SaggarChief Medical Officer | Sold | 29,534 | $76.84 | $2.3M | Form 4 |
| Jul 27, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 1,600 | $87.53 | $0.1M | Form 4 |
| Jul 27, 2026 | Jason AdairChief Business Officer | Sold plan | 688 | $87.53 | $0.1M | Form 4 |
| Jul 23, 2026 | Stephen M BlochDirector | Sold | 100,000 | $89.49 | $8.9M | Form 4 |
| Jul 22, 2026 | Stephen M BlochDirector | Sold | 100,000 | $88.38 | $8.8M | Form 4 |
| Jul 21, 2026 | Stephen M BlochDirector | Sold | 75,000 | $79.99 | $6.0M | Form 4 |
| Jul 20, 2026 | Stephen M BlochDirector | Sold | 3,596 | $79.55 | $0.3M | Form 4 |
| Jul 13, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 9,002 | $71.51 | $0.6M | Form 4 |
| Jul 13, 2026 | Jason AdairChief Business Officer | Sold plan | 7,863 | $71.51 | $0.6M | Form 4 |
| Jul 13, 2026 | Michael KasetaCFO and COO | Sold plan | 20,430 | $71.51 | $1.5M | Form 4 |
| Jul 13, 2026 | Rajeev SaggarChief Medical Officer | Sold plan | 9,926 | $71.51 | $0.7M | Form 4 |
| Jul 13, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 35,249 | $71.51 | $2.5M | Form 4 |
| Jul 13, 2026 | Russell SchundlerGeneral Counsel | Sold plan | 14,738 | $71.51 | $1.1M | Form 4 |
| Jul 13, 2026 | Sanjeev KhindriChief Development Officer | Sold plan | 1,185 | $71.51 | $0.1M | Form 4 |
| Jul 13, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 7,864 | $71.51 | $0.6M | Form 4 |
| Jul 13, 2026 | Scott MoomawChief Commercial Officer | Sold plan | 9,539 | $71.51 | $0.7M | Form 4 |
| Jul 7, 2026 | Stephen M BlochDirector | Sold | 50,000 | $80.93 | $4.0M | Form 4 |
| Jul 6, 2026 | Stephen M BlochDirector | Sold | 25,000 | $80.18 | $2.0M | Form 4 |
| Jul 1, 2026 | Stephen M BlochDirector | Sold | 25,000 | $79.47 | $2.0M | Form 4 |
| Jun 22, 2026 | Stephen M BlochDirector | Sold | 100,000 | $75.74 | $7.6M | Form 4 |
| Jun 15, 2026 | Stephen M BlochDirector | Sold | 85,062 | $71.44 | $6.1M | Form 4 |
| Jun 12, 2026 | Stephen M BlochDirector | Sold | 111,049 | $71.46 | $7.9M | Form 4 |
| Jun 11, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 24,880 | $70.28 | $1.7M | Form 4 |
| Jun 11, 2026 | Stephen M BlochDirector | Sold | 242,269 | $70.43 | $17.1M | Form 4 |
| Jun 10, 2026 | Stephen M BlochDirector | Sold | 145,954 | $65.58 | $9.6M | Form 4 |
| Jun 9, 2026 | Stephen M BlochDirector | Sold | 72,534 | $64.38 | $4.7M | Form 4 |
| Jun 8, 2026 | Sanjeev KhindriChief Development Officer | Sold plan | 4,134 | $65.46 | $0.3M | Form 4 |
| Jun 8, 2026 | Stephen M BlochDirector | Sold | 148,301 | $64.76 | $9.6M | Form 4 |
| Jun 5, 2026 | Stephen M BlochDirector | Sold | 2,064 | $64.14 | $0.1M | Form 4 |
| Jun 4, 2026 | Paul B ManningDirector | Sold | 200,000 | $63.91 | $12.8M | Form 4 |
| Jun 4, 2026 | Stephen M BlochDirector | Sold | 82,736 | $64.97 | $5.4M | Form 4 |
| Jun 3, 2026 | Arthur S KirschDirector | Sold | 10,000 | $54.80 | $0.5M | Form 4 |
| Jun 2, 2026 | Arthur S KirschDirector | Sold | 5,000 | $56.00 | $0.3M | Form 4 |
| Jun 1, 2026 | Arthur S KirschDirector | Sold | 15,000 | $60.22 | $0.9M | Form 4 |
| Jun 1, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 276 | $60.87 | $0.0M | Form 4 |
