Income StatementBalance SheetCash FlowSegments
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Insmed Income Statement

Revenue, expenses, and profitability over time

Insmed generated $819.6M in trailing twelve-month revenue, up 1.2% year-over-year. Net income was -$1.2B with a -144.44% net margin. Gross margin stands at 81.81% and operating margin at -140.56%. Diluted EPS is $-5.76, which grew 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$819.6MGross Profit (TTM)$670.5MOperating Income (TTM)-$1.2BNet Income (TTM)-$1.2BEps Diluted (TTM)$-5.76
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$23.2B
ROE-294.46%

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate Statutory Reconciliation$0.1$0.1$0.1$0.1$0.1—
Unrecognized Tax Benefits Current Period Increases$1.1M$1.4M$1.4M$1.4M$1.4M—
Effective Tax Rate (Continuing Operations)-$0.0-$0.0-$0.0-$0.0-$0.0—
Effective Tax Rate-$0.0-$0.0-$0.0-$0.0-$0.0—
Cash Paid for Income Taxes$248.0K$2.2M$677.0K$1.2M$111.0K$2.9M
Current income tax expense (benefit)$934.0K$1.3M$1.3M$1.3M$1.3M—
Deferred Foreign Tax Expense (Benefit)$0.0$0.0$0.0$0.0$0.0—
Effective Tax Rate, Continuing Operations-$0.0-$0.0-$0.0-$0.0-$0.0—
Income Tax at U.S. Statutory Rate-$47.8M-$66.8M-$66.8M-$66.8M-$66.8M—
State and Local Income Taxes, Net$89.0K$144.3K$144.3K$144.3K$144.3K—
Tax Reconciliation: Other Adjustments-0.3%-0.1%-0.1%-0.1%-0.1%—
Tax Reconciliation: Research and Other Credits-0.9%-0.8%-0.8%-0.8%-0.8%—
Tax Reconciliation: Change in Valuation Allowance-5.1%-5.3%-5.3%-5.3%-5.3%—
Current State Tax Expense$89.0K$144.3K$144.3K$144.3K$144.3K—
Deferred Foreign Tax Expense$0.0$0.0$0.0$0.0$0.0—
Effective Income Tax Rate, Continuing Operations-$0.0-$0.0-$0.0-$0.0-$0.0—
Tax Reconciliation, Enacted Tax Rate Change0.0%0.0%0.0%0.0%0.0%—
Tax Reconciliation, Federal Statutory Amount-$47.8M-$66.8M-$66.8M-$66.8M-$66.8M—
Tax Reconciliation, Other Items-$0.0-$0.0-$0.0-$0.0-$0.0—
Tax Reconciliation, State and Local Taxes$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation, Valuation Allowance Change$46.3M$67.8M$67.8M$67.8M$67.8M—
Effective Tax Rate-$0.0-$0.0-$0.0-$0.0-$0.0—
Current State and Local Tax Expense (Benefit)$89.0K$144.3K$144.3K$144.3K$144.3K—
Deferred Foreign Tax Expense (Benefit)$0.0$0.0$0.0$0.0$0.0—
Effective Tax Rate (Continuing Operations)-$0.0-$0.0-$0.0-$0.0-$0.0—
Income Taxes Paid, Net$248.0K$2.2M$677.0K$1.2M$111.0K$2.9M
Current State and Local Tax Expense$89.0K$144.3K$144.3K$144.3K$144.3K—
Deferred Foreign Tax Expense$0.0$0.0$0.0$0.0$0.0—
Income tax expense$1.3M$912.0K$1.2M$1.3M$1.6M$1.5M
Effective Tax Rate (Continuing Operations)-$0.0-$0.0-$0.0-$0.0-$0.0—
Tax Reconciliation at Federal Statutory Rate$0.1$0.1$0.1$0.1$0.1—
Current Income Tax Expense$934.0K$1.3M$1.3M$1.3M$1.3M—
Current State and Local Tax Expense (Benefit)$89.0K$144.3K$144.3K$144.3K$144.3K—
Tax Reconciliation - Federal Statutory Rate$0.1$0.1$0.1$0.1$0.1—
Current Federal Tax Expense$0.0$0.0$0.0$0.0$0.0—
Current Foreign Tax Expense$845.0K$1.1M$1.1M$1.1M$1.1M—
Current State and Local Tax Expense$89.0K$144.3K$144.3K$144.3K$144.3K—
Deferred Federal Tax Expense$0.0$0.0$0.0$0.0$0.0—
Deferred Foreign Tax Expense$0.0$0.0$0.0$0.0$0.0—
Deferred Income Tax Expense (Benefit)-$29.0K$0.0$0.0$0.0-$27.0K$0.0
Deferred State and Local Tax Expense-$7.3K-$6.8K-$6.8K-$6.8K-$6.8K—
