Innate Pharma S.A. logo IPHA - Innate Pharma S.A.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 4
HOLD 2
SELL 0
STRONG
SELL
0
| PRICE TARGET: $6.67 DETAILS
HIGH: $9.00
LOW: $4.00
MEDIAN: $7.00
CONSENSUS: $6.67
UPSIDE: 256.68%
Metric 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2015 Q4 2015 Q2 2014 Q4 2014 Q2 2013 Q4 2013 Q2 2012 Q4 2012 Q2 2011 Q4 2011 Q2 2010 Q4 2010 Q2 2009 Q4 2009 Q2 2008 Q4 2008 Q2 2007 Q4 2007 Q2 2006 Q4 2006 Q2 2005 Q4 2005 Q2
Revenue
Revenue (2.1) 4.9 0.3 12.3 16.6 35.3 8.3 41.3 2.8 9.3 27.0 36.7 17.4 51.6 71.0 23.0 22.8 21.3 45.0 20.7 20.5 4.6 3.5 4.1 9.7 7.0 6.6 3.8 5.9 5.9 2.2 2.2 3.9 3.9 6.5 6.5 7.1 7.1 3.1 3.1 0.7 0.7
Cost of Revenue 0 20.5 (29.1) 29.1 24.6 15.7 13.4 12.5 12.9 10.6 4.7 31.5 5.2 18.3 37.2 32.3 35.4 31.6 28.4 20.3 17.2 12.8 14.4 8.2 5.5 5.2 3.9 3.0 0.8 0.8 1.7 1.7 1.7 1.7 1.3 1.3 1.4 1.4 1.1 1.1 0.5 0.5
Gross Profit 18.4 (15.7) 29.4 (16.7) (3.1) 19.6 (5.0) 28.8 (10.1) (1.3) 22.3 5.2 12.2 33.3 33.7 (9.3) (12.7) (10.3) 16.7 0.4 3.3 (8.1) (11.0) (4.1) 4.2 1.8 2.7 0.8 5.1 5.1 0.4 0.4 2.2 2.2 5.2 5.2 5.8 5.8 2.0 2.0 0.2 0.2
Operating Expenses
R&D Expenses 22.9 20.5 22.9 29.1 24.6 28.4 25.2 23.7 25.8 20.3 21.8 31.5 33.2 30.2 37.2 32.3 35.4 31.6 28.4 20.3 17.2 12.8 11.8 10.9 8.1 7.0 5.7 7.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 1.2 9.8 2.4 9.6 9.1 8.5 9.6 11.4 5.5 13.4 16.1 14.5 16.0 8.8 12.6 5.6 9.1 7.9 6.2 3.3 3.3 2.7 1.2 3.7 4.2 3.4 3.3 6.4 4.9 4.9 3.5 3.5 5.0 5.0 0 0 0 0 0.9 0.9 0.5 0.5
Other Expenses 22.3 (20.5) 29.4 (29.1) (24.6) 0 0 0 0 0 0 (32.4) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 3.9 3.9 0.0 0.0 0.5 0.5 10.7 10.7 10.3 10.3 4.7 4.7 2.8 2.8
Operating Expenses 46.4 9.8 54.6 9.6 9.1 37.0 34.7 35.1 31.3 33.7 37.8 13.6 49.1 39.1 16.4 6.8 13.2 13.0 2.4 3.5 3.0 0.2 0.2 4.9 5.1 4.0 4.5 2.4 8.8 8.8 7.3 7.3 10.0 10.0 10.7 10.7 10.3 10.3 5.6 5.6 3.4 3.4
Operating Income
Operating Income (28.0) (25.4) (25.3) (26.3) (7.4) (5.3) (28.8) 4.2 (30.9) (26.6) (17.4) (8.3) (41.5) 5.7 20.0 (14.9) (21.8) (18.2) 10.5 (2.9) 0.1 (10.8) (10.9) (9.1) (0.6) (2.2) (1.2) (2.2) (3.8) (3.8) (6.8) (6.8) (7.8) (7.8) (5.5) (5.5) (4.5) (4.5) (3.6) (3.6) (3.2) (3.2)
Interest Expense 2.9 0 0.0 0.6 3.0 0.3 0.1 0 0 0 0 0 0 0.1 0 0 0 0 0 0 0 0 0 0 0 0 0 0.2 0.3 0.3 0.3 0.3 0 0 0.0 0.0 0.0 0.0 0.0 0.0 0 0
