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Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Net income was −$106M. Operating cash flow of −$82M less capital expenditure of $33M left free cash flow of −$115M. It held more cash than debt (net cash $788M).
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Research & development | – | 9.8 | 26.7 | 58.9 |
| Operating income | −1.8 | −18.6 | −52.8 | −139 |
| Pre-tax income | 5.4 | −32.2 | −72.9 | −110 |
| Income tax | 1.5 | 0.0 | 0.7 | −4.5 |
| Net income | 3.9 | −32.2 | −73.6 | −106 |
| Diluted EPS | – | −0.47 | −0.74 | −0.72 |
| Diluted shares | – | 68.9 | 98.9 | 146 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 3.6 | 9.9 | 97.1 | 788 |
| Receivables | – | – | – | 0.0 |
| Current assets | 4.0 | 14.2 | 232 | 1,254 |
| Net PP&E | – | 0.6 | 1.2 | 42.3 |
| Goodwill | – | – | 0.0 | 6.6 |
| Total assets | 510 | 14.9 | 282 | 1,528 |
| Payables | – | 2.3 | 3.0 | 4.1 |
| Deferred revenue | – | – | – | 0.0 |
| Current liabilities | 1.5 | 3.2 | 5.3 | 25.5 |
| Long-term debt | – | – | – | 0.0 |
| Total liabilities | 19.4 | 49.2 | 30.9 | 52.2 |
| Shareholders' equity | −3.1 | −34.4 | 251 | 1,476 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | −1.0 | −16.0 | −38.4 | −82.2 |
| Capital expenditure | – | 0.1 | 0.4 | 33.2 |
| Free cash flow | – | −16.1 | −38.7 | −115 |
| Depreciation & amortisation | – | 0.1 | 0.3 | 0.5 |
| Stock-based compensation | – | 0.8 | 12.5 | 41.8 |
| Acquisitions | – | – | 0.0 | 0.9 |
| Share buybacks | – | 216 | – | – |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Return on equityBlank when equity is negative | – | – | −29.3% | −7.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −0.4% | −159.5% | −19.1% | −9.3% |
| Cash conversion (CFO ÷ net income) | −0.24x | 0.50x | 0.52x | 0.78x |
| Debt ÷ equity | – | – | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | – | – | −788 |
| Current ratio | 2.70x | 4.43x | 43.5x | 49.1x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.