Financial Statements — VRCA
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 | 11.20 | 20.60 | 21.10 | 15.40 | 29.60 | 22.96 | 31.93 | 48.94 | 84.31 | 55.14 | 59.95 | 32.47 | 5.43 | 10.41 | 20.44 | 24.71 | 44.10 |
| Accounts Receivable | 10.94 | 7.72 | 7.05 | 9.19 | 5.61 | 0.00 | 10.03 | 7.00 | 3.95 | -- | -- | -- | -- | -- | -- | -- | -- |
| Inventory | 2.71 | 1.97 | 2.30 | 2.52 | 2.46 | 2.58 | 2.70 | 2.50 | 0.28 | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Current Assets | 32.64 | 34.13 | 36.28 | 36.78 | 39.47 | 28.19 | 47.32 | 61.38 | 91.73 | 56.78 | 63.10 | 43.40 | 57.34 | 65.77 | 83.16 | 93.37 | 102.05 |
| Property, Plant & Equipment | 0.18 | 0.19 | 0.23 | 0.32 | 0.54 | 0.65 | 0.71 | 0.94 | 3.56 | 3.69 | 3.80 | 4.02 | 4.04 | 4.16 | 3.67 | 3.65 | 3.33 |
| Total Non-current Assets* | 3.38 | 4.66 | 4.62 | 2.33 | 2.70 | 4.74 | 4.69 | 4.93 | 5.42 | 5.42 | 5.54 | 5.75 | 6.10 | 5.85 | 5.60 | 5.66 | 6.06 |
| Total Assets | 36.02 | 38.79 | 40.90 | 39.11 | 42.18 | 32.93 | 52.01 | 66.31 | 97.15 | 62.20 | 68.64 | 49.15 | 63.44 | 71.62 | 88.76 | 99.03 | 108.10 |
| Accounts Payable | 1.60 | 2.19 | 1.59 | 2.32 | 1.44 | 0.97 | 1.15 | 2.53 | 1.93 | 2.06 | 0.57 | 0.14 | 0.71 | 0.53 | 0.90 | 0.78 | 0.88 |
| Short-term Debt | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.00 | 42.29 | 42.00 | 41.35 | 41.01 | 40.67 |
| Total Current Liabilities | 22.44 | 16.22 | 28.91 | 29.22 | 29.40 | 21.03 | 20.05 | 19.36 | 11.37 | 5.73 | 2.64 | 3.08 | 45.71 | 44.80 | 46.37 | 45.28 | 44.66 |
| Long-term Debt | -- | -- | 21.62 | 24.58 | 27.81 | 43.31 | 42.75 | 42.85 | 42.40 | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Non-current Liabilities* | 9.27 | 6.51 | 29.03 | 27.37 | 31.36 | 45.95 | 45.26 | 45.43 | 43.47 | 1.07 | 1.15 | 1.30 | 1.39 | 1.40 | 1.53 | 1.59 | 1.63 |
| Total Liabilities | 31.71 | 22.73 | 57.94 | 56.59 | 60.75 | 66.98 | 65.31 | 64.80 | 54.85 | 6.80 | 3.79 | 4.38 | 47.10 | 46.20 | 47.90 | 46.87 | 46.29 |
| Retained Earnings | (347.75) | (334.59) | (316.84) | (316.56) | (316.77) | (290.82) | (267.96) | (250.78) | (205.83) | (181.03) | (170.04) | (157.52) | (157.60) | (147.44) | (129.43) | (116.60) | (104.82) |
| Total Stockholder Equity | 4.31 | 16.06 | (17.04) | (17.48) | (18.58) | (34.05) | (13.30) | 1.51 | 42.30 | 55.40 | 64.85 | 44.77 | 16.33 | 25.42 | 40.85 | 52.16 | 61.81 |
* 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 | 5.86 | 5.02 | 5.09 | 14.34 | 12.70 | 3.44 | 0.34 | (1.78) | 5.18 | 3.83 | 1.99 | 2.92 | 0.18 | 0.04 | 0.07 | 8.32 | 0.21 | 0.43 | 0.00 | 12.00 |
| Cost of Revenue* | -- | -- | -- | 8.92 | 7.84 | 0.70 | 0.80 | 0.40 | 0.70 | 0.70 | 0.20 | 0.30 | -- | -- | -- | -- | -- | -- | -- | -- |
