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SES AI Corp

SES

$0.52 ▼ -0.04 (-6.34%) at close

25 Visible periods

26 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Poor

Bearish

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Analytical Summary

SES AI Corp faces fundamental challenges with weakness in Return on Common Equity (%). The fundamentals warrant careful consideration of downside risks.

Market Cap $174.9M

Dividend Yield —

Revenue Growth 43.8% ↗

Op. Margin -378.5% ↘

ROIC -10.3% ↘

FCF / Share None

Trailing P/E —

Price / Book 0.9x

FCF Yield —

Debt / Equity 0.00

info Valuation on last close. End-of-day price, Sep 23, 2026.

25-Year Financial Trajectory

Quarterly

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$5.07M

↑ +43.8% —

Net Income Profit after all expenses

$-17.90M

↓ -44.0% —

Operating Margin Operating profit as % of sales

-378.5%

↓ -42.1% 0th

trending_up

Bullish Indicators

Debt to EquityDebt to Equity is in the top quartile (lower is better)

warning

Bearish Risks

Operating Margin (%)Operating Margin (%) is in the bottom quartile
Profit Margin (%)Profit Margin (%) is in the bottom quartile
Return on Common Equity (%)Return on Common Equity (%) is in the bottom quartile

Health Breakdown

Profitability

Returns

Financial Health

Financial view

Statement lens

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Cadence

Annual Quarterly

Range

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📈 Is growth accelerating? 4 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jul 8, 2020 10-Q ↗
Revenue Growth YoY (%)	43.8% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+1360%)	15.8% Good Good Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+428%)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
EPS Growth YoY (%)	28.6% Excellent → Excellent Stable Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	54.5% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	33.3% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-16.7% Weak ↑ Weak Improving Year-over-year change in earnings per share Optimal: > 10%	20.0% Good ↑ Good Improving Year-over-year change in earnings per share Optimal: > 10%	-266.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-125.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-50.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	50.0% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	N/M	58.3% Excellent ↓ Excellent Declining Year-over-year change in earnings per share Optimal: > 10%	81.2% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	52.9% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	-100.0% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—	—	—	—	—	—
Net Income Growth YoY (%)	-44.0% Weak ↓ Weak Declining Year-over-year change in net income	2.7% Caution ↓ Caution Declining Year-over-year change in net income	50.7% Excellent ↑ Excellent Improving Year-over-year change in net income	20.1% Good ↑ Good Improving Year-over-year change in net income	20.1% Good ↑ Good Improving Year-over-year change in net income	20.1% Good ↑ Good Improving Year-over-year change in net income	-221.3% Weak ↓ Weak Declining Year-over-year change in net income	4.1% Caution ↑ Caution Improving Year-over-year change in net income	4.1% Caution ↓ Caution Declining Year-over-year change in net income	4.1% Caution ↓ Caution Declining Year-over-year change in net income	-24.4% Weak ↓ Weak Declining Year-over-year change in net income	40.0% Excellent ↑ Excellent Improving Year-over-year change in net income	40.0% Excellent ↑ Excellent Improving Year-over-year change in net income	40.0% Excellent ↑ Excellent Improving Year-over-year change in net income	15.6% Good ↑ Good Improving Year-over-year change in net income	-652.0% Weak → Weak Stable Year-over-year change in net income	-652.0% Weak ↑ Weak Improving Year-over-year change in net income	-652.0% Weak Weak Year-over-year change in net income	—	-17668.0% Weak Weak Year-over-year change in net income	—	—	—	—	—
FCF Growth YoY (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

💰 Are margins durable? 5 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jul 8, 2020 10-Q ↗
Operating Margin (%) (%)	-378.5% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1992%)	-266.3% Weak ↑ Weak Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1431%)	-387.7% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-2038%)	-262.0% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1410%)	—	-401.7% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-2109%)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Effective Tax Rate (%) (%)	-0.7% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-3.5% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	1.9% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.5% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-3.0% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.0% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	0.7% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.5% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.5% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-1.3% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	12.5% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-1.6% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-2.6% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.9% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-12.3% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.5% Excellent ↓ Excellent Declining Actual taxes paid relative to pre-tax income Optimal: 15-25%	1.9% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.0% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.0% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.0% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	-0.3% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—
Profit Margin (%) (%)	-353.0% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-3041%)	-180.3% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1602%)	-373.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-3212%)	-174.7% Weak ↑ Weak Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1555%)	-352.5% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-3037%)	-214.6% Weak Weak Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-1888%)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
FCF Margin (%) (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF / Net Income (x) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

