Annual Forecast
Year 0 to Year 11. All values in $000. Negative values shown in parentheses.
| Line Item ($000) | Y0 · 2026 | Y1 · 2027 | Y2 · 2028 | Y3 · 2029 | Y4 · 2030 | Y5 · 2031 | Y6 · 2032 | Y7 · 2033 | Y8 · 2034 | Y9 · 2035 | Y10 · 2036 | Y11 · 2037 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equipment Revenue | 0 | 255 | 780 | 1,592 | 2,706 | 4,140 | 5,631 | 7,179 | 8,787 | 10,457 | 12,190 | 13,988 |
| Service Revenue | 29 | 43 | 115 | 144 | 238 | 259 | 374 | 403 | 518 | 540 | 674 | 691 |
| Contract Revenue | 0 | 26 | 104 | 265 | 541 | 966 | 1,548 | 2,297 | 3,222 | 4,332 | 5,638 | 7,149 |
| Consumables Revenue | 0 | 4 | 17 | 43 | 86 | 151 | 238 | 346 | 475 | 626 | 799 | 994 |
| Licensing Revenue | 0 | 15 | 60 | 150 | 300 | 525 | 825 | 1,200 | 1,650 | 2,175 | 2,775 | 3,450 |
| Total Revenue | 29 | 343 | 1,077 | 2,194 | 3,871 | 6,042 | 8,616 | 11,425 | 14,653 | 18,131 | 22,076 | 26,272 |
| Equipment COGS | 0 | 112 | 340 | 690 | 1,167 | 1,778 | 2,406 | 3,052 | 3,717 | 4,402 | 5,106 | 5,831 |
| Consumables COGS | 0 | 1 | 5 | 13 | 26 | 46 | 74 | 108 | 150 | 200 | 257 | 323 |
| Contracts COGS | 0 | 10 | 43 | 113 | 234 | 427 | 698 | 1,056 | 1,510 | 2,071 | 2,749 | 3,556 |
| Total COGS | 0 | 123 | 388 | 816 | 1,428 | 2,251 | 3,177 | 4,216 | 5,378 | 6,673 | 8,113 | 9,710 |
| Gross Profit | 29 | 220 | 688 | 1,379 | 2,443 | 3,791 | 5,440 | 7,210 | 9,276 | 11,458 | 13,963 | 16,562 |
| R&D OpEx | 2,781 | 3,200 | 3,692 | 4,259 | 4,598 | 5,001 | 5,419 | 5,854 | 6,075 | 6,537 | 6,772 | 7,264 |
| Mfg OpEx | 816 | 1,004 | 1,331 | 1,675 | 2,035 | 2,413 | 2,810 | 3,225 | 3,661 | 4,118 | 4,596 | 5,098 |
| G&A OpEx | 1,452 | 1,873 | 2,405 | 2,947 | 3,601 | 4,266 | 4,943 | 5,632 | 6,335 | 7,052 | 7,783 | 8,529 |
| Total OpEx | 5,049 | 6,077 | 7,428 | 8,881 | 10,233 | 11,679 | 13,172 | 14,712 | 16,071 | 17,707 | 19,152 | 20,891 |
| EBITDA | (5,020) | (5,857) | (6,740) | (7,503) | (7,790) | (7,888) | (7,732) | (7,502) | (6,796) | (6,249) | (5,189) | (4,328) |
| Depreciation | 286 | 500 | 714 | 1,000 | 1,286 | 1,500 | 1,714 | 1,643 | 1,571 | 1,500 | 1,357 | 1,214 |
| EBIT | (5,305) | (6,357) | (7,454) | (8,503) | (9,076) | (9,388) | (9,446) | (9,145) | (8,367) | (7,749) | (6,546) | (5,543) |
| Cash Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | (5,305) | (6,357) | (7,454) | (8,503) | (9,076) | (9,388) | (9,446) | (9,145) | (8,367) | (7,749) | (6,546) | (5,543) |
| Operating Cash Flow | (5,020) | (5,857) | (6,740) | (7,503) | (7,790) | (7,888) | (7,732) | (7,502) | (6,796) | (6,249) | (5,189) | (4,328) |
| Δ Net Working Capital | 3 | 31 | 73 | 112 | 168 | 217 | 257 | 281 | 323 | 348 | 395 | 420 |
| Capex | 2,000 | 1,500 | 1,500 | 2,000 | 2,000 | 1,500 | 1,500 | 1,500 | 1,000 | 1,000 | 1,000 | 1,000 |
| Free Cash Flow | (7,023) | (7,389) | (8,313) | (9,614) | (9,958) | (9,605) | (9,489) | (9,283) | (8,119) | (7,597) | (6,583) | (5,748) |
| Discount Factor | 1.000 | 0.893 | 0.797 | 0.712 | 0.636 | 0.567 | 0.507 | 0.452 | 0.404 | 0.361 | 0.322 | 0.287 |
| Discounted FCF | (7,023) | (6,597) | (6,627) | (6,843) | (6,328) | (5,450) | (4,808) | (4,199) | (3,279) | (2,739) | (2,120) | (1,652) |
| Cumulative FCF | (7,023) | (14,411) | (22,724) | (32,339) | (42,296) | (51,902) | (61,391) | (70,674) | (78,793) | (86,389) | (92,973) | (98,721) |