Effective Tax Rate (Continuing Operations)-$0.0-$0.0-$0.0-$0.0-$0.0—
Income Taxes Paid, Net$248.0K$2.2M$677.0K$1.2M$111.0K$2.9M
Effective Income Tax Rate-$0.0-$0.0-$0.0-$0.0-$0.0—
Statutory Federal Income Tax Rate$0.1$0.1$0.1$0.1$0.1—
Tax Reconciliation: Enacted Rate Change$0.0$0.0$0.0$0.0$0.0—
Tax Reconciliation: Other Adjustments$2.4M$2.0M$2.0M$2.0M$2.0M—
Change in Tax Valuation Allowance$46.3M$67.8M$67.8M$67.8M$67.8M—
Current State and Local Tax Expense (Benefit)$89.0K$144.3K$144.3K$144.3K$144.3K—
Deferred Foreign Tax Expense (Benefit)$0.0$0.0$0.0$0.0$0.0—
Effective Tax Rate, Continuing Operations-$0.0-$0.0-$0.0-$0.0-$0.0—
Current State and Local Tax Expense (Benefit)$89.0K$144.3K$144.3K$144.3K$144.3K—
Deferred Foreign Tax Expense (Benefit)$0.0$0.0$0.0$0.0$0.0—
Income and Other Taxes$248.0K$2.2M$677.0K$1.2M$111.0K$2.9M
Current State and Local Tax Expense$89.0K$144.3K$144.3K$144.3K$144.3K—
Deferred Foreign Tax Expense$0.0$0.0$0.0$0.0$0.0—
Effective Tax Rate Continuing Operations-$0.0-$0.0-$0.0-$0.0-$0.0—
Tax Reconciliation Federal Statutory Rate$0.1$0.1$0.1$0.1$0.1—
Tax Reconciliation Other Adjustments-$0.0-$0.0-$0.0-$0.0-$0.0—
Tax Reconciliation State and Local Taxes$0.0$0.0$0.0$0.0$0.0—

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Currency Translation Adjustments-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
OCI Available-for-Sale Securities Adjustment—-$441.0K-$22.0K$924.0K$0.0-$789.0K
OCI Foreign Currency Translation Adjustment-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
Capital Expenditures$6.8M$10.1M$3.5M$2.4M$16.6M$3.5M
Change in Accounts Receivable$11.8M-$5.4M$6.1M$10.2M$77.3M$38.2M
Change in foreign currency translation-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
Change in Other Liabilities-$4.6M-$2.2M-$815.0K-$1.1M-$914.0K-$497.0K
Foreign Currency Translation Adjustments, Net of Tax-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
OCI - Available-for-Sale Securities Adjustment—-$441.0K-$22.0K$924.0K$0.0-$789.0K
OCI - Foreign Currency Translation Adjustment-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
Other Comprehensive Income (Loss), Net of Tax-$2.8M$1.4M$2.6M$266.0K—-$1.5M
Reclassifications Net of Tax-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M
Change in Accounts Payable and Accrued Liabilities$41.1M-$61.5M$25.7M$45.6M$90.3M-$33.9M
Change in Inventories$2.1M$1.0M$5.0M$13.8M$11.8M$1.9M
Change in Prepaid Expenses and Other Assets—$16.9M$6.5M$3.7M$26.2M-$12.6M
Finance Lease Principal Paid$686.0K$706.0K$732.0K$747.0K$776.0K$799.0K
Effect of Exchange Rate on Cash (Continuing Operations)-$1.5M$895.0K$1.0M-$976.0K$7.0K-$553.0K
Net Change in Cash and Restricted Cash$93.6M-$151.8M$881.1M-$949.6M—$71.7M
Number of Operating Segments—0.250.250.250.251.00
Payments to Acquire Marketable Securities$577.5M$630.5M$276.7M$1.2B$0.0$0.0
OCI Attributable to Parent-$2.8M$1.4M$2.6M$266.0K—-$1.5M
Number of reportable segments0.251.000.000.000.001.00
OCI available-for-sale securities adjustment—-$441.0K-$22.0K$924.0K$0.0-$789.0K
Income Taxes Paid, Net$248.0K$2.2M$677.0K$1.2M$111.0K$2.9M
Interest Paid, Net$15.2M$13.1M$13.3M$15.5M$13.5M$13.1M
Accretion Of Debt Discount, Marketable Securities$11.0M$8.3M$7.6M$12.0M$10.4M$6.5M
Share-based compensation expense related to employee stock plans$26.6M$39.3M$43.0M$31.4M$39.0M$45.8M
