Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings -2.37 -2.12 -2.25 -17.69 -5.68
Price to Sales 7.02 13.51 9.27 34.24 42.98
Book Value Per Common Share 3.06 4.07 5.91 8.00 6.52
Price to Book 1.18 1.39 1.00 4.02 5.08
Price to Operating Cash Flow -3.83 -2.63 -2.72 -18.03 -21.21
Price to Free Cash Flow -3.82 -2.58 -2.59 -17.77 -21.01
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Price to Earnings -5.05 -3.86 -4.32 -16.29 -17.77 -19.93 -3.38 -4.42 -37.32 -75.49
Price to Sales 14.34 15.71 15.66 25.84 26.48 184.01 8.27 40.94 154.52 214.68
Book Value Per Common Share 2.08 2.45 2.75 3.06 3.44 3.59 3.76 4.07 4.39 5.35 5.91 7.48 8.00 6.12 6.52
Price to Book 1.07 0.58 0.58 1.18 1.66 1.29 2.18 1.39 0.42 0.59 1.00 3.24 4.02 6.05 5.08
Price to Operating Cash Flow -5.16 -8.42 -3.40 -16.45 -63.90 -30.85 -4.65 -44.47 -63.95
Price to Free Cash Flow -5.10 -16.45 -4.57 -44.18 -62.89
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Earning YoY
Revenue YoY 71.44 -33.25 -32.08 37.93
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Earning YoY
Revenue YoY 73.76 -10.71 39.81 27.95 295.06 -72.55 194.55 -50.89 3.07
EBITDA YoY
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 3.85 5.67 6.90 9.27 8.63
Quick Ratio 5.99 6.86 7.60 8.92 8.58
Current Ratio 5.71 6.34 6.46 6.36 8.69
Debt to Equity 0.62 0.53 0.49 0.30 0.43
Long-Term Debt to Equity 0.41 0.36 0.34 0.17 0.27
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Cash Per Common Share 2.64 3.14 3.31 3.78 3.67 4.30 4.37 4.66 5.01 6.22 6.88 8.65 9.27 8.03 8.63
Quick Ratio 5.52 5.06 5.95 5.99 6.14 5.48 5.69 6.86 8.16 7.76 7.60 9.01 8.92 9.29 8.58
Current Ratio 5.76 5.06 5.70 5.71 6.31 5.09 5.08 6.34 7.39 7.07 6.46 6.45 6.36 8.55 8.69
Debt to Equity 0.72 0.70 0.64 0.62 0.55 0.54 0.54 0.53 0.54 0.51 0.49 0.41 0.30 0.42 0.43
Long-Term Debt to Equity 0.49 0.45 0.43 0.41 0.37 0.32 0.33 0.36 0.40 0.36 0.34 0.29 0.17 0.28 0.27

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA -30.12 -35.20 -29.75 -16.55 -16.58
ROE -48.76 -53.83 -44.32 -21.53 -23.62
Gross Margin
Operating Margin -295.60 -632.17 -412.19 -183.23 -201.72
EBITDA Margin -287.61 -611.67 -385.54 -172.78 -193.45
Net Profit Margin -295.96 -638.34 -412.19 -183.23 -199.83
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
ROA -12.12 -8.77 -8.24 -6.56 -4.65 -7.12 -8.12 -8.78 -6.13 -5.61
ROE -20.83 -14.95 -13.49 -10.17 -7.17 -10.98 -12.52 -13.25 -8.67 -7.95
Gross Margin
Operating Margin -210.85 -402.60 -363.66 -183.86 -147.56 -933.23 -235.13 -925.25 -413.12 -282.40
EBITDA Margin -206.76 -376.26 -345.40 -180.98 -144.39 -908.16 -231.10 -887.58 -384.99 -270.64
Net Profit Margin -286.43 -402.60 -363.66 -160.57 -147.56 -933.23 -244.19 -925.25 -413.12 -282.40

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Dividend Yield
Dividend Payout Ratio
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Assets 349,602.00 376,451.00 430,840.00 506,765.00 400,138.00
   Current Assets 257,767.00 271,189.00 287,557.00 325,689.00 381,009.00
