Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31
Price to Earnings 7.06 5.17 6.36
Price to Sales 313.28 264.57 113.02
Book Value Per Common Share 2.23 3.12 2.22
Price to Book 3.39 3.23 5.48
Price to Operating Cash Flow -5.61 -6.86 -8.24
Price to Free Cash Flow -5.51 -6.79 -7.68
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
Price to Earnings -96.54 -50.39 -24.21 -23.50 21.30 31.15
Price to Sales 3060.98 1119.75 1001.72 1510.71 3266.67 1664.38
Book Value Per Common Share 2.10 2.21 2.32 2.23 2.08 2.76 3.12 1.89 2.22
Price to Book 5.97 4.10 2.51 3.39 4.07 3.56 3.23 6.44 5.48
Price to Operating Cash Flow -60.16 -60.15 -46.67 -27.61 -23.59 -37.63
Price to Free Cash Flow -60.37 -54.70 -46.63 -21.70 -23.27 -37.19
Enterprise Value to EBITDA

Earnings Data

Breakdown 2024-12-31 2023-12-31 2022-12-31
Earning YoY -45.13 2.09
Revenue YoY -25.67 -53.76
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
Earning YoY 17.95
Revenue YoY -48.97 45.31 -60.70 -46.98
EBITDA YoY
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31
Cash Per Common Share 0.38 2.00 1.78
Quick Ratio 2.00 5.25 8.10
Current Ratio 2.07 5.45 8.66
Debt to Equity -0.20 -0.19 -0.18
Long-Term Debt to Equity -0.27 -0.25 -0.24
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
Cash Per Common Share 0.40 0.49 0.62 0.38 0.57 1.49 1.71 1.15 1.50
Quick Ratio 1.03 2.83 2.43 2.00 1.69 4.68 5.25 6.30 8.10
Current Ratio 1.41 3.84 3.07 2.07 2.50 4.89 5.45 6.82 8.66
Debt to Equity 0.31 0.29 0.31 -0.20 0.44 0.32 -0.19 0.34 -0.18
Long-Term Debt to Equity 0.10 0.20 0.20 -0.27 0.28 0.21 -0.25 0.24 -0.24

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31
ROA -34.31 -40.92 -57.51
ROE -27.40 -33.33 -47.03
Gross Margin 64.91 23.49 62.86
Operating Margin -1879.51
EBITDA Margin -1829.62
Net Profit Margin -4433.71 -5108.30 -1775.04
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
ROA -4.54 -5.96 -7.36 -11.52 -12.04 -15.87
ROE -5.96 -7.67 -9.68 -16.61 -15.87 -21.34
Gross Margin 51.19 72.47 60.14 61.85 72.22 72.90
Operating Margin -3779.82 -2598.78 -3674.01 -6878.09
EBITDA Margin -3631.56 -2529.49 -3589.39 -6804.47
Net Profit Margin -3214.86 -2233.24 -4151.70 -6443.52 -15419.72 -5312.81

Dividends

Breakdown 2024-12-31 2023-12-31 2022-12-31
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
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown 2024-12-31 2023-12-31 2022-12-31
Assets 374,932.00 487,226.00 260,486.00
   Current Assets 69,286.00 216,486.00 151,031.00
      Cash and Short-Term Investments 45,309.00 205,043.00 139,660.00
            Cash and Cash Equivalents 45,309.00 205,043.00 139,660.00
            Short-Term Investments 0 0 0
      Net Receivables 21,569.00 3,326.00 1,497.00
      Inventory 0 5,013.00 5,648.00
      Other Current Assets 2,408.00 3,104.00 4,226.00
   Non-Current Assets 305,646.00 270,740.00 109,455.00
      Property, Plant, Equipment Net 9,667.00 6,645.00 3,934.00
      Goodwill 0 0 0
      Intangible Assets 0 123.00 1,249.00
      Long-Term Investments 0 0 0
      Non-Current Deferred Assets 0 0 0
      Other Non-Current Assets 295,979.00 263,972.00 104,272.00
Liabilities -94,501.00 -110,945.00 -58,039.00
   Current Liabilities 33,416.00 39,723.00 17,432.00
      Payables and Expenses 11,121.00 19,948.00 13,943.00
            Account Payables 6,309.00 12,859.00 4,578.00
            Current Accrued Liabilities 2,367.00 3,481.00 6,666.00
      Short-Term Debt 13,193.00 13,371.00 706.00
      Other Current Liabilities 9,102.00 6,404.00 2,783.00
