Forward EV/adjusted EBITDA valuation updated for Q2 2026. FY2026 revenue is reset to $200M and margin to 13.5% after revenue fell 51% and Q3 guidance implied another sequential decline. Net cash remains supportive, but a 4x multiple reflects the unresolved strategic review and continued contraction in the legacy business.
Q2 revenue was $51.8M, adjusted EBITDA was $9.1M, Q3 guidance was $43M-$44M of revenue and $1M-$2M of adjusted EBITDA, and June net cash was about $38.5M. — storage.googleapis.com (accessed 2026-08-06)
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