Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings -1.01 -3.56 -5.09
Price to Sales
Book Value Per Common Share 3.03 4.61 4.60 5.56
Price to Book 0.57 0.83 1.17 1.22
Price to Operating Cash Flow -1.20 -4.33 -6.24 -15.23
Price to Free Cash Flow -1.20 -4.33 -6.21 -15.20
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31
Price to Earnings -3.89 -1.71 -2.29 -4.96 -16.20 -14.50
Price to Sales
Book Value Per Common Share 1.54 1.93 2.57 3.03 3.62 4.36 4.61 4.37 4.60 5.34 5.56
Price to Book 1.11 0.60 0.43 0.57 0.69 0.93 0.83 0.93 1.17 0.73 1.22
Price to Operating Cash Flow -3.40 -2.21 -1.95 -6.06 -13.56 -16.37 -19.07
Price to Free Cash Flow -3.40 -2.21 -1.95 -6.06 -13.55 -19.05
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY
Revenue YoY
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31
Earning YoY
Revenue YoY
EBITDA YoY
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 2.86 5.01 4.37 4.80
Quick Ratio 6.22
Current Ratio 6.46 19.01 23.08
Debt to Equity 0.31 0.16 0.04 0.02
Long-Term Debt to Equity 0.16 0.11 0.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31
Cash Per Common Share 2.09 2.37 2.46 2.85 3.33 4.22 4.21 3.42 4.33 4.67 4.80
Quick Ratio 5.78 5.78 6.22 10.08
Current Ratio 6.02 5.97 8.02 6.46 10.43 30.20 19.01 16.41 23.08 48.81
Debt to Equity 0.53 0.47 0.31 0.31 0.23 0.15 0.16 0.05 0.04 0.02 0.02
Long-Term Debt to Equity 0.29 0.26 0.19 0.16 0.14 0.12 0.11 0.00 0.00 0.00

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA -42.82 -16.89 -21.80 -43.68
ROE -56.28 -19.62 -22.70 -44.68
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31
ROA -18.60 -23.82 -14.08 -11.15 -4.94 -6.02 -4.15
ROE -28.39 -34.98 -18.52 -13.70 -5.68 -6.31 -4.22
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 238,992.00 310,125.00 196,587.00 230,330.00
   Current Assets 178,306.00 246,615.00 180,329.00 198,661.00
      Cash and Short-Term Investments 171,557.00 243,522.00 177,605.00 194,237.00
            Cash and Cash Equivalents 35,627.00 66,886.00 130,101.00 122,162.00
            Short-Term Investments 135,930.00 176,636.00 47,504.00 72,075.00
      Net Receivables 53.00 0 0 0
      Inventory 0 0 0 0
      Other Current Assets 6,696.00 3,093.00 2,724.00 4,424.00
   Non-Current Assets 60,686.00 63,510.00 16,258.00 31,669.00
      Property, Plant, Equipment Net 366.00 503.00 270.00 36.00
      Goodwill 0 0 0 0
      Intangible Assets 0 0 0 0
      Long-Term Investments 59,968.00 62,553.00 15,837.00 31,619.00
      Non-Current Deferred Assets 0 0 0 0
      Other Non-Current Assets 352.00 454.00 151.00 14.00
Liabilities 57,176.00 43,152.00 7,812.00 5,147.00
   Current Liabilities 27,607.00 12,971.00 7,812.00 0
      Payables and Expenses 12,263.00 7,718.00 3,648.00 2,190.00
            Account Payables 5,648.00 1,379.00 1,640.00 1,088.00
            Current Accrued Liabilities 6,615.00 6,339.00 2,008.00 1,102.00
      Short-Term Debt 0 866.00 105.00 0
      Other Current Liabilities 15,344.00 4,387.00 4,059.00 0
   Non-Current Liabilities 29,569.00 30,181.00 0.00 0
      Long-Term Debt 150.00 284.00 0 0
      Other Non-Current Liabilities 29,419.00 29,897.00 0 0
Equity 181,816.00 266,973.00 188,775.00 225,183.00
   Shareholders Equity 181,816.00 266,973.00 188,775.00 225,183.00
      Capital Stock 6.00 6.00 4.00 4.00
      Share Premium 506,985.00 489,453.00 359,949.00 352,981.00
