TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
245% of net income
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
58% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentYes
77% lowest support
Any vote under 80% support
Buyer economics 2 of 4
Low revenue per employeeYes
$122K · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
11.1 per 10K words · 94th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.6B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $192M | $232M | $272M | $330M | $419M | ▲ 27% | |
|---|
| Operating income | −$53M | −$41M | −$15M | $7M | $33M | ▲ 361% | |
|---|
| Net income | −$35M | −$42M | −$22M | −$29M | $35M | ▲ 220% | |
|---|
| Operating cash flow | $5M | −$774K | $35M | $89M | $85M | ▼ 4.1% | |
|---|
| Capex | $2M | $4M | $2M | $3M | $4M | ▲ 21% | |
|---|
| Stock-based comp | $60M | $37M | $36M | $39M | $39M | ▲ 0.7% | |
|---|
| Buybacks | $2M | $20M | $39M | $33M | $50M | ▲ 51% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Oct 28, 2025 | Lu Zhijian | SCHEDULE 13D/A | 5.5% | Passive |
| Sep 18, 2023 | Sixth Street Partners Management Company, L.P. | SC 13D/A | 4.0% | Passive |
| Jun 15, 2023 | Sixth Street Partners Management Company, L.P. | SC 13D/A | 12.4% | Passive |
| Aug 2, 2021 | Lu Zhijian | SC 13D | 10.7% | Passive |
| Aug 2, 2021 | Zhu James Zhijian | SC 13D | 6.1% | Passive |
| Jul 21, 2021 | Sixth Street Partners Management Company, L.P. | SC 13D | 15.8% | Passive |
| Jul 12, 2021 | Jiang Tianyi | SC 13D | 9.4% | Passive |
| Jul 12, 2021 | Gong Xunkai | SC 13D | 9.9% | Passive |
| Sep 30, 2019 | Apex Technology Sponsor LLC | SC 13D | 21.1% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $7M · 18
- Net
- −$7M
Pay vs performance
No pay-versus-performance disclosure yet.