Valuation Ratios

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Price to Earnings -2.43 -0.53 -0.46
Price to Sales
Book Value Per Common Share 4.77 6.01 9.06 14.41 17.77
Price to Book 1.11 0.31 0.30 0.47 1.36
Price to Operating Cash Flow -3.04 -0.57 -1.14 -2.20 -11.60
Price to Free Cash Flow -3.03 -0.57 -1.14 -2.16 -11.17
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 2022-06-30 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Price to Earnings -14.03 -8.66 -14.69 -3.66 -4.13 -3.91 -3.66 -5.32
Price to Sales
Book Value Per Common Share 3.43 3.74 4.11 4.77 3.96 5.11 6.01 8.38 12.92 13.53 14.41 16.75 17.77
Price to Book 1.27 0.81 1.04 1.11 0.46 0.79 0.31 0.37 0.23 0.38 0.47 0.94 1.36
Price to Operating Cash Flow -14.77 -10.46 -11.79 -4.85 -4.41 -2.75 -6.44 -5.24 -14.83
Price to Free Cash Flow -14.76 -10.44 -11.75 -4.84 -2.74 -5.24 -14.47
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
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 2022-06-30 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Earning YoY
Revenue YoY
EBITDA YoY
Net Profit YoY

Financial Strength

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Cash Per Common Share 8.27 5.79 7.49 8.12 15.04
Quick Ratio 14.78
Current Ratio 15.71 11.17 15.01 21.66 58.13
Debt to Equity 0.09 0.16 0.11 0.07 0.02
Long-Term Debt to Equity 0.02 0.07 0.05 0.04 0.01
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 2022-06-30 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Cash Per Common Share 3.14 2.89 3.06 4.86 3.65 4.84 5.77 7.66 8.75 7.79 8.12 7.52 15.04
Quick Ratio 13.49 12.61
Current Ratio 13.69 12.82 18.03 15.71 9.85 10.53 11.17 14.76 28.94 31.70 21.66 26.47 58.13
Debt to Equity 0.09 0.09 0.06 0.09 0.15 0.17 0.16 0.12 0.06 0.06 0.07 0.02 0.02
Long-Term Debt to Equity 0.02 0.02 0.02 0.02 0.04 0.07 0.07 0.06 0.04 0.04 0.04 0.01 0.01

Profitability

Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
ROA -24.58 -51.19 -58.22 -27.38 -16.73
ROE -26.68 -59.16 -64.61 -29.18 -17.05
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 2022-06-30 2022-03-31 2021-12-31 2021-03-31 2020-12-31
ROA -9.17 -9.53 -7.07 -11.92 -16.28 -8.50 -5.51 -6.67 -7.00
ROE -10.02 -10.36 -7.52 -13.72 -19.00 -9.54 -5.87 -7.06 -7.16
Gross Margin
Operating Margin
EBITDA Margin
Net Profit Margin

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 2024-03-31 2023-12-31 2023-03-31 2022-06-30 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 181,454.00 78,954.00 113,290.00 172,596.00 203,157.00
   Current Assets 172,155.00 68,705.00 86,146.00 93,112.00 169,435.00
      Cash and Short-Term Investments 170,292.00 65,580.00 84,370.00 91,229.00 168,648.00
            Cash and Cash Equivalents 162,798.00 39,586.00 24,127.00 35,724.00 168,648.00
            Short-Term Investments 7,494.00 25,994.00 60,243.00 55,505.00 0
      Net Receivables 0 0 486.00 0 0
      Inventory 0 0 0 0 0
      Other Current Assets 1,863.00 3,125.00 1,290.00 1,883.00 787.00
   Non-Current Assets 9,299.00 10,249.00 27,144.00 79,484.00 33,722.00
      Property, Plant, Equipment Net 5,282.00 6,560.00 7,869.00 8,890.00 1,240.00
      Goodwill 0 0 0 29,517.00 29,517.00
      Intangible Assets 0 0 84.00 0 0
      Long-Term Investments 0 0 17,886.00 39,467.00 0
