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Institutional accumulation: ownership increased +0.96% quarter-over-quarter.
Data as of Q1 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-08-05 · 44d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $17.7M 100.0% | $12.9M 100.0% | $10.1M 100.0% | $6.0M 100.0% | $4.2M 100.0% | $0 | — |
| Cost of Revenue | — | — | — | — | $1.9M 44.2% | — | — |
| Research & Development | $5.0M 28.2% | $7.5M 58.3% | $10.7M 106.2% | $13.1M 217.1% | $9.6M 226.9% | $5.9M | $6.4M |
| Selling, General & Admin | $25.7M 145.3% | $33.0M 256.3% | $35.0M 347.1% | $37.2M 618.6% | $36.6M 862.7% | $8.0M | — |
| Total Operating Expenses | $48.7M 275.2% | $65.1M 505.6% | $79.5M 788.9% | $96.9M 1611.4% | $72.9M 1716.1% | $22.4M | — |
| Operating Income | -$31.0M -175.2% | -$52.2M -405.6% | -$69.4M -688.9% | -$90.9M -1511.4% | -$68.6M -1616.1% | -$22.4M | — |
| Interest Expense | — | — | $0 0.0% | $1.7M 28.2% | $9.7M 228.5% | $43K | $4.5M |
| Other Income (Expense), net | $26.9M 152.0% | -$61.2M -475.6% | $17.5M 173.4% | $58.8M 978.0% | -$27.9M -657.0% | $1.0M | — |
| Pretax Income | -$4.1M -23.2% | -$113.4M -881.2% | -$51.9M -515.5% | -$32.1M -533.4% | -$96.5M -2273.1% | -$21.4M | — |
| Income Tax Expense | $673K 3.8% | $2.9M 22.2% | $9.1M 90.2% | $4.6M 76.1% | -$232K -5.5% | $148K | — |
| Net Income | -$4.8M -27.0% | -$116.3M -903.4% | — | — | -$117.7M -2772.3% | -$113.9M | -$20.8M |
| Per Share | |||||||
| EPS (Basic) | $-0.04 | $-1.28 | $-0.68 | $-0.44 | $-5.78 | $-1.34 | — |
| EPS (Diluted) | $-0.18 | $-1.28 | $-0.68 | $-0.66 | $-5.78 | $-1.34 | — |
| Weighted Avg Shares (Basic) | 109.1M | 91.2M | 89.5M | 83.2M | 16.7M | 16.0M | — |
| Weighted Avg Shares (Diluted) | 134.1M | 91.2M | 89.5M | 83.8M | 16.7M | 16.0M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
2/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$34M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 7 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -8%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 7 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Interest last disclosed in FY2022 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-08-05
Where each multiple sits in its own 5-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cost of Revenue | — | — | 44.2 | — | — | — | — |
| R&D | — | — | 226.9 | 217.1 | 106.2 | 58.3 | 28.2 |
| SG&A | — | — | 862.7 | 618.6 | 347.1 | 256.3 | 145.3 |
| Operating Income | — | — | -1616.1 | -1511.4 | -688.9 | -405.6 | -175.2 |
| Income Tax | — | — | -5.5 | 76.1 | 90.2 | 22.2 | 3.8 |
| Net Income | — | — | -2772.3 | — | — | -903.4 | -27.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SATLW: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 14 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position