Amortization Of Financing Costs And Discounts$1.7M$1.8M$1.7M$1.3M$1.4M$1.4M
Amortization of capitalized software and acquired intangible assets$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent-$238.4M-$255.2M-$319.1M-$369.8M-$329.0M-$165.0M
Contract With Customer, Asset, Allowance For Current Period Sales$13.9M$33.9M$33.9M$33.9M$33.9M—
Allowances for prior period sales$870.0K$125.0K$125.0K$125.0K$125.0K—
Contract With Customer, Assets, Allowance For Credit Loss, Payments and Credits$15.6M$19.7M$19.7M$19.7M$19.7M—
Federal$0.0$0.0$0.0$0.0$0.0—
Foreign$845.0K$1.1M$1.1M$1.1M$1.1M—
Federal$0.0$0.0$0.0$0.0$0.0—
Deferred taxes-$29.0K$0.0$0.0$0.0-$27.0K$0.0
State-$7.3K-$6.8K-$6.8K-$6.8K-$6.8K—
Defined contribution plan costs$1.9M$3.2M$3.2M$3.2M$3.2M—
Defined Contribution Plan Employer Matching Contribution Percent Of Match25.0%25.0%25.0%25.0%25.0%—
Depreciation$1.5M$1.9M$2.5M$2.5M$3.6M$2.9M
Effective tax rates-$0.0-$0.0-$0.0-$0.0-$0.0—
Asset acquisition0.0%0.0%0.0%0.0%0.0%—
Income taxes at U.S. statutory rate of 21%$0.1$0.1$0.1$0.1$0.1—
Change in fair value of contingent consideration-0.5%-1.1%-1.1%-1.1%-1.1%—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent-$0.1-$0.1-$0.1-$0.1-$0.1—
Effect of cross-border tax laws$0.0$0.0$0.0$0.0$0.0—
Effect of cross-border tax laws0.0%0.0%0.0%0.0%0.0%—
Other$0.0-$0.0-$0.0-$0.0-$0.0—
Asset acquisition$0.0$0.0$0.0$0.0$0.0—
Change in fair value of contingent consideration$4.8M$13.2M$13.2M$13.2M$13.2M—
Share-based compensation0.4%1.2%1.2%1.2%1.2%—
State income taxes – net of federal income tax benefit$0.0$0.0$0.0$0.0$0.0—
Changes in unrecognized tax benefits0.0%0.0%0.0%0.0%0.0%—
Finance Lease Principal Payments$686.0K$706.0K$732.0K$747.0K$776.0K$799.0K
Acquired intangibles$0.0$0.0$0.0$30.0M$15.0M$0.0
Goodwill impairment losses———$0.0——
Impairment of intangible assets$0.0$0.0$0.0$0.0$0.0—
Federal taxes$0.0$0.0$0.0$0.0$0.0—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount$46.3M$67.8M$67.8M$67.8M$67.8M—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount-$47.8M-$66.8M-$66.8M-$66.8M-$66.8M—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount$77.3K$182.3K$182.3K$182.3K$182.3K—
Share-based compensation-$3.1M-$14.9M-$14.9M-$14.9M-$14.9M—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount$2.4M$2.0M$2.0M$2.0M$2.0M—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount$80.3K$138.0K$138.0K$138.0K$138.0K—
Changes in unrecognized tax benefits$0.0$0.0$0.0$0.0$0.0—
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount$7.7M$9.7M$9.7M$9.7M$9.7M—
Income Taxes Paid, Net$248.0K$2.2M$677.0K$1.2M$111.0K$2.9M
Accounts payable and other current liabilities$41.1M-$61.5M$25.7M$45.6M$90.3M-$33.9M
Increase (Decrease) in Accounts Receivable$11.8M-$5.4M$6.1M$10.2M$77.3M$38.2M
Increase (Decrease) in Inventories$2.1M$1.0M$5.0M$13.8M$11.8M$1.9M
Increase (decrease) in other assets-$2.7M-$10.2M-$2.3M$2.9M$11.8M$2.4M
Other liabilities-$4.6M-$2.2M-$815.0K-$1.1M-$914.0K-$497.0K
Increase (Decrease) in Prepaid Expense and Other Assets—$16.9M$6.5M$3.7M$26.2M-$12.6M
Interest Expense, Excluding Finance Lease Interest Expense$21.0M$21.0M$20.7M$19.9M$20.1M$19.6M
Swap interest income-$557.3K$0.0$0.0$0.0$0.0—
Interest Paid, Excluding Capitalized Interest, Operating Activity$15.2M$13.1M$13.3M$15.5M$13.5M$13.1M