      Cash and Short-Term Investments 267,300.00 281,700.00 337,100.00 451,500.00 371,700.00
            Cash and Cash Equivalents 55,499.00 126,590.00 29,754.00 76,124.00 181,727.00
            Short-Term Investments 0 0 0 233,155.00 189,962.00
      Net Receivables 3,102.00 11,799.00 1,473.00 5,716.00 4,484.00
      Inventory 0 0 0 0 0
      Other Current Assets -12,635.00 -22,310.00 -51,016.00 -131,527.00 4,825.00
   Non-Current Assets 91,835.00 105,262.00 143,283.00 181,076.00 19,129.00
      Property, Plant, Equipment Net 63,378.00 71,088.00 77,516.00 35,053.00 16,552.00
      Goodwill 0 0 0 0 0
      Intangible Assets 0 0 0 0 0
      Long-Term Investments 0 0 0 142,200.00 0
      Non-Current Deferred Assets 6,671.00 3,881.00 8,457.00 15,053.00 23,157.00
      Other Non-Current Assets 21,786.00 30,293.00 57,310.00 -11,230.00 -20,580.00
Liabilities 133,616.00 130,337.00 141,606.00 117,159.00 119,347.00
   Current Liabilities 45,177.00 42,766.00 44,546.00 51,246.00 43,852.00
      Payables and Expenses 8,756.00 8,790.00 8,003.00 9,590.00 9,407.00
            Account Payables 1,328.00 1,446.00 1,172.00 4,506.00 5,683.00
            Current Accrued Liabilities 7,428.00 7,344.00 6,831.00 5,084.00 3,724.00
      Short-Term Debt 5,774.00 5,219.00 6,987.00 1,334.00 1,042.00
      Other Current Liabilities 30,647.00 28,757.00 29,556.00 40,322.00 33,403.00
   Non-Current Liabilities 88,439.00 87,571.00 97,060.00 65,913.00 75,495.00
      Long-Term Debt 59,982.00 65,757.00 80,165.00 41,545.00 21,878.00
      Other Non-Current Liabilities 28,457.00 21,814.00 16,895.00 24,368.00 53,617.00
Equity 215,986.00 246,114.00 289,234.00 389,606.00 280,791.00
   Shareholders Equity 215,986.00 246,114.00 289,234.00 389,606.00 280,791.00
      Capital Stock 7.00 6.00 5.00 5.00 4.00
      Share Premium 849,625.00 774,618.00 689,256.00 658,091.00 464,597.00
      Retained Earnings -633,699.00 -528,383.00 -395,890.00 -267,715.00 -183,823.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 53.00 -127.00 -4,137.00 -775.00 13.00
   Minority Interest 0 0 0 0 0
Investments 0 0 0 375,355.00 189,962.00
Debt 65,756.00 70,976.00 87,152.00 42,879.00 22,920.00
Common Shares Outstanding 70,625.90 60,467.19 48,966.22 48,688.88 43,059.63
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Revenues 35,584.00 20,756.00 31,096.00 45,785.00 33,195.00
Operating Expenses 155,198.00 159,787.00 160,630.00 127,919.00 93,644.00
   Selling, General and Administrative Expenses 42,124.00 42,081.00 42,789.00 33,254.00 15,204.00
   Research and Development Expenses 110,637.00 117,706.00 117,841.00 94,665.00 78,440.00
   Other Operating Expenses 2,437.00 0.00 0.00 0.00 0.00
Operating Income -119,614.00 -139,031.00 -129,534.00 -82,134.00 -60,449.00
Net Non-Operating Income 14,429.00 7,818.00 1,359.00 -1,758.00 -6,512.00
Interest Expense 0.00 0.00 0.00 0.00 0.00
EBT -105,185.00 -131,213.00 -128,175.00 -83,892.00 -66,961.00
Income Tax 131.00 1,280.00 0.00 0.00 626.00
Net Income -105,316.00 -132,493.00 -128,175.00 -83,892.00 -66,335.00
