8-K Announcements
6Material company update
Dec 5, 2025·SEC
Material company update
Nov 12, 2025·SEC
Material company update
Nov 5, 2025·SEC
Atai Beckley N.V(ATAI)Earnings, Financials & Key Ratios
ATAI•NASDAQ
Price updated Jun 19, 2026
AboutAtai Beckley NV is a clinical-stage biopharmaceutical company. It engages in the treatment of mental health disorders. The company was founded by Christian Angermayer, Florian Brand, Srinivas Rao and Lars Christian Wilde in June 2018 and is headquartered in Amstelveen, Netherlands.Show more
- Revenue$4M+1227.6%
- EBITDA-$99M+3.4%
- Net Income-$660M-342.2%
- EPS (Diluted)-2.91-212.9%
- Gross Margin75.25%+240.5%
- EBITDA Margin-2414.99%+92.7%
- Operating Margin-2439.74%+92.7%
- Net Margin-16142.02%+66.7%
- ROE-389.92%-371.3%
ATAI Key Insights
Atai Beckley N.V (ATAI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
✗Weaknesses
- ✗Profits declining 31.2% over 5 years
- ✗Negative free cash flow
- ✗Low quality earnings: Net income not backed by cash flow
- ✗Shares diluted 41.4% in last year
- ✗Trading more than 30% below 52-week high
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Get notified when ATAI posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
ATAI Price & Volume
Atai Beckley N.V (ATAI) stock price & volume — 10-year historical chart
Loading chart...
ATAI Growth Metrics
Atai Beckley N.V (ATAI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years159.87%
TTM87.22%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-345.27%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-229.67%
Return on Capital
10 Years-56.27%
5 Years-46.8%
3 Years-47.53%
Last Year-47.34%
ATAI Recent Earnings
Atai Beckley N.V (ATAI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 3/12 qtrs (43%)
Q2 2026Latest
May 12, 2026Metric
Actual
Est
EPS
$0.08+27.3%
$0.11
Rev
$954,000+339.4%
$217,111
Q2 2026
Mar 6, 2026Metric
Actual
Est
EPS
$0.05+58.3%
$0.12
Rev
$1M+255.3%
$300,000
Q4 2025
Nov 12, 2025Metric
Actual
Est
EPS
$0.28-133.3%
$0.12
Rev
$749,000+226.8%
$229,170
Q3 2025
Aug 14, 2025Metric
Actual
Est
EPS
$0.14-16.7%
$0.12
Rev
$719,000
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 12, 2026 | $0.08vs $0.11+27.3% | $954,000vs $217,111+339.4% |
| Q2 2026 | Mar 6, 2026 | $0.05vs $0.12+58.3% | $1Mvs $300,000+255.3% |
| Q4 2025 | Nov 12, 2025 | $0.28vs $0.12-133.3% | $749,000vs $229,170+226.8% |
| Q3 2025 | Aug 14, 2025 | $0.14vs $0.12-16.7% | $719,000 |
Based on last 12 quarters of dataView full earnings history →
ATAI Peer Comparison
Atai Beckley N.V (ATAI) competitors in Clinical-Stage Biopharma Developers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 CMPS | 1.2B | 12.53 | -4.07 | -151.02% | ||||
 MNMD | 2.04B | 20.69 | -10.04 | -102.48% | ||||
 CYBN | 303.86M | 6.09 | -13.66 | -81% | ||||
 SILO | 5.54M | 6.12 | -0.82 | -67.17% | -88.41% | |||
 ENVB | 764.17K | 1.28 | -0.04 | -220.99% | ||||
 JAZZ | 14.09B | 224.66 | -38.47 | 4.88% | 0.66% | 0.71% | 1.26 | |
 INVA | 1.66B | 22.49 | 6.82 | 18.52% | 118.91% | 47.59% | 0.23 | |
 PRAX | 8.15B | 282.31 | -20.94 | -100% | -43.02% | 0.00 |
Compare ATAI vs Peers
Atai Beckley N.V (ATAI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ATAI Income Statement
Atai Beckley N.V (ATAI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 0 | 0 | 20.38M | 233K | 314K | 308K | 4.09M | 3.49M |
Revenue Growth % | - | - | - | -98.86% | 34.76% | -1.91% | 1227.6% | 87.22% |
Cost of Goods Sold | 6K | 24K | 47K | 168K | 319K | 473K | 1.01M | 627K |