      Retained Earnings -325,127.00 -222,798.00 -170,427.00 -127,571.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income -48.00 312.00 0 0
   Minority Interest 0 0 0 0
Investments 195,898.00 239,189.00 63,341.00 103,694.00
Debt 29,419.00 31,047.00 105.00 0
Common Shares Outstanding 60,094.08 57,910.46 41,025.06 40,473.27
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Expenses 114,017.00 61,138.00 45,237.00 19,584.00
   Selling, General and Administrative Expenses 20,219.00 18,820.00 12,876.00 7,279.00
   Research and Development Expenses 93,798.00 42,318.00 32,361.00 12,305.00
   Other Operating Expenses 0.00 0.00 0.00 0.00
Operating Income -114,017.00 -61,138.00 -45,237.00 -19,584.00
Net Non-Operating Income 11,688.00 8,767.00 2,381.00 -81,022.00
Interest Income 18,385.00 581.00 0 0
Interest Expense 4,068.00 581.00 0.00 0.00
Net Interest 14,317.00 581.00 2,392.00 84.00
EBT -102,329.00 -52,371.00 -42,856.00 -100,606.00
Income Tax 0.00 0.00 0.00 0.00
Net Income -102,329.00 -52,371.00 -42,856.00 -100,606.00
EBIT -98,261.00 -51,790.00 -42,856.00 -100,606.00
Deprecation and Amortization 4,837.00 2,937.00 656.00 159.00
EBITDA -93,424.00 -48,853.00 -42,200.00 -100,447.00
EPS -0.00 -0.00 -0.00 0
Diluted EPS -0.00 -0.00 -0.00 0
Average Shares Outstanding Basic 60,013.28 48,609.38 40,601.94 0
Average Shares Outstanding Diluted 60,013.28 48,609.38 40,601.94 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow -86,215.00 -43,064.00 -35,153.00 -17,961.00
   Operating Net Income -102,329.00 -52,371.00 -42,856.00 -100,606.00
   Deprecation and Amortization -4,837.00 -2,937.00 656.00 159.00
   Deferred Income Tax 0 0 0 0
   Share Based Compensation 9,635.00 6,145.00 3,061.00 922.00
   Change in Working Capital 687.00 -810.00 1,978.00 -3,338.00
   Other Operating Activities 10,629.00 6,909.00 2,008.00 84,902.00
Investing Cash Flow 48,027.00 -171,671.00 39,185.00 -104,120.00
   Capital Expenditure -16.00 -21.00 -161.00 -40.00
   Net Purchase/Sale of PPE -16.00 -18.00 -161.00 -40.00
   Net Purchase/Sale of Investments Net 48,043.00 -171,653.00 39,346.00 -104,080.00
   Net Purchase/Sale of Business 0 0 0 0
   Other Investing Activities 16.00 21.00 161.00 40.00
Financing Cash Flow 6,928.00 151,753.00 3,907.00 200,466.00
   Net Issuance/Repayment of Debt -739.00 30,000.00 0 0
   Net Issuance/Repurchase of Equity 7,938.00 122,229.00 3,907.00 169,185.00
   Dividends Paid 0 0 0 0
   Other Financing Activities -271.00 -476.00 0.00 31,281.00
Net Change in Cash -31,260.00 -62,982.00 7,939.00 78,385.00
   Cash at Beginning of Period 67,119.00 130,101.00 122,162.00 0
   Cash at End of Period 35,859.00 67,119.00 130,101.00 0
Free Cash Flow -86,231.00 -43,085.00 -35,314.00 -18,001.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-03-31 2023-12-31 2023-03-31 2022-12-31 2022-03-31 2021-12-31
Assets 142,221.00 171,897.00 204,478.00 238,992.00 266,975.00 300,967.00 310,125.00 187,864.00 196,587.00 220,087.00 230,330.00
   Current Assets 132,153.00 148,404.00 154,947.00 178,306.00 207,632.00 255,831.00 246,615.00 144,032.00 180,329.00 192,098.00 198,661.00
      Cash and Short-Term Investments 126,609.00 143,369.00 149,148.00 171,557.00 200,343.00 252,512.00 243,522.00 140,409.00 177,605.00 189,090.00 194,237.00
            Cash and Cash Equivalents 46,832.00 36,810.00 30,159.00 35,627.00 33,184.00 46,930.00 66,886.00 77,999.00 130,101.00 108,764.00 122,162.00