EBIT -105,185.00 -131,213.00 -128,175.00 -83,892.00 -66,961.00
Deprecation and Amortization 2,843.00 4,255.00 8,286.00 4,786.00 2,746.00
EBITDA -102,342.00 -126,958.00 -119,889.00 -79,106.00 -64,215.00
EPS -0.00 -0.00 -0.00 -0.00 -0.01
Diluted EPS -0.00 -0.00 -0.00 0 0
Average Shares Outstanding Basic 69,372.99 49,640.50 48,861.67 0 0
Average Shares Outstanding Diluted 69,372.99 49,640.50 48,861.67 0 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow -65,157.00 -106,838.00 -105,939.00 -86,965.00 -67,249.00
   Operating Net Income -105,316.00 -132,493.00 -128,175.00 -83,892.00 -66,335.00
   Deprecation and Amortization 2,843.00 4,255.00 8,286.00 4,786.00 2,746.00
   Deferred Income Tax 0 0 0 0 0
   Share Based Compensation 29,662.00 27,235.00 30,016.00 21,512.00 3,432.00
   Change in Working Capital 8,915.00 -8,254.00 -21,862.00 -34,467.00 -14,854.00
   Other Operating Activities -1,261.00 2,419.00 5,796.00 5,096.00 7,762.00
Investing Cash Flow -51,270.00 158,349.00 58,422.00 -189,336.00 -190,505.00
   Capital Expenditure -180.00 -1,708.00 -5,496.00 -1,277.00 -650.00
   Net Purchase/Sale of PPE -180.00 -1,708.00 -5,496.00 -1,277.00 -650.00
   Net Purchase/Sale of Investments Net -51,090.00 160,057.00 63,918.00 -188,059.00 -189,855.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 180.00 1,708.00 5,496.00 1,277.00 650.00
Financing Cash Flow 45,336.00 45,489.00 1,147.00 171,400.00 348,932.00
   Net Issuance/Repayment of Debt 0 -12,500.00 0 0 0
   Net Issuance/Repurchase of Equity 20,972.00 57,841.00 777.00 152,044.00 338,074.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities 24,364.00 148.00 370.00 19,356.00 10,858.00
Net Change in Cash -71,091.00 97,000.00 -46,370.00 -104,901.00 91,178.00
   Cash at Beginning of Period 130,033.00 33,033.00 79,403.00 184,304.00 93,126.00
   Cash at End of Period 58,942.00 130,033.00 33,033.00 79,403.00 184,304.00
Free Cash Flow -65,337.00 -108,546.00 -111,435.00 -88,242.00 -67,899.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Assets 265,488.00 296,527.00 319,524.00 349,602.00 376,060.00 381,093.00 398,371.00 376,451.00 333,013.00 396,036.00 430,840.00 515,485.00 506,765.00 374,007.00 400,138.00
   Current Assets 206,864.00 224,729.00 232,535.00 257,767.00 273,228.00 276,044.00 279,592.00 271,189.00 223,686.00 278,452.00 287,557.00 302,946.00 325,689.00 322,011.00 381,009.00
      Cash and Short-Term Investments 191,884.00 223,000.00 234,700.00 267,300.00 255,641.00 295,700.00 299,200.00 281,700.00 246,400.00 305,000.00 337,100.00 421,700.00 451,500.00 346,000.00 371,700.00
            Cash and Cash Equivalents 58,809.00 78,157.00 51,293.00 55,499.00 59,649.00 73,114.00 89,659.00 126,590.00 60,971.00 49,476.00 29,754.00 46,004.00 76,124.00 94,912.00 181,727.00
            Short-Term Investments 133,075.00 0 0 0 195,992.00 0 0 0 0 0 0 245,170.00 233,155.00 218,567.00 189,962.00
      Net Receivables 6,542.00 2,158.00 8,028.00 3,102.00 10,341.00 1,167.00 13,599.00 11,799.00 500.00 528.00 1,473.00 1,773.00 5,716.00 3,656.00 4,484.00