| May 27, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 6,428 | $62.18 | $0.4M | Form 4 |
| May 26, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $60.38 | $1.5M | Form 4 |
| May 22, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $61.52 | $1.5M | Form 4 |
| May 21, 2026 | Raman SinghDirector | Sold | 29,494 | $60.13 | $1.8M | Form 4 |
| May 21, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $61.13 | $1.5M | Form 4 |
| May 20, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $61.30 | $1.5M | Form 4 |
| May 19, 2026 | David Edward JohnsonDirector, 10% owner | Bought | 5,300 | $59.98 | $0.3M | Form 4 |
| May 19, 2026 | David Edward JohnsonDirector, 10% owner | Sold | 5,300 | $59.98 | $0.3M | Form 4 |
| May 19, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $58.65 | $1.5M | Form 4 |
| May 18, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $56.77 | $1.4M | Form 4 |
| May 15, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $57.04 | $1.4M | Form 4 |
| May 14, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $58.62 | $1.5M | Form 4 |
| May 13, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $56.29 | $1.4M | Form 4 |
| May 12, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $54.04 | $1.4M | Form 4 |
| May 11, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $41.50 | $1.0M | Form 4 |
| May 11, 2026 | Stephen M BlochDirector | Sold | 318,893 | $50.23 | $16.0M | Form 4 |
| May 8, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $42.14 | $1.1M | Form 4 |
| May 7, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $42.09 | $1.1M | Form 4 |
| May 6, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $40.78 | $1.0M | Form 4 |
| May 5, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $40.10 | $1.0M | Form 4 |
| Apr 27, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 1,576 | $37.78 | $0.1M | Form 4 |
| Apr 27, 2026 | Jason AdairChief Business Officer | Sold plan | 688 | $41.65 | $0.0M | Form 4 |
| Apr 17, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 18,839 | $40.60 | $0.8M | Form 4 |
| Apr 16, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $40.31 | $1.0M | Form 4 |
| Apr 15, 2026 | Michael KasetaCFO and COO | Sold plan | 139,390 | $40.14 | $5.6M | Form 4 |
| Apr 15, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $40.14 | $1.0M | Form 4 |
| Apr 14, 2026 | Michael KasetaCFO and COO | Sold plan | 3,000 | $40.00 | $0.1M | Form 4 |
| Apr 14, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 3,300 | $40.00 | $0.1M | Form 4 |
| Apr 13, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 5,101 | $38.37 | $0.2M | Form 4 |
| Apr 13, 2026 | Jason AdairChief Business Officer | Sold plan | 7,301 | $38.37 | $0.3M | Form 4 |
| Apr 13, 2026 | Michael KasetaCFO and COO | Sold plan | 18,958 | $38.37 | $0.7M | Form 4 |
| Apr 13, 2026 | Rajeev SaggarChief Medical Officer | Sold plan | 9,220 | $38.37 | $0.4M | Form 4 |
| Apr 13, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 32,744 | $38.37 | $1.3M | Form 4 |
| Apr 13, 2026 | Russell SchundlerGeneral Counsel | Sold plan | 13,692 | $38.37 | $0.5M | Form 4 |
| Apr 13, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 4,557 | $38.37 | $0.2M | Form 4 |
