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 SBCYes
533% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-504% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support
Buyer economics 2 of 4
Low revenue per employeeYes
$12K · 10th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 34th 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 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $0 | $2M | | |
|---|
| Operating income | −$16M | −$60M | ▼ 282% | |
|---|
| Net income | −$16M | −$298M | ▼ 1791% | |
|---|
| Operating cash flow | −$13M | −$49M | ▼ 277% | |
|---|
| Capex | $3M | $37M | ▲ 1102% | |
|---|
| Stock-based comp | $2M | $9M | ▲ 404% | |
|---|
| Buybacks | $247M | — | | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Sep 11, 2026 | VB (Rare Earths) Ltd | SCHEDULE 13D | 7.9% | Passive |
| Jun 9, 2026 | Gutnick Mordechai Zev | SCHEDULE 13D/A | 6.8% | Passive |
| Sep 17, 2025 | BLITZER MICHAEL | SCHEDULE 13D/A | 5.8% | Passive |
| Aug 15, 2025 | BLITZER MICHAEL | SCHEDULE 13D/A | 7.1% | Passive |
| Jun 16, 2025 | BLITZER MICHAEL | SCHEDULE 13D/A | 14.9% | Passive |
| Mar 27, 2025 | Gutnick Mordechai Zev | SCHEDULE 13D | 16.7% | Passive |
| Mar 24, 2025 | BLITZER MICHAEL | SCHEDULE 13D | 17.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 2
- Open-market sells, 12 mo
- $2M · 2
- Net
- $662K
Pay vs performance
No pay-versus-performance disclosure yet.