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Institutional distribution: ownership decreased -0.73% quarter-over-quarter.
Data as of Q1 2026
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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 | $70.6M 100.0% | $57.9M 100.0% | $84.2M 100.0% | $90.7M 100.0% | $70.7M 100.0% | $56.9M 100.0% | $60.0M 100.0% |
| Cost of Revenue | $26.5M 37.6% | $23.6M 40.8% | $31.6M 37.5% | $27.3M 30.1% | $20.1M 28.4% | $13.4M 23.6% | $12.6M 21.0% |
| Gross Profit | $44.1M 62.4% | $34.3M 59.2% | $52.6M 62.5% | $63.4M 69.9% | $50.6M 71.6% | $43.5M 76.4% | $47.5M 79.0% |
| Research & Development | $42.7M 60.4% | $40.5M 70.0% | $48.2M 57.2% | $58.2M 64.2% | $46.9M 66.3% | $44.7M 78.6% | $52.7M 87.8% |
| Selling, General & Admin | $14.3M 20.2% | $16.5M 28.5% | $14.0M 16.7% | $16.6M 18.3% | $16.6M 23.4% | $7.9M 13.9% | $5.1M 8.5% |
| Total Operating Expenses | $78.1M 110.6% | $75.6M 130.7% | $79.5M 94.5% | $91.8M 101.2% | $77.6M 109.8% | $66.3M 116.4% | $75.4M 125.6% |
| Operating Income | -$34.1M -48.2% | -$41.3M -71.5% | -$26.9M -32.0% | -$28.4M -31.3% | -$27.1M -38.3% | -$22.8M -40.0% | -$28.0M -46.6% |
| Interest & Investment Income | $4.2M 5.9% | $6.1M 10.6% | $6.7M 7.9% | $2.3M 2.5% | $311K 0.4% | — | — |
| Other Income (Expense), net | $2.6M 3.7% | $4.8M 8.3% | $5.6M 6.7% | -$1.8M -2.0% | $1.1M 1.6% | — | — |
| Pretax Income | -$31.4M -44.5% | -$36.5M -63.1% | -$19.6M -23.2% | -$27.2M -30.0% | -$26.1M -37.0% | -$19.5M -34.2% | -$25.5M -42.5% |
| Income Tax Expense | $158K 0.2% | $96K 0.2% | $112K 0.1% | $451K 0.5% | $407K 0.6% | $164K 0.3% | $414K 0.7% |
| Net Income | -$31.6M -44.7% | -$36.6M -63.2% | -$19.7M -23.4% | -$27.7M -30.5% | -$26.5M -37.5% | -$19.6M -34.5% | -$25.9M -43.2% |
| Per Share | |||||||
| EPS (Basic) | $-0.31 | $-0.35 | $-0.19 | $-0.28 | $-1.15 | $-3.25 | — |
| EPS (Diluted) | $-0.31 | $-0.35 | $-0.19 | $-0.28 | $-1.15 | $-3.25 | — |
| Weighted Avg Shares (Basic) | 103.1M | 105.5M | 102.0M | 97.8M | 33.0M | 10.4M | — |
| Weighted Avg Shares (Diluted) | 103.1M | 105.5M | 102.0M | 97.8M | 33.0M | 10.4M | — |
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.
4/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81 · book equity (no price)
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
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 + $24M buybacks = $24M returned on -$14M 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 balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -30%. 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).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
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.
No current price collected.
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 | 21.0 | 23.6 | 28.4 | 30.1 | 37.5 | 40.8 | 37.6 |
| Gross Profit | 79.0 | 76.4 | 71.6 | 69.9 | 62.5 | 59.2 | 62.4 |
| R&D | 87.8 | 78.6 | 66.3 | 64.2 | 57.2 | 70.0 | 60.4 |
| SG&A | 8.5 | 13.9 | 23.4 | 18.3 | 16.7 | 28.5 | 20.2 |
| Operating Income | -46.6 | -40.0 | -38.3 | -31.3 | -32.0 | -71.5 | -48.2 |
| Income Tax | 0.7 | 0.3 | 0.6 | 0.5 | 0.1 | 0.2 | 0.2 |
| Net Income | -43.2 | -34.5 | -37.5 | -30.5 | -23.4 | -63.2 | -44.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on VLN-WT: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.