Financial Statements — XERS
Balance Sheet
(in millions USD)| Metric | Q2 2026 | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q3 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 121.75 | 111.75 | 91.60 | 59.29 | 58.44 | 59.23 | 57.60 | 46.14 | 84.11 | 95.34 | 103.77 | 59.49 |
| Short-term Investments | -- | -- | -- | -- | -- | 10.17 | 19.96 | 19.83 | 9.32 | 16.21 | 28.38 | 33.49 |
| Accounts Receivable | 58.11 | 56.30 | 53.75 | 53.05 | 46.33 | 41.14 | 42.44 | 45.97 | 27.52 | 25.76 | 23.38 | -- |
| Inventory | 80.93 | 74.23 | 67.46 | 67.28 | 52.69 | 45.12 | 42.98 | 38.14 | 20.12 | 17.89 | 16.87 | 14.24 |
| Total Current Assets | 274.76 | 251.68 | 224.02 | 185.58 | 163.49 | 162.80 | 170.34 | 158.05 | 148.92 | 161.21 | 177.55 | 124.37 |
| Property, Plant & Equipment | 4.83 | 5.03 | 4.95 | 5.28 | 5.26 | 5.61 | 5.83 | 6.19 | 5.75 | 6.17 | 6.29 | 6.68 |
| Goodwill | 22.86 | 22.86 | 22.86 | 22.86 | 22.86 | 22.86 | 22.86 | 22.86 | 22.86 | 22.86 | 22.86 | -- |
| Intangible Assets | 82.66 | 85.37 | 90.79 | 93.50 | 96.21 | 101.63 | 104.34 | 112.48 | 123.32 | 126.03 | 128.74 | -- |
| Total Non-current Assets* | 137.15 | 140.33 | 146.17 | 149.11 | 151.96 | 158.31 | 161.39 | 169.73 | 154.10 | 157.41 | 160.07 | 6.89 |
| Total Assets | 411.91 | 392.01 | 370.19 | 334.69 | 315.45 | 321.10 | 331.73 | 327.78 | 303.02 | 318.62 | 337.62 | 131.26 |
| Accounts Payable | 9.34 | 11.47 | 6.53 | 9.46 | 6.35 | 7.45 | 5.80 | 12.08 | 3.92 | 6.63 | 11.09 | 4.29 |
| Total Current Liabilities | 189.57 | 118.59 | 116.20 | 95.17 | 95.07 | 91.01 | 75.49 | 87.04 | 68.56 | 64.55 | 66.49 | 37.28 |
| Long-term Debt | 252.59 | 221.22 | 219.47 | 218.63 | 229.76 | 216.23 | 230.48 | 190.42 | 138.51 | 138.07 | 137.64 | 87.71 |
| Total Non-current Liabilities* | 232.07 | 260.41 | 254.85 | 258.82 | 255.51 | 258.41 | 275.53 | 236.88 | 179.42 | 180.13 | 174.68 | 96.44 |
| Total Liabilities | 421.64 | 379.00 | 371.05 | 353.99 | 350.58 | 349.43 | 351.02 | 323.92 | 247.98 | 244.67 | 241.17 | 133.72 |
| Retained Earnings | (700.17) | (669.07) | (682.39) | (683.01) | (681.08) | (666.75) | (651.01) | (603.63) | (541.84) | (520.01) | (493.82) | (409.32) |
| Total Stockholder Equity | (9.73) | 13.01 | (0.86) | (19.30) | (35.13) | (28.32) | (19.29) | 3.87 | 55.04 | 73.94 | 96.46 | (2.46) |
* 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 | Q4 2023 | Q3 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | 92.10 | 83.13 | 85.81 | 74.38 | 71.54 | 60.12 | 60.10 | 54.27 | 48.07 | 44.39 | 48.32 | 33.31 | 29.73 | 25.31 | 21.91 | 21.36 | 11.04 |
| Cost of Revenue | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 3.22 |
| Gross Profit | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 7.84 |
| Research & Development | 10.67 | 8.78 | 7.87 | 7.48 | 8.06 | 7.75 | 6.09 | 5.89 | 5.76 | 6.38 | 5.03 | 4.96 | 6.04 | 3.72 | 6.25 | 10.08 | 5.66 |
| Selling, General & Admin | 61.04 | 53.14 | 47.50 | 46.46 | 44.39 | 44.02 | 40.14 | 44.97 | 39.99 | 37.57 | 37.29 | 34.36 | 34.49 | 32.98 | 35.91 | 54.18 | 26.54 |
| Total Operating Expenses | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 32.20 |
| Operating Income | 5.17 | 7.92 | 16.77 | 6.73 | 4.48 | (3.09) | 1.68 | (12.89) | (8.19) | (9.84) | (4.91) | (15.17) | (18.78) | (18.92) | (29.07) | (48.27) | (24.36) |
| Interest Expense | -- | -- | -- | -- | -- | -- | -- | -- | -- | 7.02 | 6.85 | 4.37 | 3.99 | 3.45 | 3.52 | 1.80 | 1.80 |
| Pretax Income* | (31.10) | 2.23 | 11.08 | 0.62 | (1.93) | (9.22) | (5.11) | (19.06) | (14.26) | (13.63) | (12.53) | (13.27) | (22.17) | (26.52) | (34.12) | (50.79) | (26.01) |
| Tax Provision | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (3.32) | 0.75 | (0.24) | (0.34) | (0.34) | (0.34) | (0.34) | (0.41) | 0.00 | 0.00 |
| Net Income | (31.10) | 2.23 | 11.08 | 0.62 | (1.93) | (9.22) | (5.11) | (15.74) | (15.00) | (13.39) | (12.19) | (12.93) | (21.83) | (26.18) | (33.71) | (50.79) | (26.01) |
| Basic EPS | (0.18) | 0.01 | 0.07 | 0.00 | (0.01) | (0.06) | (0.03) | (0.11) | (0.10) | (0.09) | (0.09) | (0.10) | (0.16) | (0.19) | (0.25) | -- | -- |
| Diluted EPS | (0.18) | 0.01 | 0.07 | 0.00 | (0.01) | (0.06) | (0.03) | (0.11) | (0.10) | (0.09) | (0.09) | (0.10) | (0.16) | (0.19) | (0.25) | -- | -- |
* 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 | Q4 2023 | Q3 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 8.26 | 9.87 | 20.04 | 18.43 | 0.18 | (10.03) | 1.98 | (8.30) | (30.65) | 7.47 | (54.49) | (16.12) | (17.75) | (20.61) | (48.41) | (28.95) | (66.59) |
| Capital Expenditures | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | 0.95 |
| Free Cash Flow* | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | (67.54) |
| Investing Cash Flow | (0.21) | (0.32) | (0.33) | (0.07) | (0.28) | (0.01) | 10.02 | 9.91 | (15.05) | 14.87 | (20.87) | 9.17 | 6.71 | 11.87 | 6.72 | 36.60 | 61.36 |
| Financing Cash Flow | 1.94 | (8.84) | (0.27) | 13.85 | 0.94 | (3.14) | 0.40 | (0.08) | 35.85 | (1.23) | (0.38) | 49.16 | (0.19) | 0.31 | 78.19 | 0.13 | 27.12 |
* Derived from reported values