Bought back $31.7M of its own shares, 2.3× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 12, 2023: 3 at-the-market programs, 5 sales of new shares, 5 shelf registrations; also 1 resale by holders, 1 update to an earlier prospectus. Latest at-the-market program for common stock: Aug 20, 2025, up to $5.0B.
- Jun 23, 2026 Sale of 10.0M new shares 424B5
- Oct 17, 2025 Sale of 4.5M new shares 424B5
- Aug 20, 2025 At-the-market program: up to $5.0B of common stock 424B5
- Aug 12, 2025 Sale of 18.4M new shares 424B5
- Aug 8, 2025 Sale of 10.3M new shares 424B5
- Jul 17, 2025 At-the-market program: up to $5.0B of common stock 424B5
Every offering filing →“we are offering in a registered direct offering to a certain purchaser 10,013,351 shares of our common stock, par value $0.0001 per share (“Common Stock”), as well as warrants to purchase up to 10,013,351 shares of Common Stock (the “Warrants”).”
424B5, Jun 23, 2026 ↗
Diluted shares: 99.72M in the year to Dec 31, 2025 2025 +29468.0%2024 -2.3%2023 +11.0%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
Where the cash came from and where it went
No cash flow chart for banks and insurers: their operating cash flow moves with loans, deposits and trading, so it says little about how cash was spent.
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | $31.7M | - | $13.7M | $2.1B | 99.72M |
| 2024-12-31 | - | - | $149K | $869K | 337K |
| 2023-12-31 | - | - | $261K | $0 | 2.76M |
| 2022-12-31 | - | - | $1.9M | - | 2.49M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; sbc = ShareBasedCompensation; issuance = ProceedsFromIssuanceOfCommonStock; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.