Interest Income 7.1 0.6 0.1 2.5 11.9 1.0 0.3 0.0 0.0 0.0 0.0 0.2 0.3 1.0 0.8 0.7 1.2 0.1 1.8 0.1 1.0 0.1 0.5 0.1 0.3 0.1 0.6 (0.6) 0.5 0.5 0.3 0.3 0.5 0.5 0.6 0.6 0.1 0.1 0.6 0.6 0.1 0.1
Profitability
EBITDA (30.7) (25.1) (21.3) (25.6) (10.4) 0.8 (10.1) 6.2 (26.9) (26.3) (53.8) (1.6) (33.5) 12.6 24.9 (12.5) (19.5) (16.1) 12.2 (1.4) 1.7 (9.9) (9.6) (8.0) (0.2) (1.7) (0.8) (1.0) (2.9) (2.9) (6.2) (6.2) (7.2) (7.2) (6.2) (6.2) (4.3) (4.3) (3.5) (3.5) (3.1) (3.1)
EBIT (31.4) (25.4) (22.6) (26.3) (12.3) (2.8) (12.5) 4.2 (29.3) (28.5) (60.4) (8.3) (43.2) 5.8 20.0 (14.9) (21.8) (18.2) 10.5 (2.9) 0.1 (10.8) (10.9) (9.1) (0.6) (2.2) (1.2) (3.0) (3.3) (3.3) (6.6) (6.6) (7.8) (7.8) (6.5) (6.5) (4.5) (4.5) (3.0) (3.0) (3.2) (3.2)
Income Before Tax (27.8) (21.3) (24.7) (24.8) (4.4) (3.1) (68.1) 2.1 (29.4) (28.7) (60.5) (10.3) (43.3) 5.7 18.2 (15.5) (24.7) (23.4) 16.1 (3.2) 1.3 (8.0) (10.6) (9.0) (0.6) (2.3) (1.2) (2.0) (3.5) (3.5) (6.8) (6.8) (7.3) (7.3) (4.9) (4.9) (4.5) (4.5) (3.0) (3.0) (3.1) (3.1)
Income Tax Expense (3.0) 0 0 0 0 (4.9) (3.8) (4.3) (7.7) (4.9) (6.9) 0 (9.3) (7.5) 0 (0.3) 0.4 0 0.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0.0 0.0 0 0 0.0 0.0 0 0 0 0
Net Income (27.6) (21.3) (24.7) (24.8) (9.3) 1.7 (64.4) 6.3 (29.1) (23.7) (53.6) (10.3) (34.0) 13.2 18.2 (15.1) (25.0) (23.4) 15.8 (3.2) 1.3 (8.0) (10.6) (9.0) (0.6) (2.3) (1.2) (2.0) (3.5) (3.5) (6.8) (6.8) (7.3) (7.3) (4.9) (4.9) (4.5) (4.5) (3.0) (3.0) (3.1) (3.1)
Per Share Data
EPS (Basic) -0.30 -0.25 -0.30 -0.31 -0.12 0.02 -0.80 0.08 -0.37 -0.30 -0.68 -0.13 -0.52 0.21 0.30 -0.26 -0.46 -0.44 0.28 -0.06 0.02 -0.15 -0.20 -0.19 -0.01 -0.06 -0.03 -0.05 -0.10 -0.10 -0.18 -0.18 -0.28 -0.28 -0.19 -0.19 -0.18 -0.18 -0.17 -0.17 -0.20 -0.20
EPS (Diluted) -0.30 -0.25 -0.30 -0.31 -0.12 0.02 -0.80 0.08 -0.37 -0.30 -0.68 -0.13 -0.52 0.20 0.30 -0.26 -0.46 -0.44 0.28 -0.06 0.02 -0.15 -0.20 -0.19 -0.01 -0.06 -0.03 -0.05 -0.10 -0.10 -0.18 -0.18 -0.28 -0.28 -0.19 -0.19 -0.18 -0.18 -0.17 -0.17 -0.20 -0.20
Shares Outstanding 91.4 85.4 81.1 79.9 80.6 80.3 80.2 79.7 79.5 79.0 78.9 78.9 65.7 64.0 60.0 57.6 54.4 54.0 55.3 52.9 53.6 53.6 53.0 47.6 39.4 38.0 37.9 37.9 37.7 37.7 37.4 37.4 26.3 26.3 25.7 25.7 25.1 25.1 17.8 17.8 14.9 14.9
Metric 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2015 Q4 2015 Q2 2014 Q4 2014 Q2 2013 Q4 2013 Q2 2012 Q4 2012 Q2 2011 Q4 2011 Q2 2010 Q4 2010 Q2 2009 Q4 2008 Q4 2008 Q2 2007 Q4 2007 Q2 2006 Q4 2006 Q2 2005 Q4
