Overview
- About 4.7 million warrants were exercised in November, creating 6.9 million shares sold at $11.50 and raising $54.6 million for the company.
- Cash now totals roughly $850 million net of debt, which, against an estimated $55 million annual burn, implies a runway of around 15 years.
- S&P Global Market Intelligence projects the company’s first GAAP profit and positive free cash flow in 2030.
- Shares outstanding have expanded from roughly 3 million to more than 350 million over four years, fueling persistent dilution concerns.
- The company launched a U.S. government-focused unit as it reports nine-month 2025 revenue up 235% but a net loss of $312.7 million, with the stock falling more than 39% in the past seven weeks after a sharp run-up.