AI Analysis
AI-generated analysis. Always verify with the original filing.
Revenue declined 84.1% to $622.5K as prior-year grant recognition ended, while operating loss widened 25.2% to -$50.2M from heavier impairments despite gross margin expansion to 64.3%.
Key Takeaways
1Revenue fell 84.1% to $622.5K primarily due to lower grant revenues after majority recognized in prior year.
2Gross profit declined 86.3% to $400.1K but gross margin expanded to 64.3% as prior-year obsolete inventory reserves lapped, partially offset by lower revenues.
3Operating loss increased 25.2% to -$50.2M, reflecting greater operating expenses relative to diminished revenue base.
4Net loss grew 24.6% to -$46.9M with diluted EPS deteriorating to -$35.25, driven by heavier losses and share dynamics.
5Operating cash use stable at -$29.1M versus prior year, with free cash flow at -$29.8M after $0.7M capex.