Current Assets
Cash & Cash Equivalents 28.1 53.7 66.4 70.0 70.6 71.4 84.2 102.9 103.8 104.0 136.8 131.5 202.9 149.4 152.3 79.5 99.4 151.0 175.9 159.9 152.9 274.8 64.3 74.0 38.4 22.8 30.6 37.7 46.6 29.7 31.8 36.4 46.4 10.9 6.7 2.5 4.3 6.2 4.4 2.6
Short-Term Investments 6.2 6.3 14.4 21.8 21.9 17.5 17.3 20.4 16.1 15.3 14.8 16.2 16.0 15.6 15.2 17.4 16.7 20.5 21.8 44.1 83.0 4.2 5.0 4.9 3.0 2.0 2.0 0 0 0 2.8 2.8 2.7 22.9 35.6 48.3 51.0 53.7 34.7 15.8
Net Receivables 7.6 1.2 1.6 13.8 46.5 2.9 3.1 41.8 1.7 3.6 11.3 2.6 2.8 44.2 146.6 21.6 15.1 17.5 25.6 13.1 1.2 1.1 1.0 1.7 2.4 9.3 2.9 0 0 0 6.1 0 7.1 13.9 8.1 2.3 2.4 2.4 1.2 0
Inventory 0 0 0 0 0 0 0 0 0 0 3.3 0 5.6 0 0 0 6.3 0 (5.8) (18.2) (56.0) 0 1.5 0 0.9 0 1.2 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets (0.0) 0.0 0 0.0 0 49.3 27.9 0 11.8 0 4.4 4.0 10.5 0 0 0 0 0 (0.5) (1.3) 0 0 0.0 0 5.2 0 0.0 10.5 0 4.1 0 8.5 0.0 3.6 1.8 0 0 0 0 0
Total Current Assets 46.7 65.0 85.7 111.6 148.0 144.5 139.8 171.8 138.3 129.7 173.3 163.7 237.6 216.7 319.6 122.6 137.5 195.8 230.1 224.9 252.1 294.4 79.3 91.0 49.4 35.1 41.0 48.3 53.0 33.7 40.7 47.6 56.3 52.2 53.9 55.6 59.9 64.3 42.7 21.2
Non-Current Assets
Property, Plant & Equipment 4.4 5.0 5.1 5.7 6.3 7.3 8.5 9.6 10.2 10.9 11.7 12.4 11.7 11.4 10.2 10.7 10.7 9.8 9.1 7.8 6.3 5.8 5.9 6.1 6.3 6.5 6.8 6.9 6.4 6.8 7.3 7.7 7.9 8.5 5.0 1.5 1.1 0.8 0.7 0.7
Goodwill 0 0 0 0 0 0 (41.0) 0 0.0 0 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 0 0 0 0.1 0.4 0.9 42.6 43.2 44.2 45.2 46.3 95.2 97.0 87.9 84.5 44.9 46.2 7.7 9.1 10.0 9.7 4.7 5.4 6.3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Long-Term Investments 10.7 10.4 10.3 10.3 9.8 35.8 35.1 34.8 39.9 40.1 38.9 36.9 37.0 35.3 35.2 44.7 60.5 32.6 33.0 39.7 37.8 0 0.1 0.1 0.3 0.1 0.5 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 0.9 12.6 9.9 14.6 1.6 1.0 14.2 13.2 30.0 35.0 30.1 23.6 16.8 0.1 0.1 0.1 0.1 0.4 0.4 6.0 37.8 0.1 0.1 0.0 0.0 0 (7.3) 0.7 0.7 1 0.0 0.0 0.0 0.1 3.1 6.0 5.1 4.2 3.5 2.9
Total Non-Current Assets 16.0 28.0 25.3 39.9 27.2 54.6 68.0 108.6 129.2 136.5 134.1 169.4 163.8 135.9 131.6 103.3 117.5 50.6 51.5 57.5 53.8 10.6 11.4 12.5 6.5 6.7 7.3 7.6 7.1 7.8 7.3 7.7 8.0 8.7 8.1 7.6 6.3 5.0 4.3 3.6
Total Assets 62.7 92.9 111.1 151.5 175.2 199.0 207.9 280.4 267.5 266.2 307.4 333.1 401.4 352.6 451.2 225.9 255.0 246.4 281.6 282.4 306.0 305.1 90.7 103.5 55.9 41.8 48.3 55.8 60.1 41.5 48.0 55.3 64.2 60.9 62.0 63.2 66.2 69.3 47.0 24.8