| Apr 13, 2026 | Scott MoomawChief Commercial Officer | Sold plan | 10,547 | $38.34 | $0.4M | Form 4 |
| Apr 10, 2026 | Michael KasetaCFO and COO | Sold plan | 23,821 | $40.14 | $1.0M | Form 4 |
| Apr 10, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 21,433 | $40.12 | $0.9M | Form 4 |
| Apr 9, 2026 | Michael KasetaCFO and COO | Sold plan | 133,789 | $40.24 | $5.4M | Form 4 |
| Apr 9, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 25,000 | $40.12 | $1.0M | Form 4 |
| Mar 27, 2026 | Stephen M BlochDirector | Sold | 62,550 | $35.94 | $2.2M | Form 4 |
| Mar 26, 2026 | Stephen M BlochDirector | Sold | 7,684 | $37.22 | $0.3M | Form 4 |
| Mar 23, 2026 | Scott MoomawChief Commercial Officer | Sold plan | 18,314 | $36.79 | $0.7M | Form 4 |
| Mar 13, 2026 | Rajeev SaggarChief Medical Officer | Sold | 35,365 | $36.30 | $1.3M | Form 4 |
| Mar 13, 2026 | Raman SinghDirector | Sold | 20,000 | $36.04 | $0.7M | Form 4 |
| Mar 13, 2026 | Sarah KreppChief Human Resource Officer | Sold | 16,261 | $38.00 | $0.6M | Form 4 |
| Mar 9, 2026 | Scott MoomawChief Commercial Officer | Sold plan | 80,000 | $35.32 | $2.8M | Form 4 |
| Mar 2, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 445 | $30.58 | $0.0M | Form 4 |
| Mar 2, 2026 | Jason AdairChief Business Officer | Sold plan | 689 | $30.58 | $0.0M | Form 4 |
| Mar 2, 2026 | Michael KasetaCFO and COO | Sold plan | 1,165 | $30.58 | $0.0M | Form 4 |
| Mar 2, 2026 | Russell SchundlerGeneral Counsel | Sold plan | 1,073 | $30.58 | $0.0M | Form 4 |
| Mar 2, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 276 | $30.58 | $0.0M | Form 4 |
| Mar 2, 2026 | Scott MoomawChief Commercial Officer | Sold plan | 827 | $30.58 | $0.0M | Form 4 |
| Jan 26, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 1,580 | $41.65 | $0.1M | Form 4 |
| Jan 26, 2026 | Jason AdairChief Business Officer | Sold plan | 688 | $41.65 | $0.0M | Form 4 |
| Jan 12, 2026 | Dana BoyleChief Accounting Officer | Sold plan | 11,047 | $37.43 | $0.4M | Form 4 |
| Jan 12, 2026 | Jason AdairChief Business Officer | Sold plan | 13,548 | $37.43 | $0.5M | Form 4 |
| Jan 12, 2026 | Michael KasetaCFO and COO | Sold plan | 36,932 | $37.43 | $1.4M | Form 4 |
| Jan 12, 2026 | Rajeev SaggarChief Medical Officer | Sold plan | 21,142 | $37.43 | $0.8M | Form 4 |
| Jan 12, 2026 | Roger JeffsChief Executive Officer, Director | Sold plan | 66,610 | $37.43 | $2.5M | Form 4 |
| Jan 12, 2026 | Russell SchundlerGeneral Counsel | Sold plan | 27,289 | $37.43 | $1.0M | Form 4 |
| Jan 12, 2026 | Sarah KreppChief Human Resource Officer | Sold plan | 13,165 | $37.43 | $0.5M | Form 4 |
| Jan 12, 2026 | Scott MoomawChief Commercial Officer | Sold plan | 20,533 | $37.43 | $0.8M | Form 4 |
| Dec 1, 2025 | Dana BoyleChief Accounting Officer | Sold plan | 303 | $32.19 | $0.0M | Form 4 |
| Dec 1, 2025 | Jason AdairChief Business Officer | Sold plan | 693 | $32.19 | $0.0M | Form 4 |
| Dec 1, 2025 | Michael KasetaCFO and COO | Sold plan | 1,166 | $32.19 | $0.0M | Form 4 |
| Dec 1, 2025 | Russell SchundlerGeneral Counsel | Sold plan | 1,072 | $32.19 | $0.0M | Form 4 |
| Dec 1, 2025 | Sarah KreppChief Human Resource Officer | Sold plan | 221 | $32.19 | $0.0M | Form 4 |
