Financial Statements — RFL
Balance Sheet
(in millions USD)| Metric | Q3 2026 | 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 | 30.50 | 37.78 | 45.54 | 37.94 | 48.32 | 8.16 | 7.44 | 7.14 | 13.20 | 15.44 | 9.67 | 22.17 | 28.97 | 70.03 | 77.39 | 4.68 | 6.09 | 77.39 |
| Accounts Receivable | 0.29 | 0.30 | 0.41 | 0.41 | 0.20 | 0.20 | 0.44 | -- | 0.25 | 0.25 | 0.27 | 0.14 | 0.63 | 0.62 | 0.71 | 0.25 | 0.12 | 0.71 |
| Inventory | 0.28 | 0.27 | 0.27 | 0.29 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Assets | 34.86 | 42.45 | 48.32 | 42.44 | 65.83 | 70.48 | 73.81 | 75.07 | 77.47 | 85.05 | 89.97 | 94.92 | 62.51 | 71.54 | 78.53 | 6.03 | 6.69 | 78.53 |
| Property, Plant & Equipment | 1.52 | 1.55 | 1.56 | 1.61 | 1.93 | 2.08 | 2.16 | 2.06 | 1.67 | 1.71 | 1.73 | 1.75 | 42.18 | 42.54 | 42.89 | 43.59 | 43.76 | 42.89 |
| Goodwill | 19.94 | 19.94 | 19.94 | 28.28 | 3.05 | 3.05 | 3.57 | 3.57 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Intangible Assets | 0.90 | 0.93 | 0.96 | 1.03 | 1.79 | 1.82 | 1.85 | 1.89 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Non-current Assets* | 57.13 | 56.87 | 57.05 | 65.65 | 17.21 | 17.35 | 27.82 | 31.08 | 18.04 | 1.71 | 1.73 | 1.75 | 42.18 | 42.54 | 42.89 | 43.59 | 139.56 | 42.89 |
| Total Assets | 91.99 | 99.32 | 105.38 | 108.10 | 83.04 | 87.84 | 101.62 | 106.15 | 95.50 | 96.36 | 98.55 | 103.22 | 112.78 | 122.57 | 130.41 | 146.21 | 146.25 | 130.41 |
| Accounts Payable | 7.04 | 8.17 | 6.79 | 7.79 | 2.55 | 2.70 | 2.57 | 0.51 | -- | 0.62 | 0.44 | 1.39 | 0.87 | 1.13 | 1.15 | 0.75 | 0.50 | 1.15 |
| Short-term Debt | -- | -- | 21.90 | -- | -- | -- | -- | -- | 2.00 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Liabilities | 11.02 | 12.36 | 12.08 | 11.03 | 7.11 | 7.24 | 7.54 | 3.26 | 0.93 | 1.41 | 1.97 | 3.21 | 17.79 | 22.83 | 17.26 | 4.91 | 10.83 | 17.26 |
| Total Non-current Liabilities* | 0.17 | 3.70 | 4.12 | 12.55 | 3.37 | 3.21 | 3.52 | 0.63 | 0.06 | 0.05 | 0.05 | 0.04 | 0.09 | 0.08 | 0.08 | 0.04 | 0.03 | 0.08 |
| Total Liabilities | 11.19 | 16.06 | 16.20 | 23.58 | 10.48 | 10.45 | 11.06 | 3.90 | 0.99 | 1.46 | 2.02 | 3.25 | 17.88 | 22.91 | 17.34 | 4.95 | 10.86 | 17.34 |
| Retained Earnings | (252.72) | (248.50) | (242.08) | (220.17) | (215.39) | (210.75) | (197.27) | (164.92) | (170.97) | (168.55) | (167.11) | (163.86) | (160.67) | (155.14) | (152.82) | (28.42) | (25.87) | (170.12) |
| Total Stockholder Equity | 75.39 | 79.17 | 85.18 | 80.58 | 69.38 | 73.52 | 86.10 | 104.94 | 98.21 | 98.53 | 100.10 | 103.37 | 98.15 | 102.88 | 116.03 | 126.77 | 120.80 | 98.74 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 0.18 | 0.21 | 0.24 | 0.35 | 0.36 | 0.08 | 0.13 | 0.17 | 0.34 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | (2.60) | 0.88 | 1.11 | 1.03 | 0.97 |
| Cost of Revenue* | -- | 0.17 | -- | -- | 0.11 | 0.04 | 0.04 | 0.07 | 0.09 | -- | -- | -- | 0.80 | 1.04 | 0.25 | 0.83 | 0.53 | 0.85 | -- | -- |