Current Liabilities
Account Payables 15.0 4.6 7.9 8.8 8.6 9.9 13.7 12.9 14.7 11.2 20.7 20.1 27.9 23.1 28.6 26.2 20.0 14.7 15.6 10.8 8.6 7.0 6.8 9.6 5.1 4.8 4.7 16.4 4.2 5.8 6.7 6.5 8.4 6.6 5.8 5.1 4.0 2.9 2.5 2.0
Short-Term Debt 8.5 8.5 8.4 8.5 8.5 5.3 1.3 30.9 29.9 2.0 1.4 2.0 1.5 0.4 0.4 0.4 0.4 0.3 0.4 0.3 0.1 0 0 0 0.1 0.6 0.6 0 1.7 0 0.7 0 0 0 0 0 0.3 0.6 0.4 0.2
Deferred Revenue 2.8 0.6 0.6 2.8 5.9 5.0 6.6 9.1 12.5 10.5 12.5 41.6 48.8 42.3 82.1 21.3 47.9 56.6 54.9 64.8 (51.4) 47.4 0.9 0.9 1.3 7.7 7.7 0 0 0 0 0 0 0 0 0 0.6 1.2 0.9 0.6
Other Current Liabilities 10.0 7.9 7.7 20.5 7.8 17.4 19.0 20.7 21.9 19.0 22.6 18.6 43.0 27.4 71.6 18.3 4.7 3.5 4.7 2.8 50.9 50.4 3.5 2.7 3.5 0 0 1.3 7.4 2.1 0.0 0.8 0.9 6.2 5.9 5.5 6.0 6.6 3.3 0.1
Total Current Liabilities 36.6 29.4 33.0 38.2 39.6 37.7 41.3 73.6 79.9 42.6 46.7 82.3 121.8 94.5 196.7 67.2 73.9 76.0 76.4 79.2 60.2 57.8 10.8 12.7 9.3 15.0 15.4 17.7 15.5 7.9 7.4 7.3 9.3 12.8 11.7 10.5 10.3 10.0 6.1 2.3
Non-Current Liabilities
Long-Term Debt 13.7 17.9 22.2 26.4 30.6 35.3 38.9 12.5 11.5 14.5 14.2 16.8 14.1 1.8 2.0 0.6 2.4 0.9 1.1 1.2 1.4 1.5 1.5 1.5 1.5 0.0 0.1 0 0.8 0 6.8 0 7.6 0 0 0 1.4 2.7 1.6 0.4
Deferred Tax Liabilities 0 0 0 0 9.0 9.7 8.6 7.8 5.0 5.4 7.1 1.3 1.3 1.2 1.6 2.9 3.6 0 2.6 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Non-Current Liabilities 34.0 37.6 44.1 57.9 39.1 52.5 55.7 61.9 36.2 42.5 49.3 4.4 3.9 10.9 14.4 26.3 3.6 2.9 112.3 130.7 170.6 174.6 1.5 1.7 2.1 2.5 6.2 13.5 13.5 5.4 0.3 7.5 0.3 6.7 4.9 3.0 1.6 0.1 1.1 2.0
Total Non-Current Liabilities 47.8 58.4 69.2 84.5 83.7 103.5 112.4 90.5 80.2 90.0 104.8 43.0 62.1 76.7 87.2 71.5 95.2 101.4 119.0 133.9 173.7 178.1 5.3 5.7 6.3 5.4 9.6 13.5 18.0 5.4 7.1 7.5 7.8 6.7 4.9 3.0 2.9 2.8 2.6 2.4
Total Liabilities 84.4 87.8 102.2 122.7 123.3 141.2 153.7 164.1 160.1 132.7 151.4 125.3 183.9 171.3 284.0 138.7 169.1 177.5 195.4 213.2 233.9 235.9 16.1 18.4 15.6 20.3 24.9 31.2 33.5 13.3 14.5 14.8 17.1 19.5 16.5 13.5 13.2 12.9 8.8 4.7
Stockholders' Equity
Common Stock 4.7 4.6 4.2 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.9 3.9 3.2 3.2 2.9 2.9 2.7 2.7 2.7 2.7 2.7 2.6 2.6 2.3 1.9 1.9 1.9 1.9 1.9 1.9 1.9 1.8 1.3 1.3 1.3 1.3 1.2 1.0 0.7