| Dec 1, 2025 | Scott MoomawChief Commercial Officer | Sold plan | 831 | $32.19 | $0.0M | Form 4 |
| Nov 18, 2025 | Jason AdairChief Business Officer | Sold plan | 35,656 | $30.03 | $1.1M | Form 4 |
| Nov 7, 2025 | Dana BoyleChief Accounting Officer | Sold | 29,004 | $25.09 | $0.7M | Form 4 |
| Nov 5, 2025 | Rajeev SaggarChief Medical Officer | Sold | 71,381 | $27.00 | $1.9M | Form 4 |
| Oct 27, 2025 | Dana BoyleChief Accounting Officer | Sold plan | 1,073 | $22.93 | $0.0M | Form 4 |
| Oct 27, 2025 | Jason AdairChief Business Officer | Sold plan | 692 | $22.93 | $0.0M | Form 4 |
| Oct 13, 2025 | Dana BoyleChief Accounting Officer | Sold plan | 1,238 | $23.41 | $0.0M | Form 4 |
| Oct 13, 2025 | Jason AdairChief Business Officer | Sold plan | 3,670 | $23.41 | $0.1M | Form 4 |
| Oct 13, 2025 | Michael KasetaCFO and COO | Sold plan | 11,630 | $23.41 | $0.3M | Form 4 |
| Oct 13, 2025 | Rajeev SaggarChief Medical Officer | Sold plan | 5,327 | $23.41 | $0.1M | Form 4 |
| Oct 13, 2025 | Roger JeffsChief Executive Officer, Director | Sold plan | 20,261 | $23.41 | $0.5M | Form 4 |
| Oct 13, 2025 | Russell SchundlerGeneral Counsel | Sold plan | 7,839 | $23.41 | $0.2M | Form 4 |
| Oct 13, 2025 | Sarah KreppChief Human Resource Officer | Sold plan | 1,691 | $23.41 | $0.0M | Form 4 |
| Oct 13, 2025 | Scott MoomawChief Commercial Officer | Sold plan | 4,900 | $23.41 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Liquidia Corp can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $57.5M | $93.3M | $83.7M | $176M | $191M |
| Debt incl. finance leases | $11.1M | $20.2M | β | β | β |
| Debt / equity | 0.2x | 0.2x | β | β | β |
| Interest coverage | β44.4x | β16.6x | β11.7x | β8.3x | β2.1x |
| Current ratio | 8.4x | 11.3x | 4.8x | 4.4x | 2.0x |
| Quick ratio | 8.4x | 11.3x | 4.8x | 4.4x | 1.8x |
| Total assets | $93.7M | $129M | $118M | $230M | $328M |
| Total liabilities | $28.5M | $38.8M | $71.0M | $151M | $283M |
| Shareholders' equity | $65.3M | $90.4M | $47.3M | $79.4M | $44.7M |
| Net debt (β = net cash) | β$46.4M | β$73.1M | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Liquidia Corp passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 8 | 5 / 9 | 4 / 9 | 3 / 8 | 2 / 8 | 3 / 7 |
| Accruals ratio | 1.0% | β6.7% | β0.6% | β11.1% | β29.8% | β20.0% | β11.9% |
| Altman Z'' | β9.92 | β6.79 | β7.01 | β3.79 | β11.33 | β6.79 | β4.36 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $8.1M | $0.7M | $12.9M | $15.9M | $17.5M | $14.0M | $158M |
| Gross profit | β | $0.5M | $9.8M | $13.1M | $14.6M | $8.1M | β |
| Research and development | $40.5M | $32.2M | $20.5M | $19.4M | $43.2M | $47.8M | $39.3M |
| Operating income | β$46.8M | β$59.1M | β$33.8M | β$38.8M | β$73.4M | β$121M | β$51.4M |
| Interest expense | $1.4M | $0.9M | $0.8M | $2.3M | $6.3M | $14.7M | $24.2M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$47.6M | β$59.8M | β$34.6M | β$41.0M | β$78.5M | β$128M | β$68.9M |
| Diluted EPS | β$2.57 | β$1.76 | β$0.70 | β$0.67 | β$1.21 | β$1.63 | β$0.80 |
| Diluted shares | 0.02B | 0.03B | 0.05B | 0.06B | 0.06B | 0.08B | 0.09B |
| Cash flow | |||||||
| Cash from operations | β$48.3M | β$54.1M | β$34.0M | β$28.6M | β$41.6M | β$93.4M | β$35.7M |
