Revenue and profitability
- Revenue: 200,720 (USD thousands); QoQ change +62.20%; YoY change -3.20%.
- Gross Profit: 179,558; Gross margin 0.895 (89.46%); QoQ change +62.12%; YoY change +170.20%.
- Operating Expenses: 2,352,598; R&D 465,174; G&A 1,267,117; SG&A (Selling, General & Administrative) 1,887,424; total operating expenses offset by gross profit yielded EBITDA -2,173,040 and operating income -2,173,040 (margin approx -10.83%).
- Net Income: -2,175,493; Net margin -10.84%; EPS -0.11; Weighted average shares 20,099,095.
- EBITDA: -2,173,040; EBITDA margin -10.83%.
Cash flow and balance sheet
- Net cash from operating activities: -1,600,293; free cash flow: -1,585,115.
- Cash and cash equivalents at period end: 126,239; total assets: 3,186,744; total liabilities: 2,777,573; total stockholders’ equity: 409,171.
- Leverage and liquidity: current ratio 0.671; quick ratio 0.471; cash ratio 0.0679; debt-to-equity 2.69; total debt to capitalization 0.729; long-term debt to capital 0.690.
- Returns and efficiency: ROA -0.68%; ROE -5.32%; asset turnover 0.063; gross margin 89.5%; operating margin -10.83%.
Valuation (as of QQ2 2025 data)
- Price-to-sales: 2.56; price-to-book: 1.26; enterprise value to sales/other metrics show negative EV due to cash/debt configuration; price-to-earnings negative (loss year).
Notes: All monetary figures are USD, reported in thousands where applicable. The quarter shows a very high gross margin but is foregrounded by substantial R&D and SG&A outlays that drive a negative bottom line and cash burn.