Retained Earnings (435.4) (407.7) (386.4) (361.7) (336.9) (328.6) (330.3) (265.9) (272.2) (244.2) (220.5) (166.1) (155.7) (121.7) (134.8) (150.2) (152.0) (127.0) (103.6) (119.4) (116.2) (116.5) (109.5) (99.0) (90.0) (89.4) (87.1) (85.9) (7.0) (81.9) (76.9) (62.9) (63.2) (44.1) (39.3) (34.5) (30.3) (26.1) (23.0) (19.8)
Accumulated Other Comprehensive Income 1.1 1.2 0.0 0.4 0.5 1.1 0.8 0.3 0.5 0.7 0.4 (0.6) (0.5) (1.9) (1.1) (1.5) 0.2 (0.0) (0.5) (0.6) (0.7) (0.3) (0.2) (0.1) (0.0) (0.0) (0.0) 0 0 0 0.3 0 0.2 0 0 0 0 0 0 0
Total Stockholders' Equity (21.7) 5.1 8.8 28.8 51.9 57.9 54.2 116.3 107.4 133.6 156.0 207.8 217.4 181.3 167.2 87.2 86.0 68.9 86.2 69.2 72.1 69.2 74.6 85.0 40.3 21.5 23.4 24.6 26.6 28.2 33.5 40.5 47.1 41.3 45.5 49.6 53.0 56.4 38.2 20.1
Total Liabilities & Equity 62.7 92.9 111.1 151.5 184.2 199.0 207.9 280.4 267.5 266.2 307.4 333.1 401.4 352.6 451.2 225.9 255.0 246.4 281.6 282.4 306.0 305.1 90.7 103.5 55.9 41.8 48.3 55.8 60.1 41.5 48.0 55.3 64.2 60.9 62.0 63.2 66.2 69.3 47.0 24.8
Debt Metrics
Total Debt 22.6 27.0 31.0 35.5 39.9 40.7 42.3 43.4 44.3 16.5 19.1 18.8 18.7 5.0 4.5 5.2 5.9 4.7 5.3 4.1 3.8 4.0 4.2 4.4 4.8 4.1 4.5 0 13.2 0 6.8 0 7.6 0 0 0 1.7 3.3 1.9 0.6
Net Debt (5.5) (26.7) (35.4) (34.5) (30.7) (30.8) (42.0) (59.6) (59.5) (87.5) (117.7) (112.7) (184.2) (144.4) (147.8) (74.3) (93.5) (146.3) (170.6) (155.8) (149.1) (270.8) (60.1) (69.5) (33.5) (18.7) (26.1) (37.7) (33.4) (29.7) (25.0) (36.4) (38.9) (10.9) (6.7) (2.5) (2.7) (2.9) (2.4) (2.0)
Metric 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2015 Q4 2015 Q2 2014 Q4 2014 Q2 2013 Q4 2013 Q2 2012 Q4 2012 Q2 2011 Q4 2011 Q2 2010 Q4 2010 Q2 2009 Q4 2009 Q2 2008 Q4 2008 Q2 2007 Q4 2007 Q2 2006 Q4 2006 Q2 2005 Q4 2005 Q2
Operating Activities
Net Income (27.6) (23.3) (24.7) (24.8) (9.3) 1.7 (64.3) 6.4 (21.8) (23.7) (53.6) (10.3) (34.0) 13.2 18.2 (15.1) (25.0) (23.4) 15.8 (3.2) 1.3 (8.0) (10.6) (9.0) (0.6) (2.3) (1.2) (2.0) (3.5) (3.5) (6.8) (6.8) (7.3) (7.3) (4.9) (4.9) (4.5) (4.5) (3.0) (3.0) (3.1) (3.1)
Depreciation & Amortization 0.7 0.8 0.9 1.1 1.4 3.6 2.4 2.0 2.4 2.2 6.6 6.7 9.7 6.8 4.9 2.4 2.3 2.1 1.7 1.6 1.7 1.0 1.3 1.1 0.5 0.4 0.4 0.4 0.5 0.5 0.6 0.6 0.5 0.5 0.3 0.3 0.3 0.3 0.1 0.1 0.2 0.2
Stock-Based Compensation 0 1.6 2.2 1.7 2.9 0.7 0.8 1.3 0.9 0.4 0.8 0.4 0.9 1.0 1.6 1.1 4.8 5.2 1.0 0 0.7 0.3 0.4 0 0.3 0 0 0 0.1 0.1 0.0 0.0 0.9 0.9 0.7 0.7 0.6 0.6 0.6 0.6 0.1 0.1
