RLAY
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | -1.75 | -3.95 | -5.77 | -8.04 |
| Price to Sales | 58.86 | 52.83 | 1214.63 | 965.72 |
| Book Value Per Common Share | 4.64 | 5.90 | 7.85 | 8.30 |
| Price to Book | 0.89 | 1.87 | 1.90 | 3.70 |
| Price to Operating Cash Flow | -2.36 | -4.49 | -7.31 | -39.27 |
| Price to Free Cash Flow | -2.34 | -4.43 | -7.03 | -37.52 |
| Enterprise Value to EBITDA |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| Price to Earnings | -12.14 | -8.44 | -5.70 | -9.16 | -11.24 | -13.39 |
| Price to Sales | 865.00 | 57.71 | 108.50 | |||
| Book Value Per Common Share | 3.52 | 3.88 | 4.23 | 4.64 | 5.03 | 5.64 |
| Price to Book | 1.48 | 0.89 | 0.62 | 0.89 | 1.41 | 1.47 |
| Price to Operating Cash Flow | -14.49 | -10.72 | -6.06 | -11.91 | -13.22 | -21.58 |
| Price to Free Cash Flow | -14.49 | -10.72 | -6.02 | -11.91 | -13.18 | -20.84 |
| Enterprise Value to EBITDA |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | ||||
| Revenue YoY | -60.83 | 1749.82 | -54.41 | |
| EBITDA YoY | ||||
| Net Profit YoY |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| Earning YoY | ||||||
| Revenue YoY | -91.18 | |||||
| EBITDA YoY | ||||||
| Net Profit YoY |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 5.47 | 6.12 | 8.90 | 10.07 |
| Quick Ratio | 15.76 | 39.60 | ||
| Current Ratio | 15.95 | 25.44 | 16.00 | 40.14 |
| Debt to Equity | 0.12 | 0.12 | 0.16 | 0.12 |
| Long-Term Debt to Equity | 0.06 | 0.08 | 0.09 | 0.10 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| Cash Per Common Share | 3.46 | 3.83 | 0.55 | 4.67 | 5.99 | 1.17 |
| Quick Ratio | ||||||
| Current Ratio | 19.14 | 20.92 | 19.96 | 15.95 | 18.42 | 20.73 |
| Debt to Equity | 0.10 | 0.09 | 0.11 | 0.12 | 0.11 | 0.13 |
| Long-Term Debt to Equity | 0.05 | 0.05 | 0.06 | 0.06 | 0.05 | 0.08 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | -38.76 | -40.52 | -26.42 | -36.08 |
| ROE | -43.42 | -45.48 | -30.57 | -40.53 |
| Gross Margin | ||||
| Operating Margin | -3854.04 | -1485.25 | -22516.44 | -7494.45 |
| EBITDA Margin | -3799.44 | -1464.62 | -22217.38 | -7364.87 |
| Net Profit Margin | -3374.72 | -1338.66 | -21036.13 | -12012.94 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| ROA | -11.07 | -9.66 | -9.64 | -8.72 | -9.47 | -9.67 |
| ROE | -12.20 | -10.57 | -10.69 | -9.77 | -10.50 | -10.91 |
| Gross Margin | ||||||
| Operating Margin | -11351.11 | |||||
| EBITDA Margin | -11203.10 | |||||
| Net Profit Margin | -10395.13 | -1003.58 | -813.30 |
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 |
|---|---|---|---|---|---|---|
| Dividend Yield | ||||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 871,296.00 | 843,980.00 | 1,099,771.00 | 1,008,443.00 |
| Current Assets | 809,204.00 | 770,103.00 | 1,019,505.00 | 976,242.00 |
| Cash and Short-Term Investments | 781,323.00 | 750,086.00 | 998,917.00 | 958,073.00 |
| Cash and Cash Equivalents | 124,287.00 | 143,736.00 | 151,794.00 | 280,119.00 |
| Short-Term Investments | 657,036.00 | 606,350.00 | 847,123.00 | 677,954.00 |
| Net Receivables | 0 | 0 | 5,219.00 | 4,940.00 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Current Assets | 0 | 20,017.00 | 15,369.00 | 13,229.00 |
| Non-Current Assets | 62,092.00 | 73,877.00 | 80,266.00 | 32,201.00 |
| Property, Plant, Equipment Net | 57,673.00 | 68,870.00 | 75,388.00 | 27,323.00 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Non-Current Deferred Assets | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4,419.00 | 5,007.00 | 4,878.00 | 4,878.00 |
| Liabilities | 93,504.00 | 91,977.00 | 149,553.00 | 110,635.00 |