Investment and other (expense) income, net$17.3M$13.9M$13.2M$18.3M$15.2M$12.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$159.3M$29.0M$857.8M$33.4M$33.9M$29.5M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—$80.4M$227.8M-$762.2M—$265.5M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation-$196.0M-$262.1M-$205.6M-$219.8M-$247.6M-$222.7M
Non-cash operating lease expense$1.4M$686.0K$888.0K$1.2M$6.9M$567.0K
Number of operating segments—$0.3$0.3$0.3$0.3$1.0
Number of reportable segments$0.3$1.0$0.0$0.0$0.0$1.0
Foreign currency translation-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
Other comprehensive income/(loss)-$2.8M$1.4M$2.6M$266.0K—-$1.5M
Other Noncash Expense$5.1M$5.0M$5.2M$5.1M$5.3M$5.1M
Other income, net (Note 6)—$132.0K$453.0K-$603.0K-$1.8M-$736.0K
Payment Of Milestone$0.0$0.0———$15.0M
Payments to Acquire Marketable Securities$577.5M$630.5M$276.7M$1.2B$0.0$0.0
Payments to Acquire Property, Plant, and Equipment$6.8M$10.1M$3.5M$2.4M$16.6M$3.5M
Proceeds From Issuance Of Secured Debt$37.5M$0.0$0.0$0.0$0.0—
Proceeds from maturities of marketable securities$716.0M$721.0M$508.0M$425.0M$436.0M$284.0M
Cash received from option exercises$13.7M$29.7M$37.0M$34.4M$34.6M$30.3M
Revenue From Contract With Customer Excluding Assessed Tax$104.4M$92.8M$107.4M$142.3M$263.8M$306.0M
Stock-based compensation$26.6M$39.3M$43.0M$31.4M$39.0M$45.8M
Inducement stock options granted to new employees (in shares)237.1K222.8K173.8K79.2K—73.7K
Inducement total authorized for grant (in shares)—1M————
Inducement stock option granted to new employees (in shares)361.2K130.6K130.6K130.6K130.6K—
Contingent payments for Business Acquisition—$12.2M$12.2M$12.2M$12.2M$54.9M
Stock Issued During Period, Value, Conversion of Convertible Securities—$5.0K$566.1M$0.0$0.0—
Stock Issued During Period, Value, Stock Options Exercised$13.7M$29.7M$37.0M$34.4M$34.6M$30.3M
Additions for tax positions of prior years$0.0$0.0$0.0$0.0$0.0—
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount$55.3M$82.9M$82.9M$82.9M$82.9M—
Currency Translation Adjustment, Net of Tax-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
Other Comprehensive Income (Loss)-$238.4M-$255.2M-$319.1M-$369.8M-$329.0M-$165.0M
OCI Foreign Currency Translation-$2.7M$1.8M$2.7M-$658.0K—-$668.0K
Other Comprehensive Income (Loss), Net of Tax, Attributable to Parent-$2.8M$1.4M$2.6M$266.0K—-$1.5M
OCI Net of Tax, Parent-$2.8M$1.4M$2.6M$266.0K—-$1.5M
OCI Attributable to Parent-$2.8M$1.4M$2.6M$266.0K—-$1.5M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$26.6M$39.3M$43.0M$31.4M$39.0M$45.8M
Amortization of Finite-Lived Intangible Assets$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Share-Based Compensation Expense$26.6M$39.3M$43.0M$31.4M$39.0M$45.8M
Change in contingent consideration liability—$18.3M$59.0M$104.7M$70.0M-$47.0M
Defined Contribution Plan Employer Matching Percent1.0%1.3%1.3%1.3%1.3%—
Amortization expense$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Operating Lease Cost$1.5M$3.5M$3.3M$3.5M$580.0K$3.5M
Compensation and benefits$26.6M$39.3M$43.0M$31.4M$39.0M$45.8M
Depreciation and amortization$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Finance Lease ROU Asset Amortization$678.0K$678.0K$678.0K$678.0K$678.0K$678.0K
Goodwill impairment———$0.0——
Operating Lease Cost$1.5M$3.5M$3.3M$3.5M$580.0K$3.5M
