Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Price to Earnings -0.65 -1.62 -1.08 -2.38
Price to Sales 1.25 6.80 17.22 71.30
Book Value Per Common Share -0.22 2.38 6.77 13.03
Price to Book -8.40 3.53 1.03 1.26
Price to Operating Cash Flow -0.54 -1.78 -1.22 -2.68
Price to Free Cash Flow -0.52 -1.72 -1.16 -2.59
Enterprise Value to EBITDA
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Price to Earnings 2.60 -2.06 -3.29 31.17 -2.34
Price to Sales 31.90 10.47 3.48 7.89 10.25
Book Value Per Common Share 0.13 -0.41 -0.55 -0.22 -0.64
Price to Book 8.72 -3.14 -2.29 -8.40 -4.80
Price to Operating Cash Flow -2.99 -4.02 -1.64 -2.44 -3.20
Price to Free Cash Flow -2.98 -4.02 -1.60 -2.30 -3.12
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Earning YoY
Revenue YoY 50.90 236.72 80.11
EBITDA YoY
Net Profit YoY
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Earning YoY
Revenue YoY -64.71 -63.83 51.71 -7.41
EBITDA YoY
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Cash Per Common Share 2.69 6.80 8.58 13.32
Quick Ratio 0.90 4.59 6.43 8.00
Current Ratio 1.15 4.96 6.71 8.27
Debt to Equity 1.69 0.78 0.61 0.20
Long-Term Debt to Equity 0.43 0.54 0.45 0.09
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Cash Per Common Share 1.83 1.62 1.45 2.25 3.44
Quick Ratio 4.41 0.89 0.84 0.90 1.03
Current Ratio 5.11 1.89 1.06 1.15 1.09
Debt to Equity 0.51 1.74 1.77 1.69 2.28
Long-Term Debt to Equity 0.28 0.51 0.51 0.43 0.37

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
ROA -41.35 -46.73 -47.46 -36.42
ROE -111.10 -83.25 -76.57 -43.82
Gross Margin 68.48 70.00 45.73 17.53
Operating Margin -211.28 -458.72 -1766.51 -3238.39
EBITDA Margin -181.86 -412.41 -1612.48 -2998.17
Net Profit Margin -193.69 -423.39 -1590.33 -2988.49
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
ROA 14.85 -13.15 -7.54 1.07 -19.02
ROE 22.46 -36.06 -20.87 2.88 -62.35
Gross Margin 49.68 84.62 33.96 53.13 40.11
Operating Margin -729.17 -328.05 -103.31 -194.48 -221.72
EBITDA Margin -639.10 -295.25 -79.62 -157.67 -209.71
Net Profit Margin 1241.67 -504.75 -105.85 26.51 -438.51

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
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Assets 39,864.00 51,101.00 56,126.00 76,304.00
   Current Assets 21,589.00 34,469.00 37,751.00 56,890.00
      Cash and Short-Term Investments 15,311.00 31,063.00 35,355.00 53,866.00
            Cash and Cash Equivalents 15,301.00 20,772.00 28,980.00 32,325.00
            Short-Term Investments 10.00 10,291.00 6,375.00 21,541.00
      Net Receivables 1,487.00 804.00 803.00 1,174.00
      Inventory 1,819.00 76.00 566.00 92.00
      Other Current Assets 2,972.00 2,526.00 1,027.00 1,758.00
   Non-Current Assets 18,275.00 16,632.00 18,375.00 19,414.00
      Property, Plant, Equipment Net 4,251.00 3,435.00 4,067.00 4,182.00
      Goodwill 0 0 0 0
      Intangible Assets 12,195.00 13,169.00 14,140.00 15,207.00
      Long-Term Investments 82.00 0 0 0
      Non-Current Deferred Assets 1,735.00 0 94.00 0
      Other Non-Current Assets 12.00 28.00 0 0