| Current Liabilities | 50,729.00 | 30,269.00 | 63,709.00 | 24,321.00 |
| Payables and Expenses | 35,227.00 | 23,399.00 | 32,238.00 | 21,240.00 |
| Account Payables | 14,097.00 | 9,211.00 | 10,578.00 | 8,276.00 |
| Current Accrued Liabilities | 21,130.00 | 14,188.00 | 21,660.00 | 12,964.00 |
| Short-Term Debt | 5,727.00 | 4,964.00 | 4,276.00 | 1,844.00 |
| Other Current Liabilities | 9,775.00 | 1,906.00 | 27,195.00 | 1,237.00 |
| Non-Current Liabilities | 42,775.00 | 61,708.00 | 85,844.00 | 86,314.00 |
| Long-Term Debt | 42,775.00 | 48,502.00 | 53,466.00 | 21,056.00 |
| Other Non-Current Liabilities | 0.00 | 13,206.00 | 32,378.00 | 65,258.00 |
| Equity | 777,792.00 | 752,003.00 | 950,218.00 | 897,808.00 |
| Shareholders Equity | 777,792.00 | 752,003.00 | 950,218.00 | 897,808.00 |
| Capital Stock | 168.00 | 127.00 | 121.00 | 109.00 |
| Share Premium | 2,516,905.00 | 2,152,654.00 | 2,019,126.00 | 1,666,887.00 |
| Retained Earnings | -1,738,290.00 | -1,400,582.00 | -1,058,609.00 | -768,100.00 |
| Treasury Shares | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | -991.00 | -196.00 | -10,420.00 | -1,088.00 |
| Minority Interest | 0 | 0 | 0 | 0 |
| Debt | 48,502.00 | 53,466.00 | 57,742.00 | 22,900.00 |
| Common Shares Outstanding | 167,755.71 | 127,462.41 | 121,112.23 | 108,210.32 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 10,007.00 | 25,546.00 | 1,381.00 | 3,029.00 |
| Interest Income | 34,746.00 | 31,045.00 | 8,786.00 | 830.00 |
| Non-Interest Expense | 76,592.00 | 74,950.00 | 65,978.00 | 57,386.00 |
| Operating Expenses | 395,681.00 | 404,968.00 | 312,333.00 | 230,036.00 |
| Selling, General and Administrative Expenses | 76,592.00 | 74,950.00 | 65,978.00 | 57,386.00 |
| Research and Development Expenses | 319,089.00 | 330,018.00 | 246,355.00 | 172,650.00 |
| Operating Income | -385,674.00 | -379,422.00 | -310,952.00 | -227,007.00 |
| Net Non-Operating Income | 14.00 | -18.00 | -20.00 | -4.00 |
| EBT | -337,708.00 | -341,973.00 | -290,509.00 | -363,872.00 |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income Including Non-Controlling Interests | -337,708.00 | -341,973.00 | -290,509.00 | -363,872.00 |
| Net Income | -337,708.00 | -341,973.00 | -290,509.00 | -363,872.00 |
| EBIT | -385,674.00 | -379,422.00 | -310,952.00 | -227,007.00 |
| Deprecation and Amortization | 5,464.00 | 5,269.00 | 4,130.00 | 3,925.00 |
| EBITDA | -380,210.00 | -374,153.00 | -306,822.00 | -223,082.00 |
| EPS | -0.00 | -0.00 | -0.00 | -0.00 |
| Diluted EPS | -0.00 | -0.00 | -0.00 | -0.00 |
| Average Shares Outstanding Basic | 142,867.84 | 122,576.53 | 112,233.65 | 95,136.72 |
| Average Shares Outstanding Diluted | 142,867.84 | 122,576.53 | 112,233.65 | 95,136.72 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | -249,107.00 | -300,316.00 | -229,490.00 | -74,406.00 |
| Operating Net Income | -337,708.00 | -341,973.00 | -290,509.00 | -363,872.00 |
| Deprecation and Amortization | 5,464.00 | 5,269.00 | 4,130.00 | 3,925.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 |
| Share Based Compensation | 94,139.00 | 86,031.00 | 56,138.00 | 48,454.00 |
| Change in Working Capital | 14,620.00 | -32,458.00 | 11,246.00 | 97,344.00 |
| Other Operating Activities | -25,622.00 | -17,185.00 | -10,495.00 | 139,743.00 |
| Investing Cash Flow | -41,083.00 | 257,634.00 | -188,745.00 | -479,511.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -2,018.00 | -4,126.00 | -9,062.00 | -3,471.00 |
| Net Purchase/Sale of Investments Net | -39,065.00 | 261,760.00 | -179,683.00 | -450,742.00 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | -25,298.00 |