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 8,438.00 -429.00 -10,193.00 -12,635.00 7,246.00 -20,823.00 -33,207.00 -22,310.00 -23,214.00 -27,076.00 -51,016.00 -120,527.00 -131,527.00 -27,645.00 4,825.00
   Non-Current Assets 58,624.00 71,798.00 86,989.00 91,835.00 102,832.00 105,049.00 118,779.00 105,262.00 109,327.00 117,584.00 143,283.00 212,539.00 181,076.00 51,996.00 19,129.00
      Property, Plant, Equipment Net 47,095.00 59,758.00 61,364.00 63,378.00 65,373.00 67,352.00 69,133.00 71,088.00 72,810.00 76,239.00 77,516.00 77,854.00 35,053.00 16,924.00 16,552.00
      Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Long-Term Investments 7,875.00 0 0 0 28,759.00 0 0 0 0 0 0 130,478.00 142,200.00 32,495.00 0
      Non-Current Deferred Assets 0 0 0 6,671.00 0 0 0 3,881.00 0 0 8,457.00 0 15,053.00 0 23,157.00
      Other Non-Current Assets 3,654.00 12,040.00 25,625.00 21,786.00 8,700.00 37,697.00 49,646.00 30,293.00 36,517.00 41,345.00 57,310.00 4,207.00 -11,230.00 2,577.00 -20,580.00
Liabilities 111,080.00 122,463.00 124,384.00 133,616.00 133,404.00 134,035.00 140,089.00 130,337.00 116,989.00 133,566.00 141,606.00 150,956.00 117,159.00 110,302.00 119,347.00
   Current Liabilities 35,945.00 44,456.00 40,820.00 45,177.00 43,293.00 54,201.00 55,018.00 42,766.00 30,271.00 39,380.00 44,546.00 46,988.00 51,246.00 37,653.00 43,852.00
      Payables and Expenses 4,701.00 7,662.00 3,869.00 8,756.00 9,829.00 4,555.00 4,265.00 8,790.00 7,250.00 3,105.00 8,003.00 5,248.00 9,590.00 5,118.00 9,407.00
            Account Payables 1,333.00 2,216.00 683.00 1,328.00 1,504.00 913.00 1,630.00 1,446.00 1,276.00 1,034.00 1,172.00 3,405.00 4,506.00 3,742.00 5,683.00
            Current Accrued Liabilities 3,368.00 5,446.00 3,186.00 7,428.00 8,325.00 3,642.00 2,635.00 7,344.00 5,974.00 2,071.00 6,831.00 1,843.00 5,084.00 1,376.00 3,724.00
      Short-Term Debt 6,216.00 6,066.00 5,919.00 5,774.00 5,632.00 5,493.00 5,355.00 5,219.00 5,087.00 7,114.00 6,987.00 2,477.00 1,334.00 1,086.00 1,042.00
      Other Current Liabilities 25,028.00 30,728.00 31,032.00 30,647.00 27,832.00 44,153.00 45,398.00 28,757.00 17,934.00 29,161.00 29,556.00 39,263.00 40,322.00 31,449.00 33,403.00
   Non-Current Liabilities 75,135.00 78,007.00 83,564.00 88,439.00 90,111.00 79,834.00 85,071.00 87,571.00 86,718.00 94,186.00 97,060.00 103,968.00 65,913.00 72,649.00 75,495.00
      Long-Term Debt 55,247.00 56,857.00 58,447.00 59,982.00 61,463.00 62,924.00 64,365.00 65,757.00 67,095.00 78,341.00 80,165.00 84,948.00 41,545.00 21,763.00 21,878.00
      Other Non-Current Liabilities 19,888.00 21,150.00 25,117.00 28,457.00 28,648.00 16,910.00 20,706.00 21,814.00 19,623.00 15,845.00 16,895.00 19,020.00 24,368.00 50,886.00 53,617.00
Equity 154,408.00 174,064.00 195,140.00 215,986.00 242,656.00 247,058.00 258,282.00 246,114.00 216,024.00 262,470.00 289,234.00 364,529.00 389,606.00 263,705.00 280,791.00