Liabilities 25,026.00 22,416.00 21,336.00 12,884.00
   Current Liabilities 18,695.00 6,944.00 5,625.00 6,882.00
      Payables and Expenses 4,176.00 5,341.00 4,640.00 5,644.00
            Account Payables 1,228.00 1,785.00 1,036.00 1,463.00
            Current Accrued Liabilities 1,869.00 2,537.00 1,987.00 2,662.00
      Short-Term Debt 10,960.00 853.00 884.00 974.00
      Other Current Liabilities 3,559.00 750.00 101.00 264.00
   Non-Current Liabilities 6,331.00 15,472.00 15,711.00 6,002.00
      Long-Term Debt 1,914.00 10,653.00 11,046.00 1,695.00
      Other Non-Current Liabilities 4,417.00 4,819.00 4,665.00 4,307.00
Equity 14,838.00 28,685.00 34,790.00 63,420.00
   Shareholders Equity -1,451.00 12,053.00 27,930.00 53,653.00
      Capital Stock 363.00 286.00 235.00 234.00
      Share Premium 272,257.00 269,353.00 261,402.00 260,488.00
      Retained Earnings -274,071.00 -257,586.00 -233,707.00 -207,069.00
      Treasury Shares 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 0
   Minority Interest 16,289.00 16,632.00 6,860.00 9,767.00
Debt 12,874.00 11,506.00 11,930.00 2,669.00
Common Shares Outstanding 6,514.59 5,058.49 4,126.04 4,117.02
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Revenues 8,511.00 5,640.00 1,675.00 930.00
Cost Of Revenue 2,683.00 1,692.00 909.00 767.00
Interest Income 957.00 1,248.00 182.00 291.00
Interest Expense 63.00 115.00 165.00 315.00
Non-Interest Expense 10,866.00 9,679.00 10,415.00 9,991.00
Gross Profit 5,828.00 3,948.00 766.00 163.00
Operating Expenses 28,038.00 30,456.00 27,707.00 31,116.00
   Selling, General and Administrative Expenses 10,866.00 9,679.00 10,415.00 9,991.00
   Research and Development Expenses 16,648.00 20,777.00 20,792.00 21,125.00
   Other Operating Expenses 524.00 0 -3,500.00 0
Operating Income -22,210.00 -26,508.00 -26,941.00 -30,953.00
EBT -18,045.00 -25,987.00 -29,754.00 -30,432.00
Income Tax 9.00 -33.00 90.00 13.00
Net Income Including Non-Controlling Interests -18,054.00 -25,954.00 -29,844.00 -30,445.00
Net Income Non-Controlling Interests 1,569.00 2,075.00 3,206.00 2,652.00
Net Income -16,485.00 -23,879.00 -26,638.00 -27,793.00
EBIT -17,982.00 -25,872.00 -29,589.00 -30,117.00
Deprecation and Amortization 2,504.00 2,612.00 2,580.00 2,234.00
EBITDA -15,478.00 -23,260.00 -27,009.00 -27,883.00
EPS -0.00 -0.01 -0.01 -0.01
Diluted EPS -0.00 -0.01 -0.01 -0.01
Average Shares Outstanding Basic 5,697.24 4,568.56 4,121.02 4,043.33
Average Shares Outstanding Diluted 5,697.24 4,568.56 4,121.02 4,043.33
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Operating Cash Flow -19,700.00 -21,577.00 -23,678.00 -24,716.00
   Operating Net Income -18,054.00 -25,954.00 -29,844.00 -30,445.00
   Deprecation and Amortization 2,504.00 2,612.00 2,580.00 2,234.00
   Deferred Income Tax 9.00 -33.00 90.00 13.00
   Share Based Compensation 1,795.00 1,877.00 1,186.00 2,609.00
   Change in Working Capital -3,313.00 -400.00 -771.00 1,656.00
   Other Operating Activities -2,641.00 321.00 3,081.00 -783.00