   Non-Current Liabilities -127,917.00 -150,668.00 -75,471.00
      Long-Term Debt 56,666.00 65,815.00 26,321.00
      Other Non-Current Liabilities -184,583.00 -216,483.00 -101,792.00
Equity 469,433.00 598,171.00 318,525.00
   Shareholders Equity 268,641.00 374,251.00 206,375.00
      Capital Stock 12.00 12.00 9.00
      Share Premium 802,032.00 777,816.00 409,683.00
      Retained Earnings -530,127.00 -401,504.00 -202,128.00
      Treasury Shares 0 0 0
      Accumulated Other Comprehensive Income -3,276.00 -2,073.00 -1,189.00
   Minority Interest 11,790.00 2,030.00 -3,928.00
Investments 64,887.00 39,130.00 5,998.00
Debt 69,859.00 79,186.00 27,027.00
Net Debt 24,550.00 0 0
Common Shares Outstanding 120,600.00 120,000.00 93,000.00
Breakdown 2024-12-31 2023-12-31 2022-12-31
Revenues 2,901.00 3,903.00 8,440.00
Cost Of Revenue 1,018.00 2,986.00 3,135.00
Gross Profit 1,883.00 917.00 5,305.00
Operating Expenses 178,834.00 181,319.00 137,470.00
   Selling, General and Administrative Expenses 45,037.00 48,480.00 27,144.00
   Research and Development Expenses 2,853.00 6,120.00 5,040.00
   Other Operating Expenses 130,944.00 126,719.00 105,286.00
Operating Income -176,951.00 -180,402.00 -132,165.00
Net Non-Operating Income 0 0 -27,438.00
Interest Expense 2,585.00 2,960.00 972.00
Net Interest -2,585.00 -2,960.00 0
EBT 0 0 -159,603.00
Income Tax 32.00 584.00 618.00
Equity Method Investments Income 8,668.00 35,952.00 3,711.00
Net Income Including Non-Controlling Interests -140,270.00 -216,075.00 -160,221.00
Net Income Non-Controlling Interests 11,648.00 16,698.00 10,408.00
Net Income -128,622.00 -199,377.00 -149,813.00
EBIT 0 0 -158,631.00
Deprecation and Amortization 2,703.00 2,640.00 4,211.00
EBITDA 0 0 -154,420.00
EPS 0.00 0.00 0.00
Diluted EPS 0.00 0.00 0.00
Average Shares Outstanding Basic 120,377.90 102,491.53 78,527.54
Average Shares Outstanding Diluted 120,377.90 102,491.53 78,527.54
Breakdown 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow -162,096.00 -150,515.00 -115,734.00
   Operating Net Income -140,270.00 -216,075.00 -160,221.00
   Deprecation and Amortization 2,703.00 2,640.00 4,211.00
   Deferred Income Tax 0 -583.00 -775.00
   Share Based Compensation 14,964.00 20,963.00 4,833.00
   Change in Working Capital -5,250.00 1,260.00 -994.00
   Other Operating Activities -34,243.00 41,280.00 37,212.00
Investing Cash Flow -14,470.00 -150,766.00 -48,384.00
   Capital Expenditure -2,930.00 -1,578.00 -8,506.00
   Net Purchase/Sale of PPE -2,930.00 -1,578.00 -8,506.00
   Net Purchase/Sale of Investments Net 0 0 0
   Net Purchase/Sale of Business -900.00 -68,681.00 -3,973.00
   Other Investing Activities -7,710.00 -78,929.00 -27,399.00
Financing Cash Flow 18,895.00 366,454.00 254,410.00
   Net Issuance/Repayment of Debt 5,000.00 4,000.00 96,200.00
   Net Issuance/Repurchase of Equity 867.00 323,044.00 158,231.00
   Dividends Paid 0 0 0
   Other Financing Activities 13,028.00 39,410.00 -21.00
Net Change in Cash -159,734.00 65,383.00 89,810.00
   Cash at Beginning of Period 205,043.00 139,660.00 49,850.00
   Cash at End of Period 45,309.00 205,043.00 139,660.00
Free Cash Flow -165,026.00 -152,093.00 -124,240.00
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
Assets 386,151.00 400,471.00 414,388.00 374,932.00 375,428.00 461,156.00 487,226.00 227,367.00 260,486.00
   Current Assets 87,677.00 104,287.00 114,255.00 69,286.00 104,737.00 191,846.00 216,486.00 118,156.00 151,031.00