| Gross Profit | -- | 0.04 | -- | -- | 0.26 | 0.13 | 0.09 | 0.10 | 0.25 | -- | -- | -- | 0.07 | 0.07 | (0.18) | (3.43) | 0.34 | 0.27 | -- | -- |
| Research & Development | 4.85 | 4.53 | 7.48 | 7.55 | 3.00 | 0.95 | 1.33 | 1.54 | 1.53 | 0.61 | 0.49 | 1.27 | 0.74 | 2.23 | 2.08 | 1.84 | 1.41 | 3.34 | 2.15 | 1.56 |
| Selling, General & Admin | 2.14 | 2.27 | 2.84 | 5.50 | 3.17 | 2.59 | 2.52 | 2.33 | 1.92 | 2.56 | 2.04 | 1.40 | 2.34 | 2.09 | 3.11 | 0.99 | 0.93 | 7.76 | 12.89 | 12.05 |
| Total Operating Expenses | -- | 6.68 | -- | -- | 88.56 | 10.61 | 3.94 | 3.94 | 93.41 | -- | -- | -- | 3.10 | 4.33 | 4.96 | 0.98 | 56.40 | 51.47 | -- | -- |
| Operating Income | (6.87) | (6.65) | (10.14) | (12.76) | (5.91) | (6.64) | (3.84) | (3.84) | (93.16) | (3.14) | (2.48) | (2.61) | (3.03) | (4.26) | (5.14) | (4.41) | (4.86) | (1.71) | (49.68) | (13.02) |
| Interest Expense | -- | -- | 0.16 | 0.17 | 0.17 | 0.16 | 0.16 | 0.16 | 0.09 | -- | -- | -- | -- | 0.00 | 0.01 | (1.20) | 0.40 | -- | -- | -- |
| Pretax Income | (2.89) | (6.28) | (9.79) | (12.23) | (6.46) | (5.31) | (9.20) | (4.94) | (64.89) | 6.11 | (3.54) | 1.46 | (1.76) | (3.25) | (5.20) | (3.03) | (5.55) | (2.56) | (128.84) | (12.54) |
| Tax Provision | 0.01 | 0.05 | 0.01 | (0.17) | (2.41) | 0.02 | 0.01 | (0.09) | (2.60) | 0.00 | 0.01 | 0.00 | (0.27) | 0.01 | 0.01 | -- | 0.00 | 0.00 | 0.01 | 0.01 |
| Net Income | (4.23) | (6.42) | (9.82) | (12.09) | (4.78) | (4.64) | (9.01) | (4.47) | (32.35) | 6.05 | (3.64) | 8.02 | (1.49) | (3.25) | (5.21) | (3.02) | (5.55) | (2.56) | (129.41) | (12.60) |
| Basic EPS | (0.08) | (0.13) | (0.19) | (0.29) | (0.19) | (0.19) | (0.37) | (0.20) | (1.36) | 0.26 | (0.15) | 0.06 | (0.06) | (0.14) | -- | (0.15) | (0.28) | -- | -- | -- |
| Diluted EPS | (0.08) | (0.13) | (0.19) | (0.29) | (0.19) | (0.19) | (0.37) | (0.18) | (1.36) | 0.25 | (0.16) | 0.05 | (0.06) | (0.14) | 0.07 | 0.00 | -- | -- | -- | -- |
* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q3 2026 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (7.28) | (7.52) | (6.81) | (10.38) | (3.19) | (2.31) | (3.04) | (2.89) | (0.25) | (2.53) | (2.13) | (1.45) | (1.31) | (5.57) | (2.55) | (1.90) | (10.37) | (13.81) | (6.47) | (6.98) |
| Capital Expenditures | 0.00 | 0.01 | -- | -0.00 | -0.00 | 0.00 | 0.01 | 0.01 | 0.12 | 0.01 | -- | -- | -- | -- | -- | -- | 0.03 | 0.06 | 0.03 | (0.03) |
| Free Cash Flow* | (7.28) | (7.53) | -- | (10.38) | (3.19) | (2.31) | (3.05) | (2.90) | (0.37) | (2.54) | -- | -- | -- | -- | -- | -- | (10.39) | (13.87) | (6.50) | (6.95) |
| Investing Cash Flow | 0.01 | (0.25) | (0.43) | 0.16 | (7.20) | 42.50 | 8.57 | (1.87) | 0.63 | (2.79) | (6.79) | 7.41 | 7.39 | (7.53) | 13.94 | (6.38) | (30.48) | (26.94) | (26.90) | 0.53 |
| Financing Cash Flow | (0.03) | (0.03) | (0.03) | 24.89 | 0.01 | (0.03) | (0.05) | (0.02) | (0.03) | (0.93) | 0.81 | (0.04) | (0.03) | (0.15) | (15.01) | 6.00 | -0.00 | 97.87 | 97.91 | 14.53 |
* Derived from reported values