Investing Cash Flow 9,622.00 -4,538.00 13,274.00 -20,566.00
   Capital Expenditure 0 0 0 0
   Net Purchase/Sale of PPE -568.00 -759.00 -1,171.00 -847.00
   Net Purchase/Sale of Investments Net 10,190.00 -3,779.00 14,445.00 -19,719.00
   Net Purchase/Sale of Business 0 0 0 0
   Other Investing Activities 0.00 0.00 0.00 0.00
Financing Cash Flow 4,656.00 18,152.00 9,343.00 30,276.00
   Net Issuance/Repayment of Debt -901.00 -836.00 -803.00 -580.00
   Net Issuance/Repurchase of Equity 123.00 8,449.00 21.00 29,582.00
   Dividends Paid 0 0 0 0
   Other Financing Activities 5,434.00 10,539.00 10,125.00 1,274.00
Net Change in Cash -5,422.00 -7,963.00 -1,061.00 -15,006.00
   Cash at Beginning of Period 20,772.00 28,980.00 32,325.00 46,229.00
   Cash at End of Period 15,301.00 20,772.00 28,980.00 32,325.00
Free Cash Flow -20,326.00 -22,362.00 -24,849.00 -25,563.00
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Assets 26,086.00 33,926.00 34,304.00 39,864.00 40,114.00
   Current Assets 20,833.00 28,645.00 16,501.00 21,589.00 25,359.00
      Cash and Short-Term Investments 15,958.00 11,691.00 9,849.00 15,311.00 19,953.00
            Cash and Cash Equivalents 5,626.00 8,329.00 7,495.00 15,301.00 11,317.00
            Short-Term Investments 10,332.00 3,362.00 2,354.00 10.00 8,636.00
      Net Receivables 1,993.00 1,790.00 3,291.00 1,487.00 3,950.00
      Inventory 2,111.00 1,955.00 2,152.00 1,819.00 1,456.00
      Other Current Assets 771.00 13,209.00 1,209.00 2,972.00 0.00
   Non-Current Assets 5,253.00 5,281.00 17,803.00 18,275.00 14,755.00
      Property, Plant, Equipment Net 3,362.00 3,709.00 4,101.00 4,251.00 2,181.00
      Goodwill 0 0 0 0 0
      Intangible Assets 0 0 0 12,195.00 0
      Long-Term Investments 0 15.00 80.00 82.00 95.00
      Non-Current Deferred Assets 1,278.00 1,392.00 1,505.00 1,735.00 0
      Other Non-Current Assets 0 0 0 12.00 0
Liabilities 8,834.00 21,551.00 21,909.00 25,026.00 27,876.00
   Current Liabilities 4,075.00 15,194.00 15,599.00 18,695.00 23,288.00
      Payables and Expenses 2,161.00 2,850.00 2,827.00 4,176.00 4,645.00
            Account Payables 457.00 557.00 592.00 1,228.00 1,198.00
            Current Accrued Liabilities 1,059.00 1,773.00 1,622.00 1,869.00 2,289.00
      Short-Term Debt 675.00 10,706.00 11,041.00 10,960.00 10,737.00
      Other Current Liabilities 1,239.00 1,638.00 1,731.00 3,559.00 7,906.00
   Non-Current Liabilities 4,759.00 6,357.00 6,310.00 6,331.00 4,588.00
      Long-Term Debt 1,845.00 1,979.00 1,922.00 1,914.00 269.00
      Other Non-Current Liabilities 2,914.00 4,378.00 4,388.00 4,417.00 4,319.00
Equity 17,252.00 12,375.00 12,395.00 14,838.00 12,238.00
   Shareholders Equity 1,142.00 -3,550.00 -3,645.00 -1,451.00 -4,343.00
      Capital Stock 489.00 488.00 372.00 363.00 301.00
      Share Premium 277,900.00 277,083.00 272,641.00 272,257.00 269,854.00
      Retained Earnings -277,247.00 -281,121.00 -276,658.00 -274,071.00 -274,498.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 0 0 0 0 0
   Minority Interest 16,110.00 15,925.00 16,040.00 16,289.00 16,581.00
