Sep. 28 at 3:35 PM
$PHAT Market cap approx.
$836 million, total debt
$574 million, cash
$150 million.
Enterprise Value (EV) = 836 + 574 - 150 =
$1,260 million.
Revenue Q2 2025
$39.5 million, sequential growth 39%, strong momentum.
2025 revenue guidance
$165M to
$175M (midpoint
$170M).
Gross margin stable ~87%.
Operating expenses expected to decline: Q3 <
$60M, Q4 <
$55M.
Net loss Q2 2025
$75.8 million, improving from 2024.
Cash burn rate (non-GAAP OpEx excluding non-cash) roughly
$53M quarterly (averaging Q3/Q4 estimates and steady revenue/gross margins).
Cash runway =
$150M /
$53M ≈ 2.8 quarters at current spending before cash depletion (excluding revenue cash inflows).
Management targets profitability in 2026 with increased revenues and reduced costs.
Break-even revenue calculation: Assuming 87% gross margin and
$55M quarterly OpEx (non-GAAP), break-even top-line quarterly revenue approx =
$55M / 0.87 ≈
$63 million.