      Non-Current Deferred Assets 0 0 0 0 0
      Other Non-Current Assets 4,017.00 3,689.00 1,305.00 1,610.00 2,965.00
Liabilities 14,320.00 10,633.00 11,207.00 10,682.00 3,914.00
   Current Liabilities 10,961.00 6,149.00 5,740.00 4,298.00 2,915.00
      Payables and Expenses 9,837.00 5,166.00 2,280.00 3,443.00 2,827.00
            Account Payables 4,429.00 2,434.00 1,586.00 954.00 914.00
            Current Accrued Liabilities 5,408.00 2,732.00 694.00 2,489.00 1,913.00
      Short-Term Debt 1,124.00 983.00 917.00 855.00 88.00
      Other Current Liabilities 0.00 0.00 2,543.00 0.00 0.00
   Non-Current Liabilities 3,359.00 4,484.00 5,467.00 6,384.00 999.00
      Long-Term Debt 3,359.00 4,484.00 5,467.00 6,384.00 999.00
      Other Non-Current Liabilities 0.00 0.00 0.00 0.00 0.00
Equity 167,134.00 68,321.00 102,083.00 161,914.00 199,243.00
   Shareholders Equity 167,134.00 68,321.00 102,083.00 161,914.00 199,243.00
      Capital Stock 35.00 11.00 11.00 11.00 11.00
      Share Premium 412,077.00 268,725.00 262,724.00 256,126.00 245,992.00
      Retained Earnings -244,980.00 -200,384.00 -159,964.00 -94,012.00 -46,760.00
      Treasury Shares 0 0 0 0 0
      Accumulated Other Comprehensive Income 2.00 -31.00 -688.00 -211.00 0
   Minority Interest 0 0 0 0 0
Investments 7,494.00 25,994.00 0 94,972.00 745.00
Debt 4,483.00 5,467.00 6,384.00 7,239.00 1,087.00
Common Shares Outstanding 35,044.77 11,364.90 11,267.39 11,235.73 11,211.84
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Interest Income 0 0 2,230.00 0 500.00
Interest Expense 0.00 0.00 1,137.00 0.00 34.00
Net Interest 4,171.00 3,193.00 0 237.00 466.00
Non-Interest Expense 0 0 20,737.00 0 0
Operating Expenses 49,154.00 43,613.00 37,545.00 47,489.00 34,444.00
   Selling, General and Administrative Expenses 17,450.00 18,624.00 20,737.00 26,401.00 22,462.00
   Research and Development Expenses 31,704.00 24,989.00 16,808.00 21,088.00 11,982.00
   Other Operating Expenses 0.00 0.00 0 0.00 0.00
Operating Income -49,154.00 -43,613.00 -37,545.00 -47,489.00 -34,444.00
Net Non-Operating Income 4,558.00 3,193.00 0 237.00 466.00
EBT -44,596.00 -40,420.00 -65,952.00 -47,252.00 -33,978.00
Income Tax 0.00 0.00 0 0.00 0.00
Net Income Including Non-Controlling Interests 0 0 -65,952.00 -47,252.00 -33,978.00
Net Income Non-Controlling Interests 0 0 0 0.00 0.00
Net Income -44,596.00 -40,420.00 -65,952.00 -47,252.00 -33,978.00
EBIT -44,596.00 -40,420.00 -64,815.00 -47,252.00 -33,944.00
Deprecation and Amortization 1,341.00 1,354.00 248.00 1,167.00 103.00
EBITDA -43,255.00 -39,066.00 -64,567.00 -46,085.00 -33,841.00
EPS -0.00 -0.00 -0.01 0 0
Diluted EPS -0.00 -0.00 -0.01 0 0
Average Shares Outstanding Basic 20,592.85 11,331.34 11,259.61 0 0
Average Shares Outstanding Diluted 20,592.85 11,331.34 11,259.61 0 0
Breakdown 2024-12-31 2023-12-31 2022-12-31 2021-12-31 2020-12-31
Operating Cash Flow -35,808.00 -37,557.00 -26,457.00 -34,502.00 -23,407.00
   Operating Net Income -44,596.00 -40,420.00 -65,952.00 -47,252.00 -33,978.00
   Deprecation and Amortization 1,341.00 1,354.00 248.00 1,167.00 103.00
   Deferred Income Tax -19,775.00 -13,751.00 0 -4,624.00 0
   Share Based Compensation 4,125.00 6,092.00 6,688.00 10,362.00 9,746.00
   Change in Working Capital 4,007.00 -4,139.00 539.00 -516.00 695.00