   Shareholders Equity 154,408.00 174,064.00 195,140.00 215,986.00 242,656.00 247,058.00 258,282.00 246,114.00 216,024.00 262,470.00 289,234.00 364,529.00 389,606.00 263,705.00 280,791.00
      Capital Stock 7.00 7.00 7.00 7.00 7.00 7.00 7.00 6.00 5.00 5.00 5.00 5.00 5.00 4.00 4.00
      Share Premium 872,521.00 860,128.00 855,111.00 849,625.00 841,320.00 821,951.00 815,399.00 774,618.00 710,552.00 695,605.00 689,256.00 667,509.00 658,091.00 468,589.00 464,597.00
      Retained Earnings -718,207.00 -686,041.00 -660,021.00 -633,699.00 -599,126.00 -574,460.00 -556,744.00 -528,383.00 -493,629.00 -430,670.00 -395,890.00 -299,335.00 -267,715.00 -204,794.00 -183,823.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 87.00 -30.00 43.00 53.00 455.00 -440.00 -380.00 -127.00 -904.00 -2,470.00 -4,137.00 -3,650.00 -775.00 -94.00 13.00
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 0 0 0 0 0 0 0 0 0 375,648.00 375,355.00 251,062.00 189,962.00
Debt 61,463.00 62,923.00 64,366.00 65,756.00 67,095.00 68,417.00 69,720.00 70,976.00 72,182.00 85,455.00 87,152.00 87,425.00 42,879.00 22,849.00 22,920.00
Common Shares Outstanding 74,174.51 71,007.08 70,989.66 70,625.90 70,562.90 68,815.64 68,778.59 60,467.19 49,259.87 49,052.51 48,966.22 48,751.49 48,688.88 43,108.96 43,059.63
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-09-30 2023-03-31 2022-03-31 2021-03-31
Revenues 11,230.00 6,463.00 7,238.00 5,177.00 15,362.00 12,006.00 3,039.00 11,072.00 3,759.00 7,654.00 7,426.00
Interest Income 2,246.00 0 0 0 3,578.00 0 0 0 0 0 0
Interest Expense 0 0.00 0.00 0.00 0 0.00 0.00 0.00 0.00 0.00 0.00
Non-Interest Expense 8,920.00 0 0 0 11,768.00 0 0 0 0 0 0
Operating Expenses 34,909.00 34,964.00 36,402.00 42,886.00 43,606.00 33,448.00 35,258.00 38,880.00 39,987.00 39,023.00 27,935.00
   Selling, General and Administrative Expenses 8,920.00 8,767.00 9,330.00 10,373.00 11,768.00 9,695.00 10,288.00 10,533.00 10,945.00 12,820.00 7,409.00
   Research and Development Expenses 25,989.00 26,197.00 27,072.00 32,513.00 31,838.00 23,753.00 22,533.00 28,347.00 29,042.00 26,203.00 20,526.00
   Other Operating Expenses 0 0.00 0.00 0.00 0 0.00 2,437.00 0.00 0.00 0.00 0.00
Operating Income -23,679.00 -28,501.00 -29,164.00 -37,709.00 -28,244.00 -21,442.00 -32,219.00 -27,808.00 -36,228.00 -31,369.00 -20,509.00
Net Non-Operating Income 0 2,481.00 2,842.00 6,845.00 0 3,726.00 3,858.00 1,774.00 1,448.00 -251.00 -462.00
EBT -32,166.00 -26,020.00 -26,322.00 -34,442.00 -24,666.00 -17,716.00 -28,361.00 -26,034.00 -34,780.00 -31,620.00 -20,971.00
Income Tax 0 0.00 0.00 131.00 0 0.00 0.00 1,003.00 0.00 0.00 0.00
Net Income Including Non-Controlling Interests -32,166.00 0 0 0 -24,666.00 0 0 0 0 0 0
Net Income -32,166.00 -26,020.00 -26,322.00 -34,573.00 -24,666.00 -17,716.00 -28,361.00 -27,037.00 -34,780.00 -31,620.00 -20,971.00
EBIT -23,679.00 -26,020.00 -26,322.00 -30,864.00 -28,244.00 -17,716.00 -28,361.00 -26,034.00 -34,780.00 -31,620.00 -20,971.00
Deprecation and Amortization 460.00 1,702.00 1,322.00 1,259.00 442.00 380.00 762.00 447.00 1,416.00 2,153.00 873.00