| Other Investing Activities | 0 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 270,153.00 | 34,753.00 | 289,910.00 | 388,090.00 |
| Net Issuance/Repayment of Debt | 0 | 0 | 0 | 0 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 | 382,210.00 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 0 | 5,880.00 |
| Net Change in Cash | -20,037.00 | -7,929.00 | -128,325.00 | -165,827.00 |
| Cash at Beginning of Period | 146,443.00 | 154,372.00 | 282,697.00 | 448,524.00 |
| Cash at End of Period | 126,406.00 | 146,443.00 | 154,372.00 | 282,697.00 |
| Free Cash Flow | -251,125.00 | -304,442.00 | -238,552.00 | -77,877.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| Assets | 670,000.00 | 728,841.00 | 799,362.00 | 871,296.00 | 930,115.00 | 841,441.00 |
| Current Assets | 624,014.00 | 680,392.00 | 739,659.00 | 809,204.00 | 865,129.00 | 770,100.00 |
| Cash and Short-Term Investments | 596,431.00 | 656,775.00 | 93,542.00 | 781,323.00 | 839,609.00 | 152,866.00 |
| Cash and Cash Equivalents | 91,564.00 | 113,941.00 | 93,542.00 | 124,287.00 | 152,357.00 | 152,866.00 |
| Short-Term Investments | 504,867.00 | 542,834.00 | 0 | 657,036.00 | 687,252.00 | 0 |
| Net Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 27,583.00 | 23,617.00 | 646,117.00 | 27,881.00 | 25,520.00 | 617,234.00 |
| Non-Current Assets | 45,986.00 | 48,449.00 | 59,703.00 | 62,092.00 | 64,986.00 | 71,341.00 |
| Property, Plant, Equipment Net | 43,728.00 | 46,191.00 | 55,284.00 | 57,673.00 | 60,567.00 | 66,334.00 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 2,300.00 | 0 | 0 | 2,300.00 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Current Deferred Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2,258.00 | 2,258.00 | 2,119.00 | 4,419.00 | 4,419.00 | 2,707.00 |
| Liabilities | 62,291.00 | 63,183.00 | 78,281.00 | 93,504.00 | 91,254.00 | 95,677.00 |
| Current Liabilities | 32,605.00 | 32,525.00 | 37,052.00 | 50,729.00 | 46,968.00 | 37,144.00 |
| Payables and Expenses | 27,884.00 | 28,391.00 | 29,440.00 | 35,227.00 | 40,083.00 | 30,335.00 |
| Account Payables | 2,752.00 | 5,176.00 | 8,450.00 | 14,097.00 | 6,867.00 | 7,973.00 |
| Current Accrued Liabilities | 25,132.00 | 23,215.00 | 20,990.00 | 21,130.00 | 33,216.00 | 22,362.00 |
| Short-Term Debt | 3,643.00 | 3,525.00 | 5,930.00 | 5,727.00 | 5,529.00 | 5,147.00 |
| Other Current Liabilities | 1,078.00 | 609.00 | 1,682.00 | 9,775.00 | 1,356.00 | 1,662.00 |
| Non-Current Liabilities | 29,686.00 | 30,658.00 | 41,229.00 | 42,775.00 | 44,286.00 | 58,533.00 |
| Long-Term Debt | 29,686.00 | 30,658.00 | 41,229.00 | 42,775.00 | 44,286.00 | 47,159.00 |
| Other Non-Current Liabilities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11,374.00 |
| Equity | 607,709.00 | 665,658.00 | 721,081.00 | 777,792.00 | 838,861.00 | 745,764.00 |
| Shareholders Equity | 607,709.00 | 665,658.00 | 721,081.00 | 777,792.00 | 838,861.00 | 745,764.00 |
| Capital Stock | 168.00 | 168.00 | 168.00 | 168.00 | 167.00 | 132.00 |
| Share Premium | 2,566,927.00 | 2,551,383.00 | 2,536,230.00 | 2,516,905.00 | 2,498,471.00 | 2,228,759.00 |
| Retained Earnings | -1,959,879.00 | -1,885,730.00 | -1,815,355.00 | -1,738,290.00 | -1,662,286.00 | -1,481,969.00 |
| Treasury Shares | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 493.00 | -163.00 | 38.00 | -991.00 | 2,509.00 | -1,158.00 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 616,813.00 | 0 | 0 | 596,742.00 |
| Debt | 33,329.00 | 34,183.00 | 47,159.00 | 48,502.00 | 49,815.00 | 52,306.00 |