   Other Operating Activities 19,090.00 13,307.00 32,020.00 6,361.00 27.00
Investing Cash Flow 19,155.00 53,107.00 14,950.00 -98,194.00 2,835.00
   Capital Expenditure -63.00 -45.00 0 -596.00 -884.00
   Net Purchase/Sale of PPE -63.00 -45.00 -120.00 -596.00 -884.00
   Net Purchase/Sale of Investments Net 19,218.00 53,152.00 15,070.00 -124,748.00 0
   Net Purchase/Sale of Business 0 0 0 0 0
   Other Investing Activities 63.00 45.00 0.00 27,746.00 4,603.00
Financing Cash Flow 139,865.00 -91.00 -90.00 -228.00 189,401.00
   Net Issuance/Repayment of Debt 0 0 0 0 -1,669.00
   Net Issuance/Repurchase of Equity 3,942.00 91.00 0 228.00 94,000.00
   Dividends Paid 0 0 0 0 0
   Other Financing Activities 135,923.00 -182.00 0 -456.00 97,070.00
Net Change in Cash 123,212.00 15,459.00 -11,597.00 -132,924.00 168,829.00
   Cash at Beginning of Period 40,331.00 24,872.00 36,469.00 169,393.00 564.00
   Cash at End of Period 163,543.00 40,331.00 24,872.00 36,469.00 169,393.00
Free Cash Flow -35,871.00 -37,602.00 -26,577.00 -35,098.00 -24,291.00
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 2022-06-30 2022-03-31 2021-12-31 2021-03-31 2020-12-31
Assets 144,636.00 156,933.00 168,559.00 181,454.00 94,090.00 68,134.00 78,954.00 106,405.00 154,884.00 161,256.00 172,596.00 192,413.00 203,157.00
   Current Assets 135,644.00 125,091.00 126,532.00 172,155.00 85,082.00 57,913.00 68,705.00 94,616.00 101,091.00 90,689.00 93,112.00 87,697.00 169,435.00
      Cash and Short-Term Investments 132,670.00 122,216.00 124,363.00 170,292.00 81,499.00 55,223.00 65,580.00 86,610.00 98,458.00 87,591.00 91,229.00 84,395.00 168,648.00
            Cash and Cash Equivalents 12,551.00 31,496.00 91,461.00 162,798.00 51,757.00 52,231.00 39,586.00 21,035.00 33,815.00 25,436.00 35,724.00 58,251.00 168,648.00
            Short-Term Investments 120,119.00 90,720.00 32,902.00 7,494.00 29,742.00 2,992.00 25,994.00 65,575.00 64,643.00 62,155.00 55,505.00 26,144.00 0
      Net Receivables 1,001.00 890.00 0 0 0 0 0 0 0 0 0 0 0
      Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Current Assets 1,973.00 1,985.00 2,169.00 1,863.00 3,583.00 2,690.00 3,125.00 8,006.00 2,633.00 3,098.00 1,883.00 3,302.00 787.00
   Non-Current Assets 8,992.00 31,842.00 42,027.00 9,299.00 9,008.00 10,221.00 10,249.00 11,789.00 53,793.00 70,567.00 79,484.00 104,716.00 33,722.00
      Property, Plant, Equipment Net 4,280.00 4,637.00 4,980.00 5,282.00 5,623.00 6,231.00 6,560.00 7,565.00 8,371.00 8,629.00 8,890.00 2,535.00 1,240.00
      Goodwill 0 0 0 0 0 0 0 0 29,517.00 29,517.00 29,517.00 29,517.00 29,517.00
      Intangible Assets 2,989.00 3,039.00 0 0 2,539.00 0 0 0 0 0 0 0 0
      Long-Term Investments 957.00 23,392.00 33,154.00 0 0 0 0 2,893.00 14,349.00 30,889.00 39,467.00 70,824.00 0
      Non-Current Deferred Assets 0 0 0 0 0 0 0 0 0 0 0 0 0
      Other Non-Current Assets 0 0 3,893.00 4,017.00 0 3,990.00 3,689.00 1,331.00 1,556.00 1,532.00 1,610.00 1,840.00 2,965.00
Liabilities 12,345.00 12,510.00 10,075.00 14,320.00 12,299.00 9,728.00 10,633.00 11,637.00 9,426.00 9,021.00 10,682.00 4,287.00 3,914.00
   Current Liabilities 9,909.00 9,761.00 7,018.00 10,961.00 8,642.00 5,501.00 6,149.00 6,410.00 3,493.00 2,861.00 4,298.00 3,313.00 2,915.00