      Cash and Short-Term Investments 52,979.00 65,350.00 78,863.00 45,309.00 68,073.00 179,361.00 205,043.00 106,995.00 139,660.00
            Cash and Cash Equivalents 52,979.00 65,350.00 78,863.00 45,309.00 68,073.00 179,361.00 205,043.00 106,995.00 139,660.00
            Short-Term Investments 0 0 0 0 0 0 0 0 0
      Net Receivables 11,094.00 11,426.00 11,373.00 21,569.00 2,774.00 4,319.00 3,326.00 2,207.00 1,497.00
      Inventory 0 0 0 0 0 5,313.00 5,013.00 5,869.00 5,648.00
      Other Current Assets 0 0 0 2,408.00 33,890.00 2,853.00 3,104.00 3,085.00 4,226.00
   Non-Current Assets 298,474.00 296,184.00 300,133.00 305,646.00 270,691.00 269,310.00 270,740.00 109,211.00 109,455.00
      Property, Plant, Equipment Net 233,711.00 234,629.00 236,796.00 9,667.00 232,969.00 7,823.00 6,645.00 4,214.00 3,934.00
      Goodwill 0 0 0 0 0 0 0 0 0
      Intangible Assets 0 0 0 0 0 0 123.00 546.00 1,249.00
      Long-Term Investments 62,753.00 59,523.00 61,052.00 0 32,478.00 0 0 0 0
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 2,010.00 2,032.00 2,285.00 295,979.00 5,244.00 261,487.00 263,972.00 104,451.00 104,272.00
Liabilities 92,390.00 89,694.00 99,042.00 -94,501.00 115,177.00 111,424.00 -110,945.00 58,285.00 -58,039.00
   Current Liabilities 61,997.00 27,147.00 37,181.00 33,416.00 41,931.00 39,214.00 39,723.00 17,337.00 17,432.00
      Payables and Expenses 9,481.00 11,282.00 21,011.00 11,121.00 14,509.00 22,294.00 19,948.00 12,934.00 13,943.00
            Account Payables 9,481.00 11,282.00 10,773.00 6,309.00 14,509.00 0 12,859.00 0 4,578.00
            Current Accrued Liabilities 0 0 0 2,367.00 0 0 3,481.00 0 6,666.00
      Short-Term Debt 48,630.00 14,830.00 13,966.00 13,193.00 16,955.00 14,440.00 13,371.00 831.00 706.00
      Other Current Liabilities 3,886.00 1,035.00 2,204.00 9,102.00 10,467.00 2,480.00 6,404.00 3,572.00 2,783.00
   Non-Current Liabilities 30,393.00 62,547.00 61,861.00 -127,917.00 73,246.00 72,210.00 -150,668.00 40,948.00 -75,471.00
      Long-Term Debt 25,405.00 57,763.00 57,220.00 56,666.00 68,191.00 66,809.00 65,815.00 26,721.00 26,321.00
      Other Non-Current Liabilities 4,988.00 4,784.00 4,641.00 -184,583.00 5,055.00 5,401.00 -216,483.00 14,227.00 -101,792.00
Equity 293,761.00 310,777.00 315,346.00 469,433.00 260,251.00 349,732.00 598,171.00 169,082.00 318,525.00
   Shareholders Equity 280,128.00 293,337.00 306,971.00 268,641.00 250,074.00 331,498.00 374,251.00 175,469.00 206,375.00
      Capital Stock 13.00 13.00 13.00 12.00 12.00 12.00 12.00 9.00 9.00
      Share Premium 885,227.00 880,756.00 870,864.00 802,032.00 799,516.00 790,824.00 777,816.00 414,897.00 409,683.00
      Retained Earnings -602,014.00 -584,493.00 -560,642.00 -530,127.00 -547,034.00 -457,015.00 -401,504.00 -238,202.00 -202,128.00
      Treasury Shares 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income -3,098.00 -2,939.00 -3,264.00 -3,276.00 -2,420.00 -2,323.00 -2,073.00 -1,235.00 -1,189.00
   Minority Interest 13,633.00 17,440.00 8,375.00 11,790.00 10,177.00 18,234.00 2,030.00 -6,387.00 -3,928.00
Investments 0 0 0 64,887.00 0 36,730.00 39,130.00 6,118.00 5,998.00
Debt 74,035.00 72,593.00 71,186.00 69,859.00 85,146.00 81,249.00 79,186.00 27,552.00 27,027.00
Net Debt 18,876.00 5,019.00 0 24,550.00 14,537.00 0 0 0 0
Common Shares Outstanding 133,166.05 132,690.77 132,590.32 120,600.00 120,442.73 120,300.00 120,000.00 93,000.00 93,000.00
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
Revenues 545.00 1,068.00 735.00 1,870.00 671.00 0 360.00 679.00
