Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $69.72M | $77.65M | $9.3M | $221.9M | $502.08M | $963.02M | $1.61B | $2.41B | $3.38B |
| Cost of revenue | $3.11M | $3.43M | $2.45M | $3.88M | $28.27M | $105.96M | $176.37M | $264.42M | $369.9M |
| Gross profit | $66.6M | $74.21M | $6.86M | $218.02M | $473.81M | $854.38M | $1.39B | $2.17B | $2.93B |
| Gross margin | +95.53% | +95.58% | +73.71% | +98.25% | +94.37% | +88.72% | +86.47% | +89.86% | +86.78% |
| Operating | |||||||||
| Research & development | $451.02M | $399.46M | $455.71M | $506.46M | $477.54M | $16.35B | $27.16B | $41.49B | $58.13B |
| Selling, general & administrative | $192.21M | $143.19M | $150.59M | $288.93M | $555.14M | $5.89B | $9.98B | $15.29B | $20.36B |
| Total operating expenses | $643.23M | $586.42M | $614.23M | $811M | $1.04B | $22.74B | $37.3B | $57.18B | $79.21B |
| Operating income | -$576.63M | -$512.2M | -$607.37M | -$592.97M | -$569.09M | -$22.63B | -$37.65B | -$55.76B | -$75.57B |
| Operating margin | -827.12% | -659.65% | -6528.75% | -267.22% | -113.35% | -2349.71% | -2343.97% | -2312.85% | -2235.90% |
| EBITDA | -$533.83M | -$397.44M | -$565.47M | -$436.83M | -$672.88M | -$20.52B | -$34B | -$51.56B | -$73.81B |
| EBIT | -$539.68M | -$404.21M | -$571.96M | -$442.9M | -$681.88M | -$20.76B | -$35.11B | -$51.11B | -$71.52B |
| Below the line | |||||||||
| Interest expense | $46.78M | $80.44M | $81.29M | $99.29M | $53.1M | $2.92B | $5.12B | $7.38B | $10.74B |
| Interest income | $1.13M | $7.54M | $18.04M | $17.25M | $19.85M | $651.9M | $1.08B | $1.64B | $2.31B |
| Other income / expense | -$9.82M | $27.55M | -$45.88M | $50.78M | -$165.9M | — | — | — | — |
| Pre-tax income | -$586.45M | -$484.65M | -$653.25M | -$542.19M | -$734.99M | -$23.23B | -$39.43B | -$59.57B | -$81.84B |
| Income tax expense | $0 | $0 | $0 | $1.15M | $555K | — | — | — | — |
| Earnings | |||||||||
| Net income | -$562.54M | -$481.18M | -$643.2M | -$535.76M | -$729.31M | -$23.29B | -$39.53B | -$60.25B | -$80.87B |
| Net income · continuing ops | -$586.45M | -$484.65M | -$653.25M | -$543.35M | -$735.54M | -$24.23B | -$39.42B | -$58.6B | -$81.76B |
| Net margin | -806.90% | -619.70% | -6913.92% | -241.44% | -145.26% | -2418.48% | -2460.66% | -2499.09% | -2392.65% |
| EPS · basic | $-3.90 | $-3.35 | $-3.95 | $-2.88 | $-3.79 | $-2.20 | $0.62 | $3.69 | $7.21 |
| EPS · diluted | $-3.90 | $-3.35 | $-3.95 | $-2.88 | $-3.79 | $-2.19 | $0.62 | $3.69 | $7.12 |
| EPS · low estimate | — | — | — | — | — | $-3.09 | $-3.09 | $-0.02 | $6.01 |
| EPS · high estimate | — | — | — | — | — | $-1.44 | $5.04 | $6.90 | $8.53 |
| Shares · basic | 144.36M | 147.47M | 162.79M | 186.08M | 197.24M | 195.48M | 197.25M | 198.4M | 196.15M |
| Shares · diluted | 144.36M | 147.47M | 162.79M | 186.08M | 197.24M | 198.1M | 199.01M | 196.64M | 197.46M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 16 | 16 | 16 | 15 |
| Analysts (EPS) | — | — | — | — | — | 13 | 12 | 14 | 8 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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