Change in Working Capital 2.6 (15.5) 7.9 31.3 (13.0) (18.5) (1.5) (11.0) 2.8 (12.6) 8.4 (57.6) (0.9) 41.2 45.2 (8.7) (57.4) 8.1 (4.6) (3.7) 210.6 (5.5) (0.4) (0.9) (7.4) (2.0) 2.3 (10.9) 9.6 9.6 (0.3) (0.3) 3.4 3.4 (3.8) (3.8) (1.1) (1.1) 2.4 2.4 (0.8) (0.8)
Other Non-Cash Items 0.9 4.0 3.8 (6.4) (3.1) 16.9 36.7 30.9 (14.2) 13.3 58.1 38.5 20.0 (78.5) (68.5) (13.6) 50.4 (15.1) (28.8) (16.7) (221.4) 220.8 0.0 0.1 4.2 (4.0) (3.6) 4.0 (0.1) (0.1) (0.0) (0.0) (1.0) (1.0) 0.4 0.4 0.1 0.1 0.0 0.0 (0.8) (0.8)
Operating Cash Flow (23.4) (34.0) (9.9) 3.0 (21.1) (11.5) (20.2) 1.0 (27.2) (31.2) 6.3 (57.4) (24.6) 60.7 1.4 (33.9) (25.0) (23.1) (14.8) (22.1) (7.0) 208.6 (9.4) (8.8) (3.0) (8.0) (4.3) (6.1) 6.5 6.5 (6.7) (6.7) (3.0) (3.0) (7.4) (7.4) (4.6) (4.6) 0.2 0.2 (3.6) (3.6)
Investing Activities
Capital Expenditure (0.1) (0.1) (0.1) (0.3) (0.0) (0.3) (0.7) (0.4) (1.0) (0.3) (1.4) (9.9) (0.5) (64.9) (0.2) (0.7) (1.6) (1.3) (0.3) (1.0) (0.8) (0.2) (2.1) (0.2) (0.2) (0.3) (0.4) (0.9) (0.2) (0.2) (0.2) (0.2) (0.3) (0.3) (1.0) (1.0) (0.6) (0.6) (0.4) (0.4) (0.1) (0.1)
Acquisitions 0.0 0 0 0 0.3 0 0 0 0.0 0.0 (0.0) 0.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.2 0.2 0 0 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 0 (3) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2.0) 0 0 0 0 (0.3) (0.3) (8.0) (8.0) 0 0 (49.7) (49.7) (2.7) (2.7)
Sales/Maturities of Investments 7.3 7.8 9.6 0 0 0 3 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1.4 1.4 0 0 10 10 20.7 20.7 3.0 3.0 30.6 30.6 2.0 2.0
Other Investing Activities (6.5) (0.1) (1.2) 1.2 20.6 0.1 1.2 0.0 0.0 (0.0) (0.4) (5.8) (0.0) 0.0 9.7 15.5 (26.2) (0.3) 31.6 30.2 (116.1) 1.2 2.3 (3.7) (1.0) 0.4 (1.7) 1.6 0 0 0.1 0.1 0 0 (0.7) (0.7) 0.2 0.2 0 0 0 0
Investing Cash Flow 0.8 7.6 8.3 0.9 20.9 (0.2) 2.3 (0.4) (1.0) (0.3) (1.5) (12.9) (0.5) (62.9) 9.5 14.8 (27.9) (1.6) 31.3 29.2 (116.9) 0.9 0.1 (4.0) (1.1) 0.2 (2.1) (1.3) 1.2 1.2 (0.1) (0.1) 9.5 9.5 11.3 11.3 2.5 2.5 (19.5) (19.5) (0.7) (0.7)
Financing Activities
Net Debt Issuance (4.7) (4.9) (8.9) (4.4) 0 0 (1.1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (2.3) (0.4) (0.4) (0.4) (0.4) (0.1) (0.1) 0.3 0.3 0.2 0.2 0.4 0.4 0.1 0.1
Stock Repurchased 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.1) 0 0 0 0 0 0 0 (0.1) (0.1) (0.1) (0.1) 0 0 0 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (0.6) (0.6) 0 0 0 0 0 0 0 0