Cost Of Revenue 266.00 294.00 293.00 662.00 256.00 0 100.00 184.00
Interest Income 0 0 0 0 0 0 1,180.00 0
Interest Expense 1,010.00 1,217.00 0 81.00 972.00 387.00 1,145.00 0.00
Net Interest 0 0 0 -2,620.00 0 0 35.00 32.00
Non-Interest Expense 9,126.00 9,721.00 11,609.00 0 10,914.00 0 0 0
Gross Profit 279.00 774.00 442.00 1,208.00 415.00 0 260.00 495.00
Operating Expenses 23,868.00 23,854.00 27,446.00 79,449.00 42,244.00 0 57,141.00 39,084.00
   Selling, General and Administrative Expenses 9,126.00 9,721.00 11,609.00 21,435.00 10,914.00 0 12,688.00 10,682.00
   Research and Development Expenses 54.00 55.00 52.00 1,172.00 871.00 0 810.00 1,843.00
   Other Operating Expenses 14,688.00 14,078.00 15,785.00 56,842.00 30,459.00 0 43,643.00 26,559.00
Operating Income -23,589.00 -23,080.00 -27,004.00 -78,241.00 -41,829.00 0 -56,881.00 -38,589.00
Net Non-Operating Income -1,133.00 590.00 -606.00 0 -99.00 0 0 0
EBT -21,610.00 -28,972.00 -34,141.00 0 -47,124.00 0 0 0
Income Tax 0 0 0 6.00 0 0 26.00 72.00
Equity Method Investments Income 0 0 0 5,656.00 0 0 3,012.00 622.00
Net Income Including Non-Controlling Interests -21,610.00 -28,972.00 -34,141.00 -33,051.00 -47,124.00 0 -60,095.00 -38,580.00
Net Income Non-Controlling Interests 4,089.00 5,121.00 3,626.00 3,176.00 3,888.00 0 4,584.00 2,506.00
Net Income -17,521.00 -23,851.00 -30,515.00 -29,875.00 -43,236.00 0 -55,511.00 -36,074.00
EBIT -20,600.00 -27,755.00 -27,004.00 0 -46,152.00 0 0 0
Deprecation and Amortization 808.00 740.00 622.00 1,587.00 494.00 0 622.00 1,040.00
EBITDA -19,792.00 -27,015.00 -26,382.00 0 -45,658.00 0 0 0
EPS -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
Average Shares Outstanding Basic 132,909.80 132,602.70 126,664.36 120,521.33 120,406.21 120,337.64 120,246.43 92,964.25
Average Shares Outstanding Diluted 132,909.80 132,602.70 126,664.36 120,521.33 120,406.21 120,337.64 120,246.43 92,964.25
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31
Operating Cash Flow -27,724.00 -19,998.00 -15,775.00 -36,890.00 -49,959.00 -30,019.00
   Operating Net Income -21,610.00 -28,972.00 -34,141.00 -47,124.00 -60,095.00 -38,580.00
   Deprecation and Amortization 808.00 740.00 622.00 494.00 622.00 1,040.00
   Deferred Income Tax 0 0 0 0 0 0
   Share Based Compensation 2,728.00 3,375.00 2,973.00 4,028.00 3,345.00 5,132.00
   Change in Working Capital -8,229.00 -1,355.00 7,516.00 -1,821.00 232.00 664.00
   Other Operating Activities 0 0 0 7,533.00 5,937.00 1,725.00
Investing Cash Flow 9,788.00 -1,987.00 -2.00 -10,059.00 -1,467.00 -2,666.00
   Capital Expenditure 0 0 0 0 -672.00 -348.00
   Net Purchase/Sale of PPE 92.00 -1,987.00 -2.00 -10,059.00 -672.00 -348.00
   Net Purchase/Sale of Investments Net 0 0 0 0 0 0
   Net Purchase/Sale of Business 9,696.00 0 0 0 -495.00 -555.00
   Other Investing Activities 0.00 0.00 0.00 0.00 372.00 -1,415.00
Financing Cash Flow 2,125.00 10,101.00 70,815.00 135.00 26,000.00 3.00
   Net Issuance/Repayment of Debt 0 -10,505.00 5,000.00 0 0 0
   Net Issuance/Repurchase of Equity 0 252.00 65,590.00 0 0 3.00
   Dividends Paid 0 0 0 0 0 0
   Other Financing Activities 2,125.00 20,354.00 225.00 0 26,000.00 0.00
Net Change in Cash -15,811.00 -11,884.00 55,038.00 -46,814.00 -25,682.00 -32,665.00
   Cash at Beginning of Period 88,050.00 98,163.00 45,309.00 133,811.00 205,043.00 139,660.00
   Cash at End of Period 73,456.00 88,050.00 98,163.00 87,071.00 179,361.00 106,995.00
Free Cash Flow -27,632.00 -21,985.00 -15,777.00 -46,949.00 -50,631.00 -30,367.00