      Payables and Expenses 6,445.00 7,078.00 5,848.00 9,837.00 6,048.00 4,501.00 5,166.00 5,477.00 2,608.00 1,991.00 3,443.00 3,221.00 2,827.00
            Account Payables 4,504.00 5,299.00 2,310.00 4,429.00 2,295.00 972.00 2,434.00 4,081.00 392.00 541.00 954.00 1,853.00 914.00
            Current Accrued Liabilities 1,941.00 1,779.00 3,538.00 5,408.00 3,753.00 3,529.00 2,732.00 1,396.00 2,216.00 1,450.00 2,489.00 1,368.00 1,913.00
      Short-Term Debt 1,220.00 1,199.00 1,170.00 1,124.00 1,079.00 1,000.00 983.00 933.00 885.00 870.00 855.00 92.00 88.00
      Other Current Liabilities 2,244.00 1,484.00 0.00 0.00 1,515.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
   Non-Current Liabilities 2,436.00 2,749.00 3,057.00 3,359.00 3,657.00 4,227.00 4,484.00 5,227.00 5,933.00 6,160.00 6,384.00 974.00 999.00
      Long-Term Debt 2,436.00 2,749.00 3,057.00 3,359.00 3,657.00 4,227.00 4,484.00 5,227.00 5,933.00 6,160.00 6,384.00 974.00 999.00
      Other Non-Current Liabilities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Equity 132,291.00 144,423.00 158,484.00 167,134.00 81,791.00 58,406.00 68,321.00 94,768.00 145,458.00 152,235.00 161,914.00 188,126.00 199,243.00
   Shareholders Equity 132,291.00 144,423.00 158,484.00 167,134.00 81,791.00 58,406.00 68,321.00 94,768.00 145,458.00 152,235.00 161,914.00 188,126.00 199,243.00
      Capital Stock 39.00 39.00 39.00 35.00 21.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00
      Share Premium 417,221.00 416,161.00 415,250.00 412,077.00 313,952.00 269,875.00 268,725.00 264,235.00 259,875.00 257,933.00 256,126.00 248,504.00 245,992.00
      Retained Earnings -285,112.00 -271,854.00 -256,894.00 -244,980.00 -232,211.00 -211,479.00 -200,384.00 -169,009.00 -113,306.00 -104,767.00 -94,012.00 -60,225.00 -46,760.00
      Treasury Shares 0 0 0 0 0 0 0 0 0 0 0 0 0
      Accumulated Other Comprehensive Income 143.00 77.00 89.00 2.00 29.00 -1.00 -31.00 -469.00 -1,122.00 -942.00 -211.00 -164.00 0
   Minority Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 0 0 66,056.00 7,494.00 0 2,992.00 25,994.00 68,468.00 78,992.00 93,044.00 94,972.00 96,968.00 745.00
Debt 3,656.00 3,948.00 4,227.00 4,483.00 4,736.00 5,227.00 5,467.00 6,160.00 6,818.00 7,030.00 7,239.00 1,066.00 1,087.00
Common Shares Outstanding 38,587.26 38,581.86 38,577.81 35,044.77 20,629.77 11,433.84 11,364.90 11,306.75 11,257.18 11,251.93 11,235.73 11,228.61 11,211.84
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-06-30 2022-03-31 2021-03-31
Interest Income 1,495.00 1,612.00 0 1,103.00 0 0 0 0 0
Interest Expense 0 0 0.00 0 0.00 0.00 0.00 0.00 0.00
Net Interest 0 0 1,729.00 0 756.00 687.00 166.00 119.00 115.00
Non-Interest Expense 5,169.00 5,816.00 0 4,260.00 0 0 0 0 0
Operating Expenses 14,760.00 16,586.00 14,124.00 12,330.00 11,851.00 9,732.00 8,705.00 10,874.00 13,580.00
   Selling, General and Administrative Expenses 5,169.00 5,816.00 4,976.00 4,260.00 4,103.00 4,589.00 5,621.00 5,605.00 6,540.00
   Research and Development Expenses 9,591.00 10,770.00 9,148.00 8,070.00 7,748.00 5,143.00 3,084.00 5,269.00 7,040.00
   Other Operating Expenses 0 0 0.00 0 0.00 0.00 0.00 0.00 0.00
Operating Income -14,760.00 -16,586.00 -14,124.00 -12,330.00 -11,851.00 -9,732.00 -8,705.00 -10,874.00 -13,580.00