| Common Shares Outstanding | 172,631.27 | 171,692.13 | 170,483.87 | 167,755.71 | 166,886.66 | 132,300.85 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| Revenues | 0 | 677.00 | 7,679.00 | 0 | 0 | 10,007.00 |
| Interest Income | 6,407.00 | 7,105.00 | 0 | 8,974.00 | 8,274.00 | 0 |
| Interest Expense | 0 | 0 | 0.00 | 0 | 0 | 0.00 |
| Non-Interest Expense | 12,129.00 | 13,627.00 | 0 | 16,904.00 | 19,750.00 | 0 |
| Operating Expenses | 80,391.00 | 77,524.00 | 92,548.00 | 84,979.00 | 96,369.00 | 100,370.00 |
| Selling, General and Administrative Expenses | 12,129.00 | 13,627.00 | 18,739.00 | 16,904.00 | 19,750.00 | 19,799.00 |
| Research and Development Expenses | 68,262.00 | 63,897.00 | 73,809.00 | 68,075.00 | 76,619.00 | 82,403.00 |
| Other Operating Expenses | 0 | 0 | 0.00 | 0 | 0 | -1,832.00 |
| Operating Income | -80,391.00 | -76,847.00 | -84,869.00 | -84,979.00 | -96,369.00 | -90,363.00 |
| Net Non-Operating Income | -165.00 | -633.00 | 0 | 1.00 | -10.00 | 0 |
| EBT | -74,149.00 | -70,375.00 | 0 | -76,004.00 | -88,105.00 | 0 |
| Income Tax | 0 | 0 | 0.00 | 0 | 0 | 0.00 |
| Net Income Including Non-Controlling Interests | -74,149.00 | -70,375.00 | 0 | -76,004.00 | -88,105.00 | 0 |
| Net Income | -74,149.00 | -70,375.00 | -77,065.00 | -76,004.00 | -88,105.00 | -81,387.00 |
| EBIT | -80,391.00 | -76,847.00 | 0 | -84,979.00 | -96,369.00 | 0 |
| Deprecation and Amortization | 748.00 | 1,002.00 | 389.00 | 1,334.00 | 1,367.00 | 2,270.00 |
| EBITDA | -79,643.00 | -75,845.00 | 0 | -83,645.00 | -95,002.00 | 0 |
| EPS | -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 |
| Average Shares Outstanding Basic | 172,389.21 | 171,264.62 | 169,233.15 | 167,337.58 | 140,229.06 | 130,843.01 |
| Average Shares Outstanding Diluted | 172,389.21 | 171,264.62 | 0 | 167,337.58 | 140,229.06 | 0 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-03-31 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -62,119.00 | -55,261.00 | -73,210.00 | -57,868.00 | -75,083.00 | -50,323.00 |
| Operating Net Income | -74,149.00 | -70,375.00 | -77,065.00 | -76,004.00 | -88,105.00 | -81,387.00 |
| Deprecation and Amortization | 748.00 | 1,002.00 | -389.00 | 1,334.00 | 1,367.00 | -2,270.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 15,527.00 | 14,500.00 | 19,325.00 | 17,635.00 | 22,484.00 | 27,188.00 |
| Change in Working Capital | -3,497.00 | -1,909.00 | -15,364.00 | 1,449.00 | -7,651.00 | 7,628.00 |
| Other Operating Activities | -748.00 | 1,521.00 | 283.00 | -2,282.00 | -3,178.00 | -1,482.00 |
| Investing Cash Flow | 39,725.00 | 75,146.00 | 42,465.00 | 28,998.00 | -126,162.00 | 10,531.00 |
| Capital Expenditure | 0 | 0 | -384.00 | 0 | 0 | -1,780.00 |
| Net Purchase/Sale of PPE | 1.00 | -26.00 | -384.00 | 0 | -227.00 | -1,780.00 |
| Net Purchase/Sale of Investments Net | 39,724.00 | 75,172.00 | 42,849.00 | 28,998.00 | -125,935.00 | 12,311.00 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0.00 | 0.00 | 384.00 | 0.00 | 0.00 | 1,780.00 |
| Financing Cash Flow | 17.00 | 653.00 | 0 | 800.00 | 218,889.00 | 48,922.00 |
| Net Issuance/Repayment of Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 | 0 | 218,157.00 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 17.00 | 653.00 | 0 | 800.00 | 732.00 | 48,922.00 |
| Net Change in Cash | -22,377.00 | 20,538.00 | -30,745.00 | -28,070.00 | 17,644.00 | 9,130.00 |
| Cash at Beginning of Period | 116,199.00 | 95,661.00 | 126,406.00 | 154,476.00 | 136,832.00 | 146,443.00 |
| Cash at End of Period | 93,822.00 | 116,199.00 | 95,661.00 | 126,406.00 | 154,476.00 | 155,573.00 |
| Free Cash Flow | -62,118.00 | -55,287.00 | -73,594.00 | -57,868.00 | -75,310.00 | -52,103.00 |