Other Financing Activities 0 14.9 7.4 (0.1) (0.8) (1.2) 0.0 (1.0) 28.2 (1.1) 0.2 (1.0) 78.7 (0.7) 61.9 (1.3) 1.2 (1.3) (0.6) (0.5) 2.0 1.0 (0.3) 48.3 19.7 (0.0) (0.8) 0.8 0 0 0 0 0.6 0.6 0 0 (0.0) (0.0) 0.0 0.0 0 0
Financing Cash Flow (3.7) 11.4 (1.7) (4.3) (0.7) (1.2) (1.1) (0.8) 28.2 (1.1) 0.2 (1.0) 78.7 (0.7) 61.9 (0.7) 1.2 (0.3) (0.5) (0.1) 2.0 1.0 (0.4) 48.3 19.7 (0.0) (0.8) (1.4) (0.3) (0.3) (0.4) (0.4) 11.3 11.3 0.3 0.3 0.3 0.3 21.1 21.1 0.1 0.1
Cash Position
Net Change in Cash (25.6) (5.7) (3.6) 70.0 (0.8) (12.8) (18.7) (0.8) (0.2) (32.8) 5.2 (71.3) 53.5 (2.9) 36.4 (9.9) (25.8) (12.5) 8.0 3.5 (60.9) 105.2 (4.8) 17.8 7.8 (3.9) (3.6) (46.6) 14.8 14.8 (14.6) (14.6) 35.6 35.6 8.4 8.4 (3.7) (3.7) 3.6 3.6 (8.4) (8.4)
Cash at Beginning 53.7 68.8 70.0 78.0 71.4 84.2 102.9 103.8 104.0 136.8 131.5 202.9 149.4 107.6 115.9 89.4 125.2 163.5 0 156.4 0 169.5 0 56.2 0 26.7 0 46.6 31.8 31.8 46.4 46.4 10.9 10.9 2.5 2.5 6.2 6.2 2.6 2.6 11.0 11.0
Cash at End 28.1 63.0 66.4 70.0 70.6 71.4 84.2 102.9 103.8 104.0 136.8 131.5 202.9 104.7 152.3 79.5 99.4 151.0 8.0 159.9 (60.9) 274.8 (4.8) 74.0 7.8 22.8 (3.6) 0 46.6 46.6 31.8 31.8 46.4 46.4 10.9 10.9 2.5 2.5 6.2 6.2 2.6 2.6
Free Cash Flow (23.5) (34.1) (10.0) 2.8 (21.1) (11.8) (20.9) 0.6 (28.2) (31.6) 4.9 (67.3) (25.2) (4.2) 1.2 (34.6) (26.6) (24.4) (15.1) (23.1) (7.8) 208.4 (11.5) (9.0) (3.2) (8.2) (4.7) (7.0) 6.3 6.3 (6.9) (6.9) (3.2) (3.2) (8.3) (8.3) (5.3) (5.3) (0.2) (0.2) (3.7) (3.7)
Key Metrics 2025 Q4 2025 Q2 2024 Q4 2024 Q2 2023 Q4 2023 Q2 2022 Q4 2022 Q2 2021 Q4 2021 Q2 2020 Q4 2020 Q2 2019 Q4 2019 Q2 2018 Q4 2018 Q2 2017 Q4 2017 Q2 2016 Q4 2016 Q2 2015 Q4 2015 Q2 2014 Q4 2014 Q2 2013 Q4 2013 Q2 2012 Q4 2012 Q2 2011 Q4 2011 Q2 2010 Q4 2010 Q2 2009 Q4 2009 Q2 2008 Q4 2008 Q2 2007 Q4 2007 Q2 2006 Q4 2006 Q2 2005 Q4 2005 Q2
Income Statement
Revenue (2.1) 4.9 0.3 12.3 16.6 35.3 8.3 41.3 2.8 9.3 27.0 36.7 17.4 51.6 71.0 23.0 22.8 21.3 45.0 20.7 20.5 4.6 3.5 4.1 9.7 7.0 6.6 3.8 5.9 5.9 2.2 2.2 3.9 3.9 6.5 6.5 7.1 7.1 3.1 3.1 0.7 0.7
Gross Profit 18.4 (15.7) 29.4 (16.7) (3.1) 19.6 (5.0) 28.8 (10.1) (1.3) 22.3 5.2 12.2 33.3 33.7 (9.3) (12.7) (10.3) 16.7 0.4 3.3 (8.1) (11.0) (4.1) 4.2 1.8 2.7 0.8 5.1 5.1 0.4 0.4 2.2 2.2 5.2 5.2 5.8 5.8 2.0 2.0 0.2 0.2
Operating Income (28.0) (25.4) (25.3) (26.3) (7.4) (5.3) (28.8) 4.2 (30.9) (26.6) (17.4) (8.3) (41.5) 5.7 20.0 (14.9) (21.8) (18.2) 10.5 (2.9) 0.1 (10.8) (10.9) (9.1) (0.6) (2.2) (1.2) (2.2) (3.8) (3.8) (6.8) (6.8) (7.8) (7.8) (5.5) (5.5) (4.5) (4.5) (3.6) (3.6) (3.2) (3.2)
