Financial Statements — REFR
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 | 1.09 | 1.28 | 1.13 | 1.27 | 1.35 | 1.65 | 1.91 | 2.09 | 0.52 | 3.52 | 1.15 | 4.80 | 1.88 | 2.47 | 0.21 | 0.34 | 4.22 |
| Short-term Investments | -- | -- | -- | -- | -- | -- | -- | -- | 2.50 | -- | 2.99 | -- | -- | 2.76 | 2.78 | 3.13 | -- |
| Accounts Receivable | 0.21 | 0.54 | 0.37 | 0.54 | 0.97 | 1.05 | 1.08 | 0.96 | 0.72 | 0.67 | -- | -- | -- | -- | -- | -- | -- |
| Total Current Assets | 1.46 | 2.02 | 1.61 | 1.97 | 2.52 | 2.85 | 3.19 | 3.29 | 3.91 | 4.42 | 4.92 | 5.50 | 2.56 | 3.31 | 4.50 | 4.50 | 5.04 |
| Property, Plant & Equipment | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.03 | 0.05 | 0.05 | 0.06 | 0.07 | 0.08 | 0.09 | 0.10 | 0.11 | 0.11 |
| Total Non-current Assets* | 1.02 | 1.06 | 1.15 | 1.20 | 1.25 | 0.15 | 0.19 | 0.23 | 0.32 | 0.36 | 0.40 | 0.47 | 0.51 | 0.55 | 0.64 | 0.68 | 0.73 |
| Total Assets | 2.48 | 3.08 | 2.77 | 3.17 | 3.77 | 3.00 | 3.38 | 3.52 | 4.23 | 4.77 | 5.32 | 5.97 | 3.07 | 3.86 | 5.14 | 5.19 | 5.77 |
| Accounts Payable | 0.14 | 0.10 | 0.03 | 0.02 | 0.01 | 0.03 | 0.06 | 0.17 | 0.03 | 0.05 | 0.03 | 0.04 | 0.03 | 0.02 | 0.03 | 0.04 | 0.04 |
| Total Current Liabilities | 0.41 | 0.32 | 0.21 | 0.28 | 0.21 | 0.18 | 0.39 | 0.44 | 0.26 | 0.29 | 0.28 | 0.27 | 0.29 | 0.29 | 0.28 | 0.30 | 0.31 |
| Total Non-current Liabilities* | 0.94 | 0.98 | 1.06 | 1.09 | 1.13 | 0.00 | 0.00 | 0.00 | 0.11 | 0.16 | 0.22 | 0.32 | 0.37 | 0.42 | 0.51 | 0.56 | 0.60 |
| Total Liabilities | 1.35 | 1.30 | 1.27 | 1.37 | 1.34 | 0.18 | 0.39 | 0.44 | 0.37 | 0.45 | 0.50 | 0.59 | 0.66 | 0.70 | 0.79 | 0.86 | 0.91 |
| Retained Earnings | (128.81) | (128.15) | (126.86) | (126.56) | (125.75) | (124.97) | (124.80) | (124.71) | (123.78) | (123.31) | (122.82) | (121.54) | (121.06) | (120.32) | (118.90) | (118.93) | (118.40) |
| Total Stockholder Equity* | 1.12 | 1.78 | 1.50 | 1.80 | 2.43 | 2.82 | 2.99 | 3.08 | 3.85 | 4.33 | 4.82 | 5.38 | 2.41 | 3.16 | 4.35 | 4.33 | 4.86 |
* Derived from reported values
Income Statement
(in thousands 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 | 86.35 | 136.32 | 72.12 | 359.44 | 129.90 | 559.78 | 178.15 | 354.41 | 489.59 | 313.38 | 312.24 | 164.15 | 185.04 | 248.18 | 129.90 | 150.44 | 85.51 | 173.83 | 212.51 | 723.47 |
| Research & Development | 128.88 | 145.35 | 135.02 | 141.75 | 169.09 | 162.88 | 160.19 | 131.25 | 128.83 | 149.74 | 153.12 | 135.32 | 145.61 | 149.22 | 164.71 | 149.16 | 146.43 | 148.82 | 159.80 | 135.22 |
| Total Operating Expenses | 756.10 | 666.73 | 845.67 | 663.39 | 945.01 | 799.35 | 802.44 | 586.11 | 605.73 | 783.13 | 817.62 | 677.95 | 710.30 | 737.02 | 949.99 | 636.63 | 828.67 | 749.52 | 981.95 | 706.24 |
| Operating Income | (669.75) | (530.41) | (773.54) | (303.94) | (815.10) | (239.58) | (624.28) | (231.70) | (116.13) | (469.75) | (505.38) | (513.81) | (525.26) | (488.85) | (820.09) | (486.19) | (743.16) | (575.70) | (769.44) | 17.23 |
| Net Income | (660.17) | (525.36) | (765.56) | (298.51) | (803.83) | (177.69) | (607.94) | (166.82) | (94.02) | (442.60) | (479.91) | (472.17) | (493.65) | (462.64) | (815.43) | (483.73) | (741.84) | (628.35) | (782.72) | 21.61 |
| Basic EPS | (0.02) | (0.02) | (0.02) | (0.01) | (0.02) | (0.01) | (0.03) | 0.00 | 0.00 | (0.01) | (0.03) | (0.01) | (0.01) | (0.01) | (0.02) | (0.02) | (0.02) | (0.02) | -- | -- |
| Diluted EPS | (0.02) | (0.02) | (0.02) | (0.01) | (0.02) | (0.01) | (0.03) | 0.00 | 0.00 | (0.01) | (0.02) | (0.01) | (0.01) | -- | -- | -- | -- | -- | -- | -- |
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 | (0.19) | (0.76) | (0.47) | (0.14) | (0.08) | (0.64) | 0.05 | (0.26) | (0.19) | (0.39) | (0.55) | (0.52) | (0.63) | (0.60) | (0.57) | (0.54) | (0.58) | (0.50) | 0.06 | (0.48) |
| Capital Expenditures | 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 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Free Cash Flow* | (0.19) | (0.76) | (0.47) | (0.14) | (0.08) | (0.64) | 0.05 | (0.26) | (0.19) | (0.39) | (0.55) | (0.52) | (0.63) | (0.60) | (0.57) | (0.54) | (0.58) | (0.50) | 0.06 | (0.48) |
| Investing Cash Flow | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | 2.50 | (2.47) | 2.99 | (2.97) | -0.00 | -0.00 | -0.00 | 2.69 | -0.00 | 0.35 |
| Financing Cash Flow | 0.00 | 1.38 | -- | -- | -- | -- | 0.30 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.48 | 0.00 | 3.45 | -- | -- | 0.00 | 0.00 |
* Derived from reported values