EBITDA -23,219.00 -24,318.00 -25,000.00 -29,605.00 -27,802.00 -17,336.00 -27,599.00 -25,587.00 -33,364.00 -29,467.00 -20,098.00
EPS -0.00 -0.00 -0.00 0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00
Diluted EPS -0.00 -0.00 -0.00 0.00 -0.00 -0.00 -0.00 -0.00 -0.00 0 0
Average Shares Outstanding Basic 72,563.31 71,005.74 70,833.04 70,622.35 69,627.19 68,810.26 68,432.17 49,212.13 49,032.32 0 0
Average Shares Outstanding Diluted 72,563.31 71,005.74 70,833.04 70,622.35 69,627.19 68,810.26 68,432.17 49,212.13 49,032.32 0 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-09-30 2023-03-31 2022-03-31 2021-03-31
Operating Cash Flow -31,207.00 -12,057.00 -33,285.00 -17,932.00 -24,133.00 -4,974.00 -18,118.00 0 -33,125.00 -26,596.00 -24,934.00
   Operating Net Income -32,166.00 -26,020.00 -26,322.00 -34,573.00 -24,666.00 -17,716.00 -28,361.00 0 -34,780.00 -31,620.00 -20,971.00
   Deprecation and Amortization 460.00 1,702.00 1,322.00 1,259.00 442.00 380.00 762.00 447.00 1,416.00 2,153.00 873.00
   Deferred Income Tax 0 0.00 0 0 0 0.00 0 0 0 0 0
   Share Based Compensation 4,593.00 4,992.00 5,507.00 8,235.00 8,831.00 6,381.00 6,215.00 0 6,251.00 8,938.00 3,845.00
   Change in Working Capital -16,030.00 6,620.00 -7,088.00 -724.00 -9,000.00 7,619.00 11,020.00 0 -2,550.00 -2,477.00 -4,946.00
   Other Operating Activities 11,936.00 649.00 -6,704.00 7,871.00 260.00 -1,638.00 -7,754.00 0 -3,462.00 -3,590.00 -3,735.00
Investing Cash Flow 4,086.00 38,921.00 29,125.00 13,670.00 162.00 -11,706.00 -53,396.00 0 53,531.00 -4,004.00 -61,730.00
   Capital Expenditure 0 0.00 0.00 -180.00 0 0.00 0.00 0.00 -589.00 -172.00 -421.00
   Net Purchase/Sale of PPE -411.00 -185.00 0 4.00 13.00 -197.00 0 0 -589.00 -172.00 -421.00
   Net Purchase/Sale of Investments Net 4,497.00 39,106.00 29,125.00 13,666.00 149.00 -11,509.00 -53,396.00 0 54,120.00 -3,832.00 -61,309.00
   Net Purchase/Sale of Business 0 0.00 0 0 0 0.00 0 0 0 0 0
   Net Loan & Lease Activity 0 0 0 0 0
   Other Investing Activities 0.00 0.00 0.00 180.00 0.00 0.00 0.00 0 589.00 172.00 421.00
Financing Cash Flow 7,773.00 0.00 -46.00 112.00 10,506.00 135.00 34,583.00 0 -684.00 480.00 -151.00
   Net Issuance/Repayment of Debt 0 0.00 0 0 0 0.00 0 0 -750.00 0 0
   Net Issuance/Repurchase of Equity 7,502.00 0.00 155.00 -9,987.00 10,196.00 135.00 20,628.00 0 150.00 260.00 -148.00
   Dividends Paid 0 0.00 0 0 0 0.00 0 0 0 0 0
   Other Financing Activities 0 0.00 -201.00 10,099.00 310.00 0.00 13,955.00 0 -84.00 220.00 -3.00
Net Change in Cash -19,348.00 26,864.00 -4,206.00 -4,150.00 -13,465.00 -16,545.00 -36,931.00 0 19,722.00 -30,120.00 -86,815.00
   Cash at Beginning of Period 81,600.00 54,736.00 58,942.00 63,092.00 76,557.00 93,102.00 130,033.00 0 33,033.00 79,403.00 184,304.00
   Cash at End of Period 62,252.00 81,600.00 54,736.00 58,942.00 63,092.00 76,557.00 93,102.00 64,425.00 52,755.00 49,283.00 97,489.00
Free Cash Flow -31,618.00 0.00 0 -41,217.00 -24,120.00 0.00 0 0 -33,714.00 -26,768.00 -25,355.00