🎯 Is capital allocation efficient? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jul 8, 2020 10-Q ↗
Return on Invested Capital (%)	-10.3% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-9.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-8.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-8.1% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-9.5% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-8.6% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-10.4% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-11.1% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-7.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-6.2% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-4.4% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-5.4% Weak → Weak Stable Return earned on debt + equity capital invested Optimal: > 10%	-5.3% Weak ↑ Weak Improving Return earned on debt + equity capital invested Optimal: > 10%	-5.7% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-5.6% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-5.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-4.5% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	-4.9% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	—	13.4% Good ↑ Good Improving Return earned on debt + equity capital invested Optimal: > 10%	9.1% Fair Fair Return earned on debt + equity capital invested Optimal: > 10%	5.3% Caution Caution Return earned on debt + equity capital invested Optimal: > 10%	—	—	—
Return on Capital (%) (%)	-8.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-7.0% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	-6.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-6.5% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.9% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-7.6% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-8.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-9.8% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-6.7% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-5.5% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-4.4% Weak ↑ Weak Improving Operating profit relative to total assets Optimal: > 10%	-4.8% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	-4.6% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	-5.1% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-4.4% Weak → Weak Stable Operating profit relative to total assets Optimal: > 10%	-4.9% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	-4.2% Weak Weak Operating profit relative to total assets Optimal: > 10%	-4.0% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—	—	—	—	—	—
Return on Common Equity (%) (%)	-9.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-196%)	-6.0% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-160%)	-7.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-179%)	-5.4% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-154%)	-5.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-150%)	-4.6% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-146%)	-12.4% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-224%)	-5.0% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-150%)	-4.7% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-147%)	-4.5% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-145%)	-3.0% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-130%)	-4.5% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-145%)	-4.3% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-143%)	-4.2% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-142%)	-2.2% Weak ↑ Weak Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-122%)	-6.9% Weak → Weak Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-169%)	-6.6% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-166%)	-6.9% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-169%)	—	4.5% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-55%)	5.0% Weak Weak Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-50%)	5.5% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-45%)	—	—	—

⚖️ Is the balance sheet risky? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jul 8, 2020 10-Q ↗
Debt to Equity (x)	0.00x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	0.00x Excellent ↓ Excellent Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	0.00x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-100%)	0.01x Excellent Excellent Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-99%)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Debt (USD)	$-63.69M	$-46.23M	$-28.71M	$-33.35M	$-11.76M	$-56.05M	$-128.80M	$-66.74M	$-54.82M	$-129.61M	$-85.67M	$-49.94M	$-51.47M	$-47.98M	$-106.62M	$-394.66M	$-404.61M	$-426.08M	—	—	—	—	$-161.27K	—	—
Debt / EBITDA (x)	-0.02x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.04x Excellent ↑ Excellent Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.05x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	-0.10x Excellent Excellent Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

📊 What does each share earn? 6 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jul 8, 2020 10-Q ↗
Revenue per Share (USD)	$0.02	$0.02	—	$0.02	$0.01	$0.02	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Basic EPS, GAAP (USD)	$-0.05	$-0.04	$-0.05	$-0.06	$-0.07	$-0.04	$-0.11	$-0.09	$-0.06	$-0.05	$-0.03	$-0.04	$-0.04	$-0.05	$-0.03	$-0.08	$0.03	$-0.12	$-0.16	$-0.17	$-0.11	$-0.06	—	—	—
Free Cash Flow per Share (USD) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Book Value per Share (USD)	$0.56	$0.61	$0.59	$0.69	$0.75	$0.82	$0.77	$0.96	$1.03	$1.09	$1.01	$1.15	$1.19	$1.22	$1.12	$1.13	$1.18	$1.13	—	$-1.31	$-1.19	$-1.08	—	—	—
Tangible Book Value per Share (USD)	$0.51	$0.56	$0.54	$0.64	$0.75	$0.82	$0.77	$0.96	$1.03	$1.09	$1.01	$1.15	$1.19	$1.22	$1.12	$1.12	$1.18	$1.12	—	$-1.31	$-1.19	$-1.08	—	—	—
Basic Weighted Avg Shares (shares)	336.32M	332.84M	—	331.34M	331.73M	329.33M	—	322.03M	320.83M	318.79M	—	315.63M	314.58M	313.42M	—	311.68M	310.26M	219.18M	—	60.86M	60.78M	60.78M	—	—	—