| Gross Profit | -- | -- | -- | 5.42 | 4.86 | 2.74 | (0.46) | (2.18) | 4.48 | 3.13 | 1.79 | 2.62 | -- | -- | -- | -- | -- | -- | -- | -- |
| Research & Development | 6.03 | 3.86 | 2.52 | 2.21 | 1.85 | 2.28 | 1.17 | 2.40 | 3.32 | 4.95 | 5.32 | 6.51 | 5.73 | 2.74 | 2.37 | 2.95 | 4.16 | 2.72 | 3.36 | 3.76 |
| Selling, General & Admin | 10.35 | 9.99 | 8.12 | 9.40 | 8.85 | 8.85 | 9.88 | 16.08 | 16.52 | 16.34 | 17.00 | 20.05 | 5.94 | 4.32 | 3.19 | 3.93 | 5.17 | 5.12 | 5.11 | 8.01 |
| Total Operating Expenses | 18.96 | 14.74 | 12.28 | 12.72 | 11.19 | 11.57 | 11.75 | 18.92 | 20.38 | 22.43 | 25.13 | 26.83 | 11.80 | 7.13 | 6.28 | 6.87 | 9.34 | 7.84 | 8.47 | 11.77 |
| Operating Income | (13.10) | (9.71) | (7.19) | 1.63 | 1.51 | (8.13) | (11.41) | (20.70) | (15.21) | (18.60) | (23.14) | (23.92) | (11.62) | (7.09) | (6.21) | 1.45 | (9.12) | (7.41) | (8.47) | (11.77) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | 2.37 | 2.32 | 2.31 | 1.66 | 0.00 | 0.00 | (0.06) | 0.08 | 1.07 | 1.08 | 1.10 | 1.09 |
| Net Income | (13.15) | (9.68) | (8.07) | (0.27) | 0.20 | (9.74) | (16.20) | (22.86) | (17.19) | (20.33) | (24.61) | (24.80) | (10.99) | (6.59) | (5.93) | 0.08 | (10.17) | (8.47) | (9.54) | (12.83) |
| Basic EPS | (0.62) | (0.45) | (1.57) | (0.03) | 0.02 | (0.10) | (0.18) | (0.49) | (0.37) | (0.44) | (0.55) | (0.54) | (0.24) | (0.15) | (0.14) | 0.00 | (0.37) | -- | -- | -- |
| Diluted EPS | (0.62) | (0.45) | (1.57) | (0.03) | 0.02 | (0.10) | (0.18) | (0.49) | (0.37) | (0.44) | (0.55) | (0.54) | (0.24) | (0.15) | (0.14) | 0.00 | (0.37) | -- | -- | -- |
* Derived from reported values
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 | (9.28) | (9.16) | (4.59) | 9.69 | (10.04) | (12.68) | (16.06) | (8.56) | (16.36) | (19.95) | (14.51) | (14.81) | (4.67) | (4.59) | (4.95) | 1.83 | (7.18) | (8.34) | (8.70) | (10.60) |
| Capital Expenditures | -- | -- | 0.00 | 0.00 | 0.00 | -- | 0.00 | 0.02 | 0.01 | 0.00 | 0.23 | 0.07 | 0.06 | 0.01 | 0.07 | 0.08 | 0.15 | 0.01 | 0.24 | 0.04 |
| Free Cash Flow* | -- | -- | (4.59) | 9.69 | (10.04) | -- | (16.06) | (8.57) | (16.37) | (19.95) | (14.73) | (14.88) | (4.73) | (4.60) | (5.02) | 1.75 | (7.33) | (8.35) | (8.93) | (10.64) |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -- | 0.01 | (0.02) | (0.01) | 0.00 | (0.23) | (0.06) | (0.06) | (0.01) | 6.75 | 2.07 | 2.21 | 43.01 | 4.01 | 6.29 |
| Financing Cash Flow | (0.13) | (0.12) | 13.64 | (3.98) | (4.15) | (4.06) | 39.43 | (0.40) | (0.64) | (0.66) | (0.03) | 44.04 | (0.08) | 30.28 | 0.00 | (16.85) | -0.00 | (0.02) | -0.00 | 0.04 |
* Derived from reported values