            Short-Term Investments 79,777.00 106,559.00 118,989.00 135,930.00 167,159.00 205,582.00 176,636.00 62,410.00 47,504.00 80,326.00 72,075.00
      Net Receivables 379.00 315.00 0 53.00 319.00 0 0 0 0 0 0
      Inventory 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 5,165.00 4,720.00 5,799.00 6,696.00 6,970.00 3,319.00 3,093.00 3,623.00 2,724.00 3,008.00 4,424.00
   Non-Current Assets 10,068.00 23,493.00 49,531.00 60,686.00 59,343.00 45,136.00 63,510.00 43,832.00 16,258.00 27,989.00 31,669.00
      Property, Plant, Equipment Net 288.00 335.00 373.00 366.00 385.00 470.00 503.00 218.00 270.00 252.00 36.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 30.00 50.00 0 0 0 0 0 0 0 0 0
      Long-Term Investments 9,443.00 22,797.00 48,795.00 59,968.00 58,552.00 44,108.00 62,553.00 43,419.00 15,837.00 27,658.00 31,619.00
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 0 0 363.00 352.00 0 558.00 454.00 195.00 151.00 79.00 14.00
Liabilities 49,048.00 54,820.00 48,957.00 57,176.00 49,773.00 38,933.00 43,152.00 8,779.00 7,812.00 3,998.00 5,147.00
   Current Liabilities 21,956.00 24,861.00 19,315.00 27,607.00 19,914.00 8,472.00 12,971.00 8,779.00 7,812.00 3,936.00 0
      Payables and Expenses 13,486.00 22,715.00 7,767.00 12,263.00 16,806.00 5,984.00 7,718.00 2,390.00 3,648.00 1,760.00 2,190.00
            Account Payables 682.00 2,103.00 1,056.00 5,648.00 2,342.00 3,079.00 1,379.00 762.00 1,640.00 1,219.00 1,088.00
            Current Accrued Liabilities 12,804.00 20,612.00 6,711.00 6,615.00 14,464.00 2,905.00 6,339.00 1,628.00 2,008.00 541.00 1,102.00
      Short-Term Debt 3,744.00 142.00 138.00 0 129.00 121.00 866.00 67.00 105.00 139.00 0
      Other Current Liabilities 4,726.00 2,004.00 11,410.00 15,344.00 2,979.00 2,367.00 4,387.00 6,322.00 4,059.00 2,037.00 0
   Non-Current Liabilities 27,092.00 29,959.00 29,642.00 29,569.00 29,859.00 30,461.00 30,181.00 0.00 0.00 62.00 0
      Long-Term Debt 27,092.00 29,959.00 114.00 150.00 28,339.00 252.00 284.00 0 0 62.00 0
      Other Non-Current Liabilities 0.00 0.00 29,528.00 29,419.00 1,520.00 30,209.00 29,897.00 0 0 0.00 0
Equity 93,173.00 117,077.00 155,521.00 181,816.00 217,202.00 262,034.00 266,973.00 179,085.00 188,775.00 216,089.00 225,183.00
   Shareholders Equity 93,173.00 117,077.00 155,521.00 181,816.00 217,202.00 262,034.00 266,973.00 179,085.00 188,775.00 216,089.00 225,183.00
      Capital Stock 6.00 6.00 6.00 6.00 6.00 6.00 6.00 4.00 4.00 4.00 4.00
      Share Premium 514,382.00 511,921.00 509,423.00 506,985.00 504,651.00 499,843.00 489,453.00 361,339.00 359,949.00 353,599.00 352,981.00
      Retained Earnings -421,324.00 -394,873.00 -353,923.00 -325,127.00 -287,973.00 -237,671.00 -222,798.00 -181,734.00 -170,427.00 -136,700.00 -127,571.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 109.00 23.00 15.00 -48.00 518.00 -144.00 312.00 0 0 0 0
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 167,784.00 195,898.00 0 249,690.00 239,189.00 105,829.00 63,341.00 107,984.00 103,694.00
Debt 30,836.00 30,101.00 29,528.00 29,419.00 28,468.00 30,582.00 31,047.00 67.00 105.00 201.00 0
Common Shares Outstanding 60,573.43 60,573.43 60,573.43 60,094.08 60,079.78 60,079.78 57,910.46 41,025.06 41,025.06 40,473.27 40,473.27
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-03-31 2022-03-31
Interest Income 1,639.00 2,015.00 3,494.00 13,881.00 3,504.00 0 1,000.00 0 0
Interest Expense 1,068.00 1,046.00 1,023.00 2,041.00 1,027.00 0 1,000.00 0.00 0.00