🏦 How resilient is the balance sheet? 2 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jul 8, 2020 10-Q ↗
Working Capital (USD)	$157.46M	$171.33M	$192.12M	$202.36M	$223.46M	$239.69M	$254.09M	$272.36M	$296.18M	$313.17M	$328.27M	$336.32M	$353.11M	$346.53M	$377.28M	$385.30M	$400.75M	$413.35M	—	—	—	—	$-420.86K	—	—
Total Equity (USD)	$187.06M	$203.25M	$214.75M	$228.20M	$249.23M	$269.86M	$278.31M	$309.28M	$331.57M	$347.39M	$358.95M	$363.72M	$374.56M	$382.33M	$391.54M	$393.71M	$411.80M	$392.41M	—	$-79.88M	$-72.04M	$-65.61M	$0.00	$4.77K	$0.00

📋 What is driving earnings? 3 metrics

Metric	Q2 FY2026 Jun 30, 2026 10-Q ↗	Q1 FY2026 Mar 31, 2026 10-Q ↗	Q4 FY2025 Dec 31, 2025 10-K ↗	Q3 FY2025 Sep 30, 2025 10-Q ↗	Q2 FY2025 Jun 30, 2025 10-Q ↗	Q1 FY2025 Mar 31, 2025 10-Q ↗	Q4 FY2024 Dec 31, 2024 10-K ↗	Q3 FY2024 Sep 30, 2024 10-Q ↗	Q2 FY2024 Jun 30, 2024 10-Q ↗	Q1 FY2024 Mar 31, 2024 10-Q ↗	Q4 FY2023 Dec 31, 2023 10-K ↗	Q3 FY2023 Sep 30, 2023 10-Q ↗	Q2 FY2023 Jun 30, 2023 10-Q ↗	Q1 FY2023 Mar 31, 2023 10-Q ↗	Q4 FY2022 Dec 31, 2022 10-K ↗	Q3 FY2022 Sep 30, 2022 10-Q ↗	Q2 FY2022 Jun 30, 2022 10-Q ↗	Q1 FY2022 Mar 31, 2022 10-Q ↗	Q4 FY2021 Dec 31, 2021 10-K ↗	Q3 FY2021 Sep 30, 2021 10-Q ↗	Q2 FY2021 Jun 30, 2021 10-Q ↗	Q1 FY2021 Mar 31, 2021 10-Q ↗	Q4 FY2020 Dec 31, 2020 10-K ↗	Q3 FY2020 Sep 30, 2020 10-Q ↗	Q2 FY2020 Jul 8, 2020 10-Q ↗
Sales/Revenue/Turnover (USD)	$5.07M	$6.71M	$4.56M	$7.12M	$3.53M	$5.79M	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Net Income, GAAP (USD)	$-17.90M	$-12.10M	$-17.04M	$-12.43M	$-12.43M	$-12.43M	$-34.55M	$-15.56M	$-15.56M	$-15.56M	$-10.75M	$-16.23M	$-16.23M	$-16.23M	$-8.65M	$-27.03M	$-27.03M	$-27.03M	$-10.25M	$-3.60M	$-3.60M	$-3.60M	—	$-20.23K	—
Operating Cash Flow (USD)	$-13.83M	$-19.80M	$-10.41M	$-14.30M	—	$-22.83M	$-12.29M	—	—	$-8.98M	$-12.52M	—	—	$-15.39M	$-8.69M	—	—	$-14.81M	$-12.19M	$-2.66M	$-12.00M	$-3.14M	—	$0.00	—

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