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Financial Statements — VLN
Balance Sheet
(in millions USD)| Metric | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q4 2023 | Q2 2023 | Q4 2022 | Q2 2022 | Q4 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 27.86 | 31.59 | 46.59 | 41.00 | 35.42 | 35.44 | 24.71 | 17.26 | 21.41 | 20.02 | 46.58 | 56.79 |
| Short-term Investments | 64.73 | 61.96 | 56.13 | 71.54 | 95.53 | 97.66 | 105.92 | 124.76 | 116.63 | -- | -- | -- |
| Accounts Receivable | 9.97 | 9.90 | 8.13 | 9.55 | 7.75 | 7.22 | 10.02 | 14.64 | 16.06 | 11.51 | 10.05 | 7.10 |
| Inventory | 10.12 | 10.97 | 11.50 | 10.86 | 10.15 | 11.74 | 14.07 | 13.84 | 19.02 | 23.82 | 17.32 | 9.32 |
| Total Current Assets | 118.66 | 119.99 | 127.33 | 136.70 | 153.90 | 155.05 | 158.69 | 174.69 | 177.49 | 188.51 | 188.61 | 199.03 |
| Property, Plant & Equipment | 2.90 | 3.08 | 3.35 | 3.50 | 3.56 | 2.89 | 2.67 | 2.95 | 3.08 | 2.79 | 2.57 | 2.74 |
| Goodwill | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | 1.85 | -- | -- | -- | -- | -- |
| Intangible Assets | 3.76 | 4.00 | 4.23 | 4.47 | 4.70 | 4.94 | 5.17 | -- | -- | -- | -- | -- |
| Total Non-current Assets | 16.04 | 16.70 | 17.46 | 17.86 | 18.25 | 16.84 | 17.10 | 5.86 | 6.84 | 7.15 | 7.62 | 3.57 |
| Total Assets | 134.70 | 136.69 | 144.79 | 154.56 | 172.15 | 171.89 | 175.79 | 180.56 | 184.34 | 195.66 | 196.23 | 202.60 |
| Accounts Payable | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 7.35 | 4.49 |
| Total Current Liabilities | 22.93 | 21.14 | 21.33 | 16.88 | 20.33 | 18.91 | 16.34 | 15.93 | 16.73 | 24.79 | 20.33 | 15.70 |
| Total Non-current Liabilities | 6.78 | 6.72 | 6.97 | 9.08 | 9.14 | 5.99 | 5.92 | 0.32 | 1.33 | 3.43 | 2.69 | 4.70 |
| Total Liabilities | 29.72 | 27.86 | 28.30 | 25.96 | 29.46 | 24.90 | 22.26 | 16.25 | 18.06 | 28.22 | 23.02 | 20.40 |
| Retained Earnings | (245.50) | (236.73) | (229.41) | (222.23) | (213.92) | (206.60) | (196.25) | (177.34) | (167.63) | (157.68) | (145.05) | (130.01) |
| Total Stockholder Equity | 104.98 | 108.83 | 116.50 | 128.61 | 142.69 | 146.99 | 153.53 | 164.30 | 166.28 | 167.44 | 173.21 | 182.20 |
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Income Statement
(in millions USD) (except per-share rows)| Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q2 2023 | Q2 2022 |
|---|---|---|---|---|---|---|---|
| Total Revenue | 17.34 | 17.06 | 16.83 | 16.04 | 13.60 | 24.18 | 22.48 |
| Cost of Revenue | 6.41 | 6.22 | 6.25 | 6.99 | 5.25 | 9.24 | 6.70 |
| Gross Profit | 10.92 | 10.84 | 10.58 | 9.05 | 8.34 | 14.93 | 15.78 |
| Research & Development | 10.80 | 10.20 | 10.59 | 10.31 | 9.96 | 12.16 | 14.90 |
| Selling, General & Admin | 2.21 | 3.70 | 3.67 | 5.83 | 3.40 | 3.70 | 4.34 |
| Total Operating Expenses | 18.96 | 18.22 | 20.04 | 21.28 | 17.75 | 20.12 | 23.72 |
| Operating Income | (8.04) | (7.39) | (9.46) | (12.23) | (9.41) | (5.18) | (7.93) |
| Pretax Income | (7.31) | (7.16) | (8.22) | (10.34) | (8.86) | (4.56) | (9.95) |
| Tax Provision | 0.01 | 0.02 | 0.09 | 0.01 | 0.02 | 0.03 | 0.04 |
| Net Income | (7.32) | (7.18) | (8.31) | (10.35) | (8.87) | (4.58) | (9.99) |
| Basic EPS | (0.07) | (0.07) | (0.08) | (0.10) | (0.08) | (0.05) | (0.10) |
| Diluted EPS | (0.07) | (0.07) | (0.08) | (0.10) | (0.08) | (0.05) | (0.10) |
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Cash Flow Statement
(in millions USD)| Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q2 2023 | Q2 2022 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (4.66) | (0.21) | (7.61) | 2.96 | (0.22) | 0.36 | (4.25) |
| Capital Expenditures | 0.28 | 0.12 | 0.36 | 0.72 | 0.24 | 0.78 | 0.24 |
| Free Cash Flow* | (4.94) | (0.33) | (7.97) | 2.24 | (0.46) | (0.42) | (4.49) |
| Investing Cash Flow | (5.66) | 15.53 | 22.65 | 8.22 | (10.35) | 5.61 | 8.57 |
| Financing Cash Flow | (3.56) | (9.98) | (9.40) | 0.06 | 0.51 | 0.06 | 0.10 |
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* Derived from reported values