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
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
72% lowest support
Any vote under 80% support
Buyer economics 2 of 4
Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.4B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $0 | — | — | $0 | $0 | | |
|---|
| Operating income | −$37M | −$48M | −$40M | −$38M | −$47M | ▼ 25% | |
|---|
| Net income | −$41M | −$53M | −$47M | −$46M | −$95M | ▼ 107% | |
|---|
| Operating cash flow | −$10M | −$12M | −$8M | −$13M | −$14M | ▼ 11% | |
|---|
| Stock-based comp | $8M | $8M | $9M | $7M | $7M | ▼ 7.5% | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Jul 23, 2026 | Electrum Strategic Resources L.P. | SCHEDULE 13D/A | 23.9% | Active |
| May 9, 2025 | Electrum Strategic Resources L.P. | SCHEDULE 13D/A | 25.8% | Passive |
| Apr 23, 2025 | Electrum Strategic Resources L.P. | SCHEDULE 13D/A | 26.8% | Passive |
| Jul 3, 2023 | Electrum Strategic Resources L.P. | SC 13D/A | 25.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $238K · 2
- Open-market sells, 12 mo
- $115 · 1
- Net
- $238K
Pay vs performance
No pay-versus-performance disclosure yet.