Financial Statements — PAVM
Balance Sheet
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 | Q1
2024 | Q3
2023 | Q2
2023 | Q1
2023 | Q3
2022 | Q2
2022 | Q1
2022 | Q3
2021 | Q2
2021 | Q1
2021 |
|---|
| Cash & Equivalents | 3.78 | 6.46 | -- | -- | -- | 0.77 | 25.50 | 25.54 | 26.41 | 37.16 | 49.28 | 56.79 | 65.15 | 64.74 | 37.34 | 43.21 | 48.55 |
| Accounts Receivable | 0.02 | 0.02 | 0.00 | 0.00 | 0.01 | 0.02 | 0.22 | 0.07 | 0.04 | 0.04 | 0.03 | 0.03 | -- | 0.09 | 0.20 | -- | -- |
| Inventory | -- | -- | -- | -- | -- | 0.01 | 0.69 | 0.41 | -- | -- | -- | -- | -- | -- | 0.05 | -- | -- |
| Total Current Assets | 4.86 | 7.41 | 4.19 | 5.49 | 3.64 | 2.13 | 30.21 | 29.57 | 32.46 | 43.13 | 53.84 | 61.98 | 70.82 | 71.00 | 41.73 | 46.34 | 50.51 |
| Property, Plant & Equipment | 0.07 | 0.08 | 0.08 | 0.10 | 0.11 | 0.22 | 1.33 | 1.60 | 1.82 | 2.03 | 2.26 | 2.37 | 2.25 | 2.07 | 0.45 | -- | -- |
| Intangible Assets | -- | -- | -- | -- | -- | -- | 0.95 | 1.05 | 1.93 | 2.44 | 2.94 | 3.95 | 4.46 | 1.91 | 0.05 | -- | -- |
| Total Non-current Assets* | 35.36 | 38.01 | 33.88 | 38.41 | 49.19 | 28.42 | 9.21 | 7.68 | 9.56 | 10.56 | 11.45 | 10.49 | 11.64 | 13.33 | 1.25 | 1.03 | 0.86 |
| Total Assets | 40.21 | 45.42 | 38.07 | 43.89 | 52.82 | 30.55 | 39.41 | 37.25 | 42.02 | 53.68 | 65.29 | 72.47 | 82.45 | 84.33 | 42.99 | 47.37 | 51.37 |
| Accounts Payable | 1.06 | 0.98 | 0.34 | 0.39 | 0.37 | 0.47 | 1.23 | 1.49 | 2.17 | 1.16 | 1.26 | 2.45 | 4.49 | 8.24 | 6.08 | 3.77 | 1.90 |
| Total Current Liabilities | 4.09 | 3.66 | 10.46 | 10.51 | 9.78 | 37.56 | 53.39 | 55.02 | 54.51 | 50.79 | 50.55 | 41.91 | 38.87 | 17.49 | -- | -- | -- |
| Total Non-current Liabilities* | 16.82 | 16.77 | 1.82 | 1.97 | 2.11 | 2.38 | 4.67 | 2.81 | 3.34 | 3.73 | 3.94 | 2.00 | 2.18 | 2.11 | -- | -- | -- |
| Total Liabilities | 20.91 | 20.43 | 12.28 | 12.47 | 11.89 | 39.94 | 58.06 | 57.83 | 57.85 | 54.51 | 54.48 | 43.91 | 41.05 | 19.60 | 7.75 | 5.33 | 3.33 |
| Retained Earnings | (264.50) | (259.03) | (256.90) | (250.57) | (237.27) | (256.31) | (320.63) | (309.72) | (278.53) | (260.78) | (246.17) | (207.64) | (181.44) | (155.85) | (121.62) | (109.32) | (97.78) |
| Total Stockholder Equity | 35.05 | 39.52 | 32.52 | 37.53 | 44.99 | (4.87) | (73.94) | (68.78) | (43.26) | (31.51) | (22.06) | 8.95 | 21.98 | 45.93 | 34.87 | 42.95 | 50.29 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Total Revenue | 0.03 | 0.02 | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 | 1.00 | 0.98 | 1.01 | 1.05 | 0.79 | 0.17 | 0.45 | 0.11 | 0.08 | 0.00 | 0.19 | 0.30 | 0.20 |
| Cost of Revenue | 0.12 | 0.10 | 0.09 | 0.06 | 0.04 | 0.04 | 0.05 | 1.38 | 1.67 | 1.74 | 1.61 | 1.78 | 1.69 | 1.35 | 1.62 | 1.63 | 0.37 | 0.37 | 0.44 | 0.14 |
| Gross Profit | (0.09) | (0.07) | (0.03) | (0.05) | (0.06) | (0.03) | (0.05) | (0.38) | (0.67) | (0.74) | (0.51) | (0.99) | (1.52) | (0.90) | (1.43) | (1.55) | 0.00 | (0.18) | (0.14) | 0.06 |
