Sequential Revenue Growth in Q4
Q4 revenue of $198,000 versus $62,000 in the prior-year quarter, a year-over-year increase of ~219.4%, driven primarily by hardware sales and early foundry services contributions from Fab 1.
Material Improvement in Net Loss
Q4 net loss narrowed to $1.6M from $51.2M a year earlier (an improvement of ~96.9%). Full-year 2025 net loss improved to $18.7M from $68.5M in 2024 (an improvement of ~72.8%), and full-year loss per share fell to $0.11 from $0.73 (a ~84.9% reduction).
Strengthened Balance Sheet and Large Capital Raise
Total capital raised in 2025 was $1.55B (including a $750M private placement announced in October). Cash and cash equivalents were $738M and investments $783M (approximately $1.52B total), supporting operations and growth plans.
Significant Asset and Equity Expansion
Total assets rose to $1.6B at year-end 2025 versus $154M at year-end 2024 (an increase of ~939%), with stockholders' equity also rising to $1.6B, reflecting a materially stronger financial position.
Substantial Increase in Interest Income
Interest income for 2025 was $20.7M compared with $0.423M in 2024 (an increase of ~4,796%), with $13.6M of interest income contributing to Q4 results and the improved net loss.
Strategic Acquisition of Luminar Semiconductor (LSI) and Early Integration Momentum
Acquisition of LSI closed in Feb 2026; management expects LSI to begin contributing revenue in Q1 2026. Management and analysts referenced an illustrative revenue run-rate estimate for LSI in the ~$20M–$25M/year range and reported early positive customer reactions and cross-site synergies.
Technology and Product Milestones (Fab1, Neurawave, Partnerships)
Completed and opened Thin-film lithium niobate Fab 1 (rapid prototyping), began foundry service revenue, unveiled Neurawave photonic reservoir computing system, and announced a strategic collaboration with POET Technologies—advancing product roadmap and commercial positioning.