A company still losing money with growing sales, with elevated risk. Institutions are adding.
Going well
Sales up 73% in the latest quarter vs a year ago
No debt reported
Watch out for
Share count growing 28.8% a year (dilution)
Losing money, losses are large next to sales
Revenue down 60.5% from the year before
Money moves
No insider buying or selling in the last 30 days
Institutions added 6% to their holdings in the quarter ending June 2026 (147 bought, 89 sold)
Held by Stanley Druckenmiller (Duquesne)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$3.23+1.6% that day
Company value
$637M
Share price times all shares
Price vs sales
9.0x
No profit over the last year, so this compares value with sales instead
Cash vs value
31%
A big cushion: cash is a large part of what the company is worth
From WVE's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Sep '26
$13.2M+73% vs a year earlier
Dec '23Tap a barSep '26
Last 12 months: $70.9M. Over 5 years, sales grew about 16% a year.
What the price assumes
Your guesses, our math
Move the sliders to your own view of WVE. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$149M
Profit in 5 years$15M
Price these guesses point to$0.70-78% vs $3.23 todayAbout -26% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 57% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/6Weak
MissReturn on equity 15%+Earns a lot on the money owners have in the business.-56.2%
PassDebt under half of equityNot relying on borrowed money.No debt reported
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-478.4%
MissProfitable every yearSteady profits, not one good year.0 of 10 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$188.2M
MissShare count not growingNot diluting owners. Falling means buybacks.+113.9% in 3 years
Revenue
$42.7M
-60.5% vs prior year
5-year growth
+16.3%/yr
revenue, per year
Total debt
None
0.00x equity
Current ratio
6.47x
short-term assets / bills due
From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Sep 30, 2026
Reported Oct 27Before open7:35 am ET
Revenue
$13.2M
+72.9% YoY
EPS
-$0.30
vs -$0.32
Op. margin
-502.0%
+238.7 pts
Free cash flow
-$60.2M
Share count
+21.7%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
0/ 100
This week
4
Normal week
3.1
vs normal
1.3x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+6.0%
Institutions added 6.0% to their holdings. 147 bought, 89 sold.
Shares held by institutions182.2M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+26.1%
Cash runwayAt last year's cash burn
13 months
Debt to equityLatest balance sheet: debt compared with what owners have
No debt reported
Shares outstandingLatest reported
197M
Why elevated risk
Losing money, losses are large next to sales
About 13 months of cash left at its current burn
Share count growing 26.1% a year (dilution)
Revenue down 60.5% from the year before
Earnings reports
Last 12
Next reportAround Jan 11, 2027 (est.)Estimated from the same quarter last year
Results filedOct 27
Results filedJul 30
Results filedApr 28
Results filedFeb 26
Results filedJan 12
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days