Debt 2,520.00 12,685.00 12,963.00 12,874.00 11,006.00
Net Debt 0 1,697.00 2,876.00 0 0
Common Shares Outstanding 8,716.41 8,714.23 6,672.17 6,514.59 6,792.75
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Revenues 312.00 884.00 2,444.00 1,611.00 1,740.00
Cost Of Revenue 157.00 136.00 1,614.00 755.00 1,042.00
Interest Income 465.00 235.00 1,603.00 -1,863.00 2,068.00
Interest Expense 453.00 628.00 464.00 -3,135.00 2,889.00
Non-Interest Expense 1,495.00 1,498.00 1,939.00 2,022.00 3,313.00
Gross Profit 155.00 748.00 830.00 856.00 698.00
Operating Expenses 2,879.00 3,819.00 4,956.00 5,423.00 6,618.00
   Selling, General and Administrative Expenses 1,495.00 1,498.00 1,939.00 2,022.00 3,313.00
   Research and Development Expenses 1,375.00 2,321.00 3,208.00 3,401.00 3,305.00
   Other Operating Expenses 9.00 0 -191.00 0 0
Operating Income -2,724.00 -3,071.00 -4,126.00 -4,567.00 -5,920.00
EBT -2,728.00 -3,528.00 -2,989.00 2.00 -6,747.00
Income Tax 1.00 1.00 0 7.00 1.00
Net Income Including Non-Controlling Interests 5,197.00 -4,681.00 -2,989.00 -5.00 -8,219.00
Net Income Non-Controlling Interests -1,323.00 219.00 402.00 432.00 589.00
Net Income 3,874.00 -4,462.00 -2,587.00 427.00 -7,630.00
EBIT -2,275.00 -2,900.00 -2,525.00 -3,133.00 -3,858.00
Deprecation and Amortization 281.00 290.00 579.00 593.00 209.00
EBITDA -1,994.00 -2,610.00 -1,946.00 -2,540.00 -3,649.00
EPS 0.00 -0.00 -0.00 0.00 -0.00
Diluted EPS 0.00 -0.00 -0.00 0.00 -0.00
Average Shares Outstanding Basic 8,716.42 7,225.86 6,798.17 6,795.59 5,807.13
Average Shares Outstanding Diluted 8,716.42 7,225.86 6,798.17 6,795.59 5,807.13
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30
Operating Cash Flow -3,333.00 -2,301.00 -5,182.00 -5,207.00 -5,576.00
   Operating Net Income -2,729.00 -3,529.00 -2,989.00 -5.00 -6,748.00
   Deprecation and Amortization 281.00 290.00 579.00 593.00 209.00
   Deferred Income Tax 0 1.00 0 7.00 2.00
   Share Based Compensation 27.00 234.00 316.00 317.00 362.00
   Change in Working Capital -423.00 986.00 -1,798.00 -562.00 -447.00
   Other Operating Activities -489.00 -283.00 -1,290.00 -5,557.00 1,046.00
Investing Cash Flow 10,909.00 -989.00 -2,446.00 8,758.00 2,017.00
   Capital Expenditure 0 0 0 0 0
   Net Purchase/Sale of PPE 25.00 -2.00 -122.00 -322.00 -137.00
   Net Purchase/Sale of Investments Net -4,072.00 -1,001.00 -2,326.00 9,080.00 1,393.00
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 14,956.00 14.00 2.00 0.00 761.00
Financing Cash Flow -10,336.00 4,149.00 -159.00 440.00 5,381.00
   Net Issuance/Repayment of Debt -110.00 -137.00 -143.00 -206.00 -106.00
   Net Issuance/Repurchase of Equity 0 0 0 0 37.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities -10,226.00 4,286.00 -16.00 646.00 5,450.00
Net Change in Cash -2,760.00 859.00 -7,787.00 3,991.00 1,822.00
   Cash at Beginning of Period 8,329.00 7,495.00 15,301.00 11,317.00 9,484.00
   Cash at End of Period 5,626.00 8,329.00 7,495.00 15,301.00 11,317.00
Free Cash Flow -3,339.00 -2,303.00 -5,304.00 -5,529.00 -5,713.00