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Financial Statements — WVE

Balance Sheet

(in billions 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
Cash & Equivalents	0.20	0.37	0.54	0.60	0.20	0.21	0.24	0.30	0.31	0.15	0.18	0.20	0.14	0.17	0.21	0.09	0.10	0.12	0.06	0.15
Short-term Investments	0.23	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	0.03	0.03	0.05	--
Accounts Receivable	0.01	0.00	0.00	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.01	--	--	--	--	--	--	--
Total Current Assets	0.46	0.51	0.56	0.61	0.22	0.22	0.26	0.32	0.32	0.17	0.20	0.24	0.16	0.18	0.22	0.10	0.13	0.16	0.12	0.16
Property, Plant & Equipment	0.01	0.01	0.01	0.01	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	0.02
Total Non-current Assets	0.05	0.05	0.02	0.02	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.05	0.05	0.05	0.05	0.05	0.04	0.04
Total Assets	0.51	0.56	0.58	0.64	0.24	0.25	0.29	0.35	0.36	0.21	0.24	0.27	0.20	0.23	0.27	0.15	0.18	0.21	0.17	0.21
Accounts Payable	0.02	0.02	0.02	0.02	0.01	0.01	0.01	0.02	0.01	0.02	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.01	0.01	0.01
Total Current Liabilities	0.05	0.05	0.05	0.10	0.09	0.09	0.09	0.11	0.17	0.17	0.17	0.19	0.10	0.14	0.13	0.07	0.06	0.06	0.06	0.06
Total Non-current Liabilities	0.05	0.05	0.02	0.02	0.02	0.02	0.02	0.02	0.04	0.03	0.04	0.04	0.13	0.13	0.16	0.11	0.11	0.11	0.10	0.10
Total Liabilities	0.11	0.10	0.07	0.11	0.11	0.11	0.11	0.13	0.21	0.20	0.20	0.23	0.23	0.27	0.29	0.18	0.18	0.17	0.16	0.17
Retained Earnings	(1.48)	(1.42)	(1.35)	(1.33)	(1.27)	(1.22)	(1.17)	(1.12)	(1.15)	(1.09)	(1.06)	(1.02)	(1.01)	(1.02)	(0.99)	(0.97)	(0.92)	(0.88)	(0.84)	(0.81)
Total Stockholder Equity	0.40	0.45	0.51	0.52	0.12	0.14	0.17	0.21	0.14	-0.00	0.03	0.04	(0.04)	(0.05)	(0.03)	(0.05)	-0.00	0.03	-0.00	0.03

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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	13.16	2.27	38.25	17.25	7.61	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
Research & Development	53.84	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
Selling, General & Admin	25.36	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
Total Operating Expenses	79.21	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
Operating Income	(66.05)	(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)
Pretax Income	(61.91)	(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)
Tax Provision	0.00	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)
Net Income	(61.91)	(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)
Basic EPS	(0.30)	(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	(0.30)	(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)	--	--

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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	(60.14)	(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)
Capital Expenditures	0.02	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
Free Cash Flow*	(60.16)	(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)
Investing Cash Flow	(110.86)	(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)
Financing Cash Flow	0.43	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

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* Derived from reported values