Thesis
Written thesis in progress. We’re starting this library with the live quote, price chart, and financial snapshot first, then adding full commentary name by name.
Valuation and financials
Enterprise value
$1.7B
Market cap + debt − cash
Cash
$484M
Q4 FY2025 balance sheet
Debt
$359M
Q4 FY2025 balance sheet
Revenue
$510M
FY2026E
Next-year growth
19.0%
FY2027E vs FY2026E
Gross margin
34.0%
Q4 FY2025 reported
Operating margin
-11.0%
Q4 FY2025 reported
Forward EV/S
3.3x
Enterprise value divided by forward revenue
Forward EV / op income
—
EV over forward revenue × latest op margin
Price chart
Last 6 months
$38.95
+83.0%
Oct 13, 2025Apr 15, 2026