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The multi-year record shows a fast-growing business that moved from operating losses to sustained operating income and positive operating cash flow. Its growing infrastructure investment now absorbs a larger share of cash generation, while financing and non-cash items can make GAAP earnings less representative of operating performance.
The latest results confirm revenue momentum but show a more capital-intensive cash profile: higher investment has compressed trailing free cash flow, while the quarterly net loss was primarily tied to a note-conversion expense rather than operating losses. This changes the near-term cash and earnings picture, but does not by itself establish a lasting change in the business model.
Whether trailing free cash flow expands as operating cash flow catches up with infrastructure spending.
| Metric | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| 30m | 32.9m | 100.3m | 1.7B | 140.8m | 317.2m | 428.4m | 254.5m | |
| 30m | 32.9m | 100.3m | 1.7B | 140.8m | 317.2m | 428.4m | 254.5m | |
| — | — | — | — | 723.5m | 94.5m | 0 | — | |
| 16.4m | 24m | 38.3m | 39.6m | 53.8m | 62.2m | 91.1m | 118.8m | |
| 16.4m | 20.7m | 26.8m | 39.6m | 53.8m | 62.2m | 72.5m | 90.9m | |
| 0 | 3.2m | 11.5m | 0 | 0 | 0 | 18.6m | 27.9m | |
| 4.1m | 3.7m | 9.4m | 17.1m | 27.9m | 29m | 22.2m | 53.7m | |
| 50.5m | 60.6m | 148m | 1.8B | 946m | 503m | 541.7m | 427m | |
| 175.4m | 205.9m | 239m | 249.6m | 426.9m | 460.6m | 620.4m | 859.9m | |
| 175.4m | 205.9m | 239m | 249.6m | 426.9m | 460.6m | 620.4m | 859.9m | |
| (151.2m) | (209.8m) | (273.8m) | (314.5m) | (378.6m) | (456.6m) | (517m) | (611.7m) | |
| 15.1m | 29.8m | 34.6m | 42.9m | 118.9m | 140.2m | 117.7m | 99.5m | |
| 0 | 2.7m | 2.7m | 32.2m | 315.2m | 348.3m | 348.7m | 348.7m | |
| 4m | 3.4m | 6m | 6.2m | 8.7m | 8.9m | 10.5m | 102.6m | |
| 0 | 2.7m | 2.7m | 32.2m | 315.2m | 348.3m | 348.7m | 348.7m | |
| 245.1m | 302.5m | 430.3m | 2.1B | 1.8B | 1.5B | 1.6B | 1.8B | |
| 13.7m | 27.2m | 12.4m | 12.7m | 21.1m | 4m | 54.6m | 38.8m | |
| 12m | 15.8m | 27m | 31.9m | 91.4m | 112.4m | 153.8m | 209.1m | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 24.1m | 15.2m | 17.5m | 0 | — | 5.2m | 3.6m | 356.5m | |
| 13.7m | 14.4m | 27.9m | 13.7m | 53m | 71.1m | 9.1m | 15m | |
| 3.5m | 4.3m | 4.9m | 4.8m | 5.6m | 5.3m | 5.4m | 5.9m | |
| 63.5m | 72.5m | 84.8m | 58.2m | 165.5m | 192.6m | 221m | 619.5m | |
| 111.8m | 175.9m | 242.2m | 1.5B | 1.5B | 1.5B | 1.5B | 1.1B | |
| 87k | 177k | 211k | 421k | 20.8m | 3.5m | 4.1m | 4.1m | |
| 3.3m | 2.9m | 2.1m | 1.5m | 111.5m | 96.2m | 130.4m | 173.1m | |
| 178.7m | 251.5m | 329.3m | 1.5B | 1.8B | 1.8B | 1.8B | 1.9B | |
| 123.3m | 123.3m | 173.1m | 2k | 2k | 2k | 2k | 2k | |
| (83.1m) | (123.5m) | (167m) | (186.5m) | (214.3m) | (344.2m) | (258.7m) | (43.7m) | |
| 30.9m | 55.9m | 99.8m | 769.7m | 264m | 31m | 57.3m | 16m | |
| (4.6m) | (4.6m) | (4.6m) | (4.6m) | 0 | — | — | — | |
| (53k) | (112k) | (245k) | (374k) | (2m) | (452k) | (1.5m) | (960k) | |
| 66.4m | 51m | 101m | 578.2m | 47.6m | (313.7m) | (203m) | (28.7m) | |
| 245.1m | 302.5m | 430.3m | 2.1B | 1.8B | 1.5B | 1.6B | 1.8B | |
| 88.8m | 88.8m | 88.8m | 107.2m | 96.7m | 90.2m | 92.2m | 91.9m |
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Stock intrinsic value is the real worth of a company's stock, based on its financial health and performance.
Instead of looking at the stock's current market price, which can change due to people's opinions and emotions, intrinsic value helps us understand if a stock is truly a good deal or not.
By focusing on the company's actual financial strength, like its earnings and debts, we can make better decisions about which stocks to buy and when.
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