| Research & Development | 2.07 | 1.39 | 1.83 | 1.09 | 0.79 | 0.79 | 0.81 | 1.54 | 1.64 | 1.94 | 3.21 | 3.16 | 3.47 | 4.44 | 6.67 | 6.20 | 6.74 | 5.93 | 6.97 | 5.31 |
| Selling, General & Admin | 4.65 | 6.36 | 4.69 | 3.51 | 3.67 | 4.38 | 4.19 | 6.65 | 7.01 | 6.68 | 7.42 | 6.86 | 6.65 | 10.02 | 9.46 | 10.32 | 11.84 | 9.42 | 9.47 | 5.99 |
| Total Operating Expenses | 6.93 | 7.96 | 6.77 | 4.79 | 10.10 | 5.42 | 5.14 | 11.20 | 13.02 | 13.29 | 15.87 | 14.54 | 14.97 | 19.50 | 23.17 | 21.76 | 23.48 | 19.28 | 19.54 | 13.72 |
| Operating Income | (7.02) | (8.03) | (6.80) | (4.84) | (4.71) | (5.45) | (5.19) | (11.58) | (13.68) | (14.04) | (16.38) | (15.53) | (16.48) | (20.40) | (24.68) | (23.31) | (23.48) | (19.46) | (19.68) | (13.67) |
| Interest Expense | -- | -- | -- | 0.03 | 0.03 | 0.03 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Pretax Income | (6.60) | (1.06) | (2.76) | (6.01) | (12.32) | 18.62 | 1.14 | 60.71 | (14.91) | (18.51) | (17.41) | (21.75) | (17.89) | (22.21) | (24.57) | (29.93) | (29.10) | (19.63) | (19.68) | (13.67) |
| Tax Provision | 0.00 | 0.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Net Income | (5.38) | (0.06) | (1.26) | (5.38) | (11.92) | 18.97 | 1.43 | 64.40 | (10.83) | (15.21) | (14.04) | (17.67) | (14.54) | (17.93) | (20.46) | (26.13) | (25.52) | (16.87) | (17.22) | (12.23) |
| Basic EPS | (0.87) | (4.42) | (5.88) | (0.29) | (0.74) | 1.28 | 0.00 | 6.43 | -- | (2.62) | (8.68) | (0.16) | (0.14) | (0.18) | (0.22) | (0.29) | (0.29) | (0.20) | -- | -- |
| Diluted EPS | (0.87) | (4.42) | (4.94) | (0.29) | (0.74) | 0.34 | 2.87 | 1.44 | (1.19) | (2.62) | (8.68) | (0.16) | (0.14) | -- | -- | -- | -- | -- | -- | -- |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 | Q1
2024 | Q4
2023 | Q3
2023 | Q2
2023 | Q1
2023 | Q4
2022 | Q3
2022 | Q2
2022 | Q1
2022 | Q4
2021 | Q3
2021 |
|---|
| Operating Cash Flow | (2.66) | (2.62) | (1.55) | (0.90) | (1.18) | (1.58) | 0.09 | (8.88) | (11.66) | (13.11) | (11.87) | (11.09) | (12.79) | (16.29) | (16.82) | (19.34) | (22.56) | (12.26) | (16.78) | (8.02) |
| Capital Expenditures | 0.01 | 0.02 | 0.01 | 0.00 | 0.01 | 0.01 | 0.00 | 0.01 | 0.00 | 0.04 | 0.18 | 0.02 | 0.02 | 0.03 | 0.30 | 0.32 | 0.35 | 0.57 | 1.28 | 0.04 |
| Free Cash Flow* | (2.68) | (2.64) | (1.56) | (0.90) | (1.19) | (1.59) | 0.09 | (8.89) | (11.66) | (13.15) | (12.06) | (11.11) | (12.80) | (16.31) | (17.12) | (19.66) | (22.91) | (12.84) | (18.05) | (8.05) |
| Investing Cash Flow | (0.01) | (0.02) | (0.01) | -0.00 | (0.01) | (0.01) | -0.00 | (16.14) | -0.00 | (0.04) | (0.18) | (0.02) | (0.01) | 0.97 | (0.30) | (1.32) | (2.55) | (0.57) | (3.38) | (0.13) |
| Financing Cash Flow | 0.00 | 7.56 | 0.00 | -0.00 | 2.49 | 3.10 | 0.33 | 0.28 | 11.62 | 19.05 | 5.29 | 0.35 | 0.68 | 24.85 | 0.08 | 12.29 | 25.53 | 0.32 | 60.07 | 2.28 |
* Derived from reported values