Operating Lease Cost$1.5M$3.5M$3.3M$3.5M$580.0K$3.5M
Stock-based compensation expense$26.6M$39.3M$43.0M$31.4M$39.0M$45.8M
Variable Lease Cost$5.4M$2.5M$3.4M$15.3M$3.6M$7.6M
Finance Lease ROU Asset Amortization$678.0K$678.0K$678.0K$678.0K$678.0K$678.0K
Contingent consideration fair value adjustment—$18.3M$59.0M$104.7M$70.0M-$47.0M
Occupancy and equipment$3.0M$3.5M$3.3M$3.5M$3.3M$3.5M
Other operating expenses0.0%-0.0%-0.0%-0.0%-0.0%—
Research and development$179.7M$152.6M$177.2M$186.4M$254.9M$209.5M
Selling, general and administrative$142.5M$147.5M$154.8M$186.4M$212.5M$247.3M
Share-Based Compensation$26.6M$39.3M$43.0M$31.4M$39.0M$45.8M
Amortization of Right-of-Use Assets$678.0K$678.0K$678.0K$678.0K$678.0K$678.0K
Defined Contribution Plan Employer Contribution$1.9M$3.2M$3.2M$3.2M$3.2M—
Variable Lease Expense$5.4M$2.5M$3.4M$15.3M$3.6M$7.6M
Total operating expenses$334.9M$341.0M$420.3M$508.3M$583.6M$459.3M
Variable Lease Cost$5.4M$2.5M$3.4M$15.3M$3.6M$7.6M
Operating Lease Cost$1.5M$3.5M$3.3M$3.5M$580.0K$3.5M
Variable Lease Cost$5.4M$2.5M$3.4M$15.3M$3.6M$7.6M
Variable Lease Cost$5.4M$2.5M$3.4M$15.3M$3.6M$7.6M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M
Net Income Allocated to Common (Diluted)-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M
Net earnings to common-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M
Net Income Available to Common Stockholders (Diluted)-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M
Net Income Available to Common Shareholders-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M
OCI Attributable to Parent-$2.8M$1.4M$2.6M$266.0K—-$1.5M
Net income-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M
Net income attributable to common stock-$235.5M-$256.6M-$321.7M-$370.0M-$328.5M-$163.6M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Cash Paid for Interest$15.2M$13.1M$13.3M$15.5M$13.5M$13.1M
Other Non-cash Income (Expense)$5.1M$5.0M$5.2M$5.1M$5.3M$5.1M
Other Charges—$132.0K$453.0K-$603.0K-$1.8M-$736.0K
Interest expense$21.6M$21.6M$21.2M$20.4M$20.6M$20.1M
Other income (expense), net—$132.0K$453.0K-$603.0K-$1.8M-$736.0K
Finance Lease Interest Expense$538.0K$524.0K$508.0K$497.0K$476.0K$464.0K
Interest expense on finance leases$538.0K$524.0K$508.0K$497.0K$476.0K$464.0K

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$-1.30$-1.42$-1.70$-1.75$-1.55$-0.76
Diluted earnings per share$-1.30$-1.42$-1.70$-1.75$-1.55$-0.76
Incremental Shares from Convertible Debt000000
Weighted-average shares, basic—180.9M189.3M211.8M—215.5M
Weighted-average shares, diluted—180.9M189.3M211.8M—215.5M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes-$234.3M-$255.7M-$320.4M-$368.7M-$326.9M-$162.1M
Income (Loss) from Continuing Operations Before Income Taxes, Domestic-$203.6M-$279.6M-$279.6M-$279.6M-$279.6M—
Income (Loss) from Continuing Operations Before Income Taxes, Foreign-$23.9M-$38.3M-$38.3M-$38.3M-$38.3M—
Income Before Tax, Domestic-$203.6M-$279.6M-$279.6M-$279.6M-$279.6M—
Income Before Tax, Foreign-$23.9M-$38.3M-$38.3M-$38.3M-$38.3M—

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income-$230.4M-$248.1M-$312.9M-$366.0M-$319.7M-$153.3M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$26.2M$21.3M$28.1M$29.4M$44.2M$47.4M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$104.4M$92.8M$107.4M$142.3M$263.8M$306.0M