Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $844.29M | $1.04B | $1.83B | $2.25B | $3.71B | $5.61B | $7.33B | $8.71B | $10.16B |
| Cost of revenue | $140.14M | $168.82M | $310.41M | $323.37M | $677.17M | $933.32M | $1.2B | $1.47B | $1.72B |
| Gross profit | $704.14M | $868.6M | $1.52B | $1.92B | $3.04B | $4.79B | $6.28B | $7.48B | $8.23B |
| Gross margin | +83.40% | +83.73% | +83.02% | +85.62% | +81.77% | +85.35% | +85.64% | +85.88% | +81.02% |
| Operating | |||||||||
| Research & development | $792.16M | $883.02M | $1B | $1.13B | $1.32B | $2.66B | $3.36B | $4.21B | $4.74B |
| Selling, general & administrative | $620.64M | $770.66M | $795.65M | $975.53M | $1.21B | $2.22B | $2.91B | $3.52B | $4.05B |
| Total operating expenses | $1.41B | $1.65B | $1.8B | $2.1B | $2.54B | $4.87B | $6.19B | $7.39B | $9.02B |
| Operating income | -$708.65M | -$785.07M | -$282.18M | -$176.89M | $501.58M | -$183.13M | -$242.24M | -$292.77M | -$330.13M |
| Operating margin | -83.93% | -75.68% | -15.43% | -7.87% | +13.51% | -3.26% | -3.30% | -3.36% | -3.25% |
| EBITDA | -$661.56M | -$926.56M | -$258.24M | -$178.85M | $557.24M | -$129.38M | -$168.94M | -$202.16M | -$246.17M |
| EBIT | -$709.12M | -$971.03M | -$312.3M | -$235.52M | $501.58M | -$257.48M | -$343.95M | -$417.94M | -$479.93M |
| Below the line | |||||||||
| Interest expense | $143.02M | $155.97M | $121.22M | $141.86M | $252.63M | $373.93M | $493.5M | $571.95M | $669.89M |
| Interest income | $1.58M | $24.81M | $95.56M | $121.99M | $111.47M | $254.86M | $330.97M | $395.14M | $469.74M |
| Other income / expense | -$143.49M | -$341.92M | -$151.34M | -$200.49M | -$178.43M | — | — | — | — |
| Pre-tax income | -$852.14M | -$1.13B | -$433.52M | -$377.38M | $323.15M | -$588.72M | -$785.95M | -$903.57M | -$1.08B |
| Income tax expense | $680K | $4.16M | $6.73M | -$99.22M | $9.41M | -$17.37M | -$23.28M | -$26.36M | -$32.15M |
| Earnings | |||||||||
| Net income | -$852.82M | -$1.13B | -$440.24M | -$278.16M | $313.75M | -$532.47M | -$692.31M | -$814.88M | -$975.83M |
| Net income · continuing ops | -$852.82M | -$1.13B | -$440.24M | -$278.16M | $313.75M | -$536.76M | -$690.37M | -$801.39M | -$955.42M |
| Net margin | -101.01% | -109.04% | -24.08% | -12.37% | +8.45% | -9.49% | -9.44% | -9.35% | -9.61% |
| EPS · basic | $-7.20 | $-9.30 | $-3.52 | $-2.18 | $2.39 | $7.50 | $10.62 | $13.53 | $16.15 |
| EPS · diluted | $-7.20 | $-9.30 | $-3.52 | $-2.18 | $2.33 | $7.49 | $10.67 | $13.24 | $15.83 |
| EPS · low estimate | — | — | — | — | — | $6.45 | $8.56 | $9.27 | $14.47 |
| EPS · high estimate | — | — | — | — | — | $8.57 | $12.47 | $19.06 | $19.31 |
| Shares · basic | 118.45M | 121.69M | 124.91M | 127.65M | 131M | 131.33M | 131.93M | 130.74M | 130.93M |
| Shares · diluted | 118.45M | 121.69M | 124.91M | 127.65M | 134.68M | 134.12M | 134.14M | 135.91M | 135.51M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 21 | 20 | 21 | 10 |
| Analysts (EPS) | — | — | — | — | — | 16 | 15 | 15 | 10 |
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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