Financial Statements — WVE
Balance Sheet
(in billions 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 | 0.37 | 0.54 | 0.20 | 0.21 | 0.24 | 0.31 | 0.15 | 0.18 | 0.14 | 0.17 | 0.21 | 0.10 | 0.12 | 0.06 | 0.12 | 0.14 | 0.15 |
| Short-term Investments | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.03 | 0.03 | 0.05 | -- | -- | -- |
| Accounts Receivable | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | -- | -- | -- | -- | -- | 0.02 | 0.00 | 0.03 |
| Total Current Assets | 0.51 | 0.56 | 0.22 | 0.22 | 0.26 | 0.32 | 0.17 | 0.20 | 0.16 | 0.18 | 0.22 | 0.13 | 0.16 | 0.12 | 0.16 | 0.16 | 0.19 |
| Property, Plant & Equipment | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 |
| Total Non-current Assets | 0.05 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.05 |
| Total Assets | 0.56 | 0.58 | 0.24 | 0.25 | 0.29 | 0.36 | 0.21 | 0.24 | 0.20 | 0.23 | 0.27 | 0.18 | 0.21 | 0.17 | 0.20 | 0.21 | 0.24 |
| Accounts Payable | 0.02 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Total Current Liabilities | 0.05 | 0.05 | 0.09 | 0.09 | 0.09 | 0.17 | 0.17 | 0.17 | 0.10 | 0.14 | 0.13 | 0.06 | 0.06 | 0.06 | 0.03 | 0.05 | 0.05 |
| Total Non-current Liabilities | 0.05 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.03 | 0.04 | 0.13 | 0.13 | 0.16 | 0.11 | 0.11 | 0.10 | 0.13 | 0.13 | 0.13 |
| Total Liabilities | 0.10 | 0.07 | 0.11 | 0.11 | 0.11 | 0.21 | 0.20 | 0.20 | 0.23 | 0.27 | 0.29 | 0.18 | 0.17 | 0.16 | 0.16 | 0.18 | 0.18 |
| Retained Earnings | (1.42) | (1.35) | (1.27) | (1.22) | (1.17) | (1.15) | (1.09) | (1.06) | (1.01) | (1.02) | (0.99) | (0.92) | (0.88) | (0.84) | (0.77) | (0.76) | (0.73) |
| Total Stockholder Equity | 0.45 | 0.51 | 0.12 | 0.14 | 0.17 | 0.14 | -0.00 | 0.03 | (0.04) | (0.05) | (0.03) | -0.00 | 0.03 | -0.00 | 0.03 | 0.02 | 0.05 |
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 | 2.27 | 38.25 | -- | -- | 8.70 | 9.18 | -- | -- | 19.69 | 12.54 | 29.06 | 49.21 | 22.11 | 12.93 | 1.24 | 0.28 | 0.38 | 1.75 | 1.77 | 36.42 |
| Research & Development | 51.29 | 47.44 | 52.81 | 45.87 | 43.47 | 40.62 | 44.65 | 41.20 | 40.39 | 33.45 | 34.07 | 31.64 | 33.31 | 30.98 | 31.08 | 27.58 | 29.73 | 27.47 | 25.76 | 31.09 |
| Selling, General & Admin | 24.78 | 22.10 | 20.90 | 18.09 | 17.99 | 18.36 | 16.14 | 15.04 | 14.30 | 13.55 | 13.66 | 13.13 | 12.27 | 12.24 | 13.72 | 11.61 | 12.81 | 12.37 | 12.11 | 12.94 |
| Total Operating Expenses | 76.07 | 69.54 | 73.71 | 63.96 | 61.46 | 58.98 | 60.78 | 56.24 | 54.69 | 47.00 | 47.74 | 44.77 | 45.58 | 43.21 | 44.80 | 39.18 | 42.54 | 39.84 | 37.88 | 44.03 |
| Operating Income | (73.80) | (31.30) | (56.47) | (56.35) | (52.76) | (49.80) | 22.97 | (63.91) | (35.00) | (34.46) | (18.68) | 4.44 | (23.47) | (30.28) | (43.56) | (38.90) | (42.16) | (38.09) | (36.11) | (7.61) |
| Pretax Income | (69.35) | (26.09) | (53.18) | (53.85) | (50.47) | (46.88) | 29.25 | (61.78) | (32.92) | (31.56) | (16.26) | 6.58 | (21.10) | (27.40) | (43.03) | (39.00) | (41.30) | (37.81) | (34.99) | (6.23) |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -- | 0.00 | 0.00 | 0.00 | 0.00 | (0.68) | 0.00 | 0.00 | 0.68 | 0.00 | 0.00 | 0.00 | (0.20) | 0.00 |
| Net Income | (69.35) | (26.09) | (53.18) | (53.85) | (50.47) | (46.88) | 29.25 | (61.78) | (32.92) | (31.56) | (16.26) | 7.25 | (21.10) | (27.40) | (43.71) | (39.00) | (41.30) | (37.81) | (34.78) | (6.23) |
| Basic EPS | (0.34) | (0.13) | (0.29) | (0.32) | (0.31) | (0.29) | 0.26 | (0.47) | (0.25) | (0.24) | (0.14) | 0.07 | (0.20) | (0.27) | (0.45) | (0.42) | (0.62) | -- | -- | -- |
| Diluted EPS | (0.34) | (0.13) | (0.29) | (0.32) | (0.31) | (0.29) | 0.26 | (0.47) | (0.25) | (0.24) | (0.14) | 0.07 | (0.20) | (0.27) | (0.45) | (0.42) | (0.62) | -- | -- | -- |
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 | (53.58) | (59.55) | (33.78) | (44.67) | (46.01) | (63.04) | (43.65) | (46.48) | (27.47) | (33.43) | (33.24) | (34.46) | (37.26) | 85.52 | (33.44) | (25.65) | (28.82) | (39.87) | (7.03) | (28.18) |
| Capital Expenditures | 0.88 | 0.44 | -0.00 | 0.25 | 0.31 | 0.17 | 0.09 | 0.38 | 0.05 | 0.42 | 0.36 | 0.20 | 0.07 | 0.49 | 0.20 | 0.46 | 0.49 | 0.21 | 0.02 | 0.10 |
| Free Cash Flow* | (54.47) | (59.99) | (33.77) | (44.91) | (46.32) | (63.20) | (43.73) | (46.86) | (27.52) | (33.85) | (33.59) | (34.65) | (37.33) | 85.03 | (33.64) | (26.10) | (29.31) | (40.08) | (7.05) | (28.28) |
| Investing Cash Flow | (123.45) | (0.44) | 0.00 | (0.25) | (0.31) | (0.16) | (0.09) | (0.38) | (0.05) | (0.42) | (0.36) | (0.20) | (0.07) | (0.49) | 24.84 | (0.50) | 24.61 | (50.21) | (0.01) | (0.10) |
| Financing Cash Flow | 0.33 | 2.53 | 439.70 | 32.69 | 11.69 | 4.16 | 34.98 | 203.75 | 0.65 | 14.51 | 93.96 | 1.67 | 1.85 | 35.05 | 0.06 | 0.02 | 65.80 | 1.32 | 33.79 | 8.35 |
* Derived from reported values