Net Non-Operating Income 0 0 2,210.00 0 756.00 687.00 166.00 119.00 115.00
EBT -13,258.00 -14,960.00 -11,914.00 -11,219.00 -11,095.00 -9,045.00 -8,539.00 -10,755.00 -13,465.00
Income Tax 0 0 0.00 0 0.00 0.00 0.00 0.00 0.00
Net Income Including Non-Controlling Interests -13,258.00 -14,960.00 0 -11,219.00 0 0 0 -10,755.00 -13,465.00
Net Income Non-Controlling Interests 0 0 0 0 0 0 0 0.00 0.00
Net Income -13,258.00 -14,960.00 -11,914.00 -11,219.00 -11,095.00 -9,045.00 -8,539.00 -10,755.00 -13,465.00
EBIT -14,760.00 -16,586.00 -11,914.00 -12,330.00 -11,095.00 -9,045.00 -8,539.00 -10,755.00 -13,465.00
Deprecation and Amortization 88.00 98.00 346.00 84.00 329.00 418.00 395.00 397.00 87.00
EBITDA -14,672.00 -16,488.00 -11,568.00 -12,246.00 -10,766.00 -8,627.00 -8,144.00 -10,358.00 -13,378.00
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 0
Average Shares Outstanding Basic 42,272.10 42,270.86 40,707.94 22,329.77 11,420.95 11,303.87 11,255.22 11,250.13 0
Average Shares Outstanding Diluted 42,272.10 42,270.86 40,707.94 22,329.77 11,420.95 11,303.87 11,255.22 11,250.13 0
Breakdown 2025-09-30 2025-06-30 2025-03-31 2024-09-30 2024-03-31 2023-03-31 2022-06-30 2022-03-31 2021-03-31
Operating Cash Flow -12,452.00 -12,250.00 -14,713.00 -8,434.00 -10,379.00 -12,888.00 -5,123.00 -10,961.00 -11,920.00
   Operating Net Income -13,258.00 -14,960.00 -11,914.00 -11,219.00 -11,095.00 -9,045.00 -8,539.00 -10,755.00 -13,465.00
   Deprecation and Amortization 88.00 98.00 346.00 84.00 329.00 418.00 395.00 397.00 87.00
   Deferred Income Tax 0 0 0 0 0 0 0.00 0 0
   Share Based Compensation 1,047.00 903.00 833.00 931.00 1,226.00 1,575.00 63.00 1,879.00 2,740.00
   Change in Working Capital -206.00 1,808.00 -3,812.00 1,847.00 -771.00 -5,765.00 733.00 -2,892.00 -1,565.00
   Other Operating Activities -123.00 -99.00 -166.00 -77.00 -68.00 -71.00 2,225.00 410.00 283.00
Investing Cash Flow -6,506.00 -47,723.00 -58,354.00 -29,390.00 23,100.00 9,860.00 13,502.00 745.00 -98,249.00
   Capital Expenditure 0 0 -44.00 0 0.00 -6.00 0.00 -11.00 -290.00
   Net Purchase/Sale of PPE -4.00 -22.00 -44.00 -8.00 0 -6.00 -20.00 -11.00 -290.00
   Net Purchase/Sale of Investments Net -6,502.00 -47,701.00 -58,310.00 -29,382.00 23,100.00 -12,186.00 -2,013.00 -12,415.00 -97,959.00
   Net Purchase/Sale of Business 0 0 0 0 0 0 0.00 0 0
   Net Loan & Lease Activity 0 0 0 0 0
   Other Investing Activities 0.00 0.00 44.00 0.00 0.00 22,058.00 15,535.00 13,182.00 290.00
Financing Cash Flow 13.00 8.00 1,730.00 0 -76.00 -64.00 0.00 -72.00 -228.00
   Net Issuance/Repayment of Debt 0 0 0 0 0 0 0.00 0 0
   Net Issuance/Repurchase of Equity 0 0 1.00 0 76.00 64.00 0.00 72.00 228.00
   Dividends Paid 0 0 0 0 0 0 0.00 0 0
   Other Financing Activities 13.00 0 1,729.00 0 -152.00 -128.00 0.00 -144.00 -456.00
Net Change in Cash -18,945.00 -59,965.00 -71,337.00 -37,824.00 12,645.00 -3,092.00 8,379.00 -10,288.00 -110,397.00
   Cash at Beginning of Period 32,241.00 92,206.00 163,543.00 90,326.00 40,331.00 24,872.00 26,181.00 36,469.00 169,393.00
   Cash at End of Period 13,296.00 32,241.00 92,206.00 52,502.00 52,976.00 21,780.00 34,560.00 26,181.00 58,996.00
Free Cash Flow -12,456.00 -12,272.00 -14,757.00 -8,442.00 0 -12,894.00 0.00 -10,972.00 -12,210.00