| Capital expenditure | $1.9M | $0.8M | $0.1M | $0.6M | $1.3M | $4.9M | $4.3M |
| Free cash flow | β$50.1M | β$54.9M | β$34.1M | β$29.2M | β$42.9M | β$98.4M | β$40.0M |
| Depreciation and amortization | $2.6M | $3.1M | $5.6M | $3.6M | $2.2M | $2.2M | $1.5M |
| Stock-based compensation | $3.4M | $4.0M | $6.7M | $9.3M | $10.1M | $18.8M | $29.5M |
| Balance sheet | |||||||
| Cash and short-term investments | $55.8M | $65.3M | $57.5M | $93.3M | $83.7M | $176M | $191M |
| Total debt | $15.9M | $10.3M | $10.4M | $19.9M | β | β | β |
| Finance lease liabilities | β | $1.2M | $0.7M | $0.4M | $0.2M | $0.1M | β |
| Current assets | $56.4M | $66.1M | $61.3M | $99.8M | $89.9M | $185M | $273M |
| Current liabilities | $16.9M | $11.7M | $7.3M | $8.8M | $18.6M | $41.8M | $136M |
| Inventory | β | β | β | β | β | $0.2M | $23.8M |
| Property and equipment, net | $9.3M | $6.8M | $5.0M | $4.2M | $4.5M | $8.3M | $11.8M |
| Goodwill | $0.0M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M |
| Intangible assets | $0.0M | $5.5M | $4.4M | $3.7M | $3.4M | $3.2M | $3.0M |
| Total assets | $68.8M | $99.5M | $93.7M | $129M | $118M | $230M | $328M |
| Total liabilities | $33.9M | $28.4M | $28.5M | $38.8M | $71.0M | $151M | $283M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $34.9M | $71.1M | $65.3M | $90.4M | $47.3M | $79.4M | $44.7M |
| Margins | |||||||
| Gross margin | β | 67.9% | 76.5% | 82.1% | 83.5% | 58.0% | β |
| Operating margin | β580.1% | β7,989.3% | β263.0% | β243.3% | β419.6% | β866.6% | β32.5% |
| EBITDA margin | β548.3% | β7,566.2% | β219.3% | β220.4% | β407.2% | β850.9% | β31.5% |
| Net margin | β589.5% | β8,080.4% | β269.0% | β257.4% | β448.9% | β916.6% | β43.5% |
| FCF margin | β621.1% | β7,422.5% | β265.6% | β183.1% | β245.0% | β702.9% | β25.3% |
| Returns | |||||||
| Return on capital | β | β290.6% | β146.9% | β180.0% | β | β | β |
| Return on capital employed | β90.1% | β67.3% | β39.1% | β32.2% | β73.5% | β64.3% | β26.7% |
| Return on equity | β136.2% | β112.7% | β50.7% | β52.7% | β114.0% | β202.6% | β111.1% |
| Return on assets | β69.1% | β71.0% | β35.8% | β36.8% | β63.4% | β73.6% | β24.7% |
| Return on tangible equity | β136.2% | β96.9% | β60.7% | β49.5% | β196.5% | β177.4% | β181.9% |
| Growth | |||||||
| Revenue growth | β | β90.8% | 1,637.8% | 24.0% | 9.7% | β20.0% | 1,031.2% |
| Share count change | β | 83.4% | 46.6% | 22.7% | 6.6% | 21.1% | 9.3% |
| Financial health | |||||||
| Debt / equity | 0.5x | 0.1x | 0.2x | 0.2x | β | β | β |
| Interest coverage | β34.1x | β68.9x | β44.4x | β16.6x | β11.7x | β8.3x | β2.1x |
| Current ratio | 3.3x | 5.6x | 8.4x | 11.3x | 4.8x | 4.4x | 2.0x |
| Quick ratio | 3.3x | 5.6x | 8.4x | 11.3x | 4.8x | 4.4x | 1.8x |
| Capital allocation | |||||||
| Capex / revenue | 22.9% | 101.7% | 0.8% | 3.7% | 7.4% | 35.4% | 2.7% |
| Stock comp / revenue | 41.8% | 534.6% | 52.5% | 58.3% | 57.7% | 134.4% | 18.6% |
| Quality scores | |||||||
| Piotroski F-score | β | 4.0 | 5.0 | 4.0 | 3.0 | 2.0 | 3.0 |
| Altman Z'' | β9.9 | β6.8 | β7.0 | β3.8 | β11.3 | β6.8 | β4.4 |
| Accruals ratio | 1.0% | β6.7% | β0.6% | β11.1% | β29.8% | β20.0% | β11.9% |
Source: SEC EDGAR XBRL filings (CIK 0001819576). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
