Income statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.71B | $1.71B | $1.77B | $1.36B | $1.65B | $2.99B | $5.66B | $8.56B | $12.8B |
| Cost of revenue | $924M | $924M | $1.2B | $1.11B | $1.19B | $2.18B | $4.24B | $6.18B | $9.35B |
| Gross profit | $788.6M | $788.6M | $569M | $251.5M | $459.9M | $808.07M | $1.46B | $2.22B | $3.34B |
| Gross margin | +46.05% | +46.05% | +32.20% | +18.50% | +27.96% | +27.00% | +25.85% | +25.90% | +26.06% |
| Operating | |||||||||
| Research & development | $220.7M | $220.7M | $307.8M | $302.2M | $303.9M | $578.02M | $1.13B | $1.67B | $2.42B |
| Selling, general & administrative | $265.7M | $265.7M | $348.8M | $310.7M | $348.2M | $636.34M | $1.21B | $1.78B | $2.79B |
| Total operating expenses | $485.3M | $485.3M | $684.7M | $685.5M | $640M | $1.3B | $2.36B | $3.64B | $5.58B |
| Operating income | $303.3M | $303.3M | -$115.7M | -$434M | -$180.1M | -$497.98M | -$919.9M | -$1.42B | -$2.15B |
| Operating margin | +17.71% | +17.71% | -6.55% | -31.93% | -10.95% | -16.64% | -16.25% | -16.57% | -16.79% |
| EBITDA | $482.4M | $482.4M | $188.7M | -$81.6M | $106.8M | $109.77M | $208.56M | $321.87M | $489.15M |
| EBIT | $315.3M | $315.3M | -$66.9M | -$371.9M | -$149.9M | -$400.48M | -$754.82M | -$1.13B | -$1.74B |
| Below the line | |||||||||
| Interest expense | $80.2M | $80.2M | $35.5M | $33.8M | $22.2M | $57.58M | $111.11M | $163.16M | $245.54M |
| Interest income | $6.1M | $6.1M | $40.8M | $61.3M | $34.4M | $89.34M | $165.34M | $253.97M | $390.37M |
| Other income / expense | -$68.2M | -$68.2M | $13.3M | $28.3M | $8M | — | — | — | — |
| Pre-tax income | $235.1M | $235.1M | -$102.4M | -$405.7M | -$172.1M | -$457.73M | -$864.92M | -$1.3B | -$1.98B |
| Income tax expense | $36.2M | $36.2M | $29.2M | $140.8M | -$198M | — | — | — | — |
| Earnings | |||||||||
| Net income | $198.9M | $198.9M | -$131.6M | -$546.5M | $25.9M | -$462.88M | -$875.09M | -$1.34B | -$1.94B |
| Net income · continuing ops | $198.9M | $198.9M | -$131.6M | -$546.5M | $25.9M | -$468.8M | -$871.27M | -$1.34B | -$2.02B |
| Net margin | +11.61% | +11.61% | -7.45% | -40.21% | +1.57% | -15.47% | -15.46% | -15.67% | -15.18% |
| EPS · basic | $2.79 | $2.79 | $-1.93 | $-8.12 | $0.38 | $8.25 | $18.78 | $29.32 | $44.24 |
| EPS · diluted | $2.68 | $2.68 | $-1.93 | $-8.12 | $0.37 | $8.23 | $18.51 | $29.07 | $44.48 |
| EPS · low estimate | — | — | — | — | — | $7.85 | $15.63 | $25.12 | $36.10 |
| EPS · high estimate | — | — | — | — | — | $8.52 | $20.31 | $32.05 | $50.00 |
| Shares · basic | 71.2M | 71.2M | 68.3M | 67.3M | 69M | 69.05M | 69.27M | 69.51M | 68.7M |
| Shares · diluted | 74.2M | 74.2M | 68.3M | 67.3M | 69.6M | 69.03M | 69.25M | 69.34M | 69.91M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 17 | 16 | 8 |
| Analysts (EPS) | — | — | — | — | — | 12 | 13 | 7 | 2 |
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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