Net Income (27.6) (21.3) (24.7) (24.8) (9.3) 1.7 (64.4) 6.3 (29.1) (23.7) (53.6) (10.3) (34.0) 13.2 18.2 (15.1) (25.0) (23.4) 15.8 (3.2) 1.3 (8.0) (10.6) (9.0) (0.6) (2.3) (1.2) (2.0) (3.5) (3.5) (6.8) (6.8) (7.3) (7.3) (4.9) (4.9) (4.5) (4.5) (3.0) (3.0) (3.1) (3.1)
EPS (Diluted) -0.30 -0.25 -0.30 -0.31 -0.12 0.02 -0.80 0.08 -0.37 -0.30 -0.68 -0.13 -0.52 0.20 0.30 -0.26 -0.46 -0.44 0.28 -0.06 0.02 -0.15 -0.20 -0.19 -0.01 -0.06 -0.03 -0.05 -0.10 -0.10 -0.18 -0.18 -0.28 -0.28 -0.19 -0.19 -0.18 -0.18 -0.17 -0.17 -0.20 -0.20
Balance Sheet
Cash & Equivalents 28.1 53.7 66.4 70.0 70.6 71.4 84.2 102.9 103.8 104.0 136.8 131.5 202.9 149.4 152.3 79.5 99.4 151.0 175.9 159.9 152.9 274.8 64.3 74.0 38.4 22.8 30.6 37.7 46.6 29.7 31.8 36.4 46.4 10.9 6.7 2.5 4.3 6.2 4.4 2.6
Total Assets 62.7 92.9 111.1 151.5 175.2 199.0 207.9 280.4 267.5 266.2 307.4 333.1 401.4 352.6 451.2 225.9 255.0 246.4 281.6 282.4 306.0 305.1 90.7 103.5 55.9 41.8 48.3 55.8 60.1 41.5 48.0 55.3 64.2 60.9 62.0 63.2 66.2 69.3 47.0 24.8
Total Debt 22.6 27.0 31.0 35.5 39.9 40.7 42.3 43.4 44.3 16.5 19.1 18.8 18.7 5.0 4.5 5.2 5.9 4.7 5.3 4.1 3.8 4.0 4.2 4.4 4.8 4.1 4.5 0 13.2 0 6.8 0 7.6 0 0 0 1.7 3.3 1.9 0.6
Stockholders' Equity (21.7) 5.1 8.8 28.8 51.9 57.9 54.2 116.3 107.4 133.6 156.0 207.8 217.4 181.3 167.2 87.2 86.0 68.9 86.2 69.2 72.1 69.2 74.6 85.0 40.3 21.5 23.4 24.6 26.6 28.2 33.5 40.5 47.1 41.3 45.5 49.6 53.0 56.4 38.2 20.1
Cash Flow
Operating Cash Flow (23.4) (34.0) (9.9) 3.0 (21.1) (11.5) (20.2) 1.0 (27.2) (31.2) 6.3 (57.4) (24.6) 60.7 1.4 (33.9) (25.0) (23.1) (14.8) (22.1) (7.0) 208.6 (9.4) (8.8) (3.0) (8.0) (4.3) (6.1) 6.5 6.5 (6.7) (6.7) (3.0) (3.0) (7.4) (7.4) (4.6) (4.6) 0.2 0.2 (3.6) (3.6)
Capital Expenditure (0.1) (0.1) (0.1) (0.3) (0.0) (0.3) (0.7) (0.4) (1.0) (0.3) (1.4) (9.9) (0.5) (64.9) (0.2) (0.7) (1.6) (1.3) (0.3) (1.0) (0.8) (0.2) (2.1) (0.2) (0.2) (0.3) (0.4) (0.9) (0.2) (0.2) (0.2) (0.2) (0.3) (0.3) (1.0) (1.0) (0.6) (0.6) (0.4) (0.4) (0.1) (0.1)
Free Cash Flow (23.5) (34.1) (10.0) 2.8 (21.1) (11.8) (20.9) 0.6 (28.2) (31.6) 4.9 (67.3) (25.2) (4.2) 1.2 (34.6) (26.6) (24.4) (15.1) (23.1) (7.8) 208.4 (11.5) (9.0) (3.2) (8.2) (4.7) (7.0) 6.3 6.3 (6.9) (6.9) (3.2) (3.2) (8.3) (8.3) (5.3) (5.3) (0.2) (0.2) (3.7) (3.7)