Net Interest 0 0 2,471.00 13,317.00 0 0 1,000.00 1,832.00 76.00
Non-Interest Expense 4,545.00 4,625.00 0 0 5,018.00 0 0 0 0
Operating Expenses 26,513.00 41,750.00 30,370.00 63,978.00 32,265.00 0 17,774.00 13,135.00 9,206.00
   Selling, General and Administrative Expenses 4,545.00 4,625.00 5,104.00 9,876.00 5,018.00 0 5,325.00 4,422.00 3,221.00
   Research and Development Expenses 21,968.00 37,125.00 25,266.00 54,102.00 27,247.00 0 12,449.00 8,713.00 5,985.00
   Other Operating Expenses 0 0 0.00 0.00 0 0 0.00 0.00 0.00
Operating Income -26,513.00 -41,750.00 -30,370.00 -63,978.00 -32,265.00 0 -17,774.00 -13,135.00 -9,206.00
Net Non-Operating Income -69.00 -129.00 1,574.00 8,754.00 33.00 0 2,901.00 1,828.00 77.00
EBT -26,451.00 -40,950.00 -28,796.00 -57,691.00 -29,765.00 0 -14,873.00 -11,307.00 -9,129.00
Income Tax 0 0 0.00 0.00 0 0 0.00 0.00 0.00
Net Income Including Non-Controlling Interests -26,451.00 -40,950.00 0 0 -29,765.00 0 0 0 0
Net Income -26,451.00 -40,950.00 -28,796.00 -57,691.00 -29,765.00 0 -14,873.00 -11,307.00 -9,129.00
EBIT -25,383.00 -39,904.00 -27,773.00 -55,650.00 -28,738.00 0 -13,873.00 -11,307.00 -9,129.00
Deprecation and Amortization 47.00 47.00 543.00 3,073.00 45.00 0 1,719.00 282.00 253.00
EBITDA -25,336.00 -39,857.00 -27,230.00 -52,577.00 -28,693.00 0 -12,154.00 -11,025.00 -8,876.00
EPS -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 0
Diluted EPS -0.00 -0.00 -0.00 0.00 -0.00 -0.00 -0.00 -0.00 0
Average Shares Outstanding Basic 60,573.43 60,573.43 60,525.63 60,081.55 60,079.78 60,079.78 59,812.00 41,025.06 0
Average Shares Outstanding Diluted 60,573.43 60,573.43 60,525.63 60,081.55 60,079.78 60,079.78 59,812.00 41,025.06 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-03-31
Operating Cash Flow -30,489.00 -31,832.00 -34,121.00 -24,596.00 -17,859.00 -10,175.00 -8,299.00
   Operating Net Income -26,451.00 -40,950.00 -28,796.00 -29,765.00 -14,873.00 -11,307.00 -9,129.00
   Deprecation and Amortization 47.00 47.00 -543.00 45.00 -1,719.00 -282.00 253.00
   Deferred Income Tax 0 0 0 0 0 0 0
   Share Based Compensation 2,461.00 2,498.00 2,474.00 2,338.00 2,484.00 1,390.00 618.00
   Change in Working Capital -7,026.00 6,275.00 -3,626.00 3,734.00 1,488.00 -1,859.00 1,440.00
   Other Operating Activities 480.00 298.00 -3,630.00 -948.00 -5,239.00 1,883.00 -1,481.00
Investing Cash Flow 40,511.00 38,483.00 28,689.00 -10,132.00 -9,203.00 -41,927.00 -5,099.00
   Capital Expenditure 0 0 -79.00 0 -11.00 0.00 -9.00
   Net Purchase/Sale of PPE 0 -9.00 -79.00 0 -11.00 0 -9.00
   Net Purchase/Sale of Investments Net 40,511.00 38,492.00 28,768.00 -10,132.00 -9,192.00 -41,927.00 -5,090.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0
   Other Investing Activities 0.00 0.00 79.00 0.00 11.00 0.00 9.00
Financing Cash Flow 0 0 -36.00 -42.00 7,107.00 0 0
   Net Issuance/Repayment of Debt 0 0 0 0 -739.00 0 0
   Net Issuance/Repurchase of Equity 0 0 37.00 0 7,938.00 0 0
   Dividends Paid 0 0 0 0 0 0 0
   Other Financing Activities 0 0 -73.00 -42.00 -92.00 0 0
Net Change in Cash 10,022.00 6,651.00 -5,468.00 -34,770.00 -19,955.00 -52,102.00 -13,398.00
   Cash at Beginning of Period 37,042.00 30,391.00 35,859.00 68,190.00 67,119.00 130,101.00 122,162.00
   Cash at End of Period 47,064.00 37,042.00 30,391.00 33,420.00 47,164.00 77,999.00 108,764.00
Free Cash Flow -30,489.00 -31,841.00 -34,200.00 -24,596.00 -17,870.00 0 -8,308.00