/
We operate in every theater: in space, in the air, on land and at sea, where we seek to deliver the full promise of quantum, across computing, networking, sensing and security. We believe that we have the clearest path to fault-tolerant quantum computing, and a repertoire of networking, sensing and security products that will form the backbone of a global quantum infrastructure.
$69.28
$2.79 (-3.87%)
Price from 2 days ago
The business is unprofitable at the operating level (-487.41% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 201.9% YoY with margins expanding 52.3pp.
At 178x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Negative free cash flow of -$300M. The business is consuming cash, not generating it.
177.6x earnings. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$187M
▲ +201.9% YoY
Net Income (TTM)
$327M
▼ -53.9% YoY
Op. Margin
-443.33%
▲ +52.3pp YoY
ROIC
-21.28%
▲ +17.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$424M
▼ -142.3% YoY
Op. Cash Flow (TTM)
-$401M
▼ -168.0% YoY
Net Debt
-$2.00B
Net Cash Position
Cash & Equiv.
$2.03B
Continue Research