COGS % of Revenue | - | - | 0.23% | 72.1% | 101.59% | 153.57% | 24.75% | - |
Gross Profit | -6K▲ 0% | -24K▼ 300.0% | 20.33M▲ 84804.2% | 65K▼ 99.7% | -5K▼ 107.7% | -165K▼ 3200.0% | 3.08M▲ 1964.8% | 2.86M▲ 0% |
Gross Margin % | - | - | 99.77% | 27.9% | -1.59% | -53.57% | 75.25% | 82.02% |
Gross Profit Growth % | - | -300% | 84804.17% | -99.68% | -107.69% | -3200% | 1964.85% | - |
Operating Expenses | 17.84M | 104.14M | 140.65M | 144.5M | 125.47M | 102.53M | 102.84M | 130.45M |
OpEx % of Revenue | - | - | 690.29% | 62015.02% | 39957.32% | 33287.66% | 2514.99% | - |
Selling, General & Admin | 5.08M | 80.71M | 92.75M | 70.35M | 63.58M | 47.54M | 49.78M | 68.46M |
SG&A % of Revenue | - | - | 455.17% | 30193.13% | 20249.04% | 15436.36% | 1217.31% | - |
Research & Development | 12.76M | 23.43M | 47.91M | 74.14M | 61.88M | 54.98M | 53.06M | 61.99M |
R&D % of Revenue | - | - | 235.12% | 31821.89% | 19708.28% | 17851.3% | 1297.68% | - |
Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Operating Income | -17.85M▲ 0% | -104.16M▼ 483.6% | -120.33M▼ 15.5% | -144.43M▼ 20.0% | -125.47M▲ 13.1% | -102.69M▲ 18.2% | -99.76M▲ 2.9% | -127.59M▲ 0% |
Operating Margin % | - | - | -590.52% | -61987.12% | -39958.92% | -33341.23% | -2439.74% | -3658.03% |
Operating Income Growth % | - | -483.61% | -15.52% | -20.03% | 13.13% | 18.16% | 2.85% | - |
EBITDA | -17.84M | -104.14M | -120.28M | -144.26M | -125.15M | -102.22M | -98.75M | -126.97M |
EBITDA Margin % | - | - | -590.29% | -61915.02% | -39857.32% | -33187.66% | -2414.99% | -3640.05% |
EBITDA Growth % | - | -483.67% | -15.5% | -19.94% | 13.25% | 18.32% | 3.39% | -29.08% |
D&A (Non-Cash Add-back) | 6K | 24K | 47K | 168K | 319K | 473K | 1.01M | 627K |
EBIT | -17.85M | -104.16M | -120.33M | -144.43M | -125.47M | -102.69M | -99.76M | -127.59M |
Net Interest Income | 23K | 71K | 205K | -375K | -809K | -2.35M | 316K | 1.11M |
Interest Income | 23K | 71K | 205K | 548K | 1.85M | 778K | 1.48M | 1.37M |
Interest Expense | 0 | 0 | 0 | 923K | 2.66M | 3.12M | 1.16M | 264K |
Other Income/Expense | -6.53M | -74.16M | -57.91M | -6.76M | 82.59M | -48.24M | -560.09M | -535.79M |
Pretax Income | -24.38M▲ 0% | -178.32M▼ 631.4% | -178.23M▲ 0.0% | -151.19M▲ 15.2% | -42.88M▲ 71.6% | -150.93M▼ 252.0% | -659.85M▼ 337.2% | -663.38M▲ 0% |
Pretax Margin % | - | - | -874.72% | -64887.55% | -13655.73% | -49003.25% | -16137.17% | -19018.9% |
Income Tax | 2K | 305K | -3.99M | 6.23M | 1.02M | -881K | 298K | 105K |
Effective Tax Rate % | -0.01% | -0.17% | 2.24% | -4.12% | -2.37% | 0.58% | -0.05% | -0.02% |
Net Income | -14.14M▲ 0% | -169.84M▼ 1101.3% | -167.81M▲ 1.2% | -152.38M▲ 9.2% | -40.22M▲ 73.6% | -149.27M▼ 271.1% | -660.05M▼ 342.2% | -663.4M▲ 0% |
Net Margin % | - | - | -823.56% | -65401.29% | -12810.19% | -48463.96% | -16142.02% | -19019.44% |
Net Income Growth % | - | -1101.32% | 1.2% | 9.19% | 73.6% | -271.09% | -342.19% | -345.27% |
Net Income (Continuing) | -24.38M | -178.63M | -174.24M | -157.42M | -43.9M | -150.05M | -660.15M | -663.48M |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 1.03M | 4.55M | 9.05M | 5.03M | 1.35M | 257K | 127K | 96K |
EPS (Diluted) | -0.09▲ 0% | -1.11▼ 1097.4% | -1.04▲ 6.3% | -0.98▲ 5.8% | -0.25▲ 74.5% | -0.93▼ 272.0% | -2.91▼ 212.9% | -2.93▲ 0% |
EPS Growth % | - | -1097.41% | 6.31% | 5.77% | 74.49% | -272% | -212.9% | -229.67% |
EPS (Basic) | -0.09 | -1.11 | -1.04 | -0.98 | -0.25 | -0.93 | -2.91 | - |
Diluted Shares Outstanding | 152.57M | 152.57M | 160.68M | 155.72M | 158.83M | 160.16M | 226.53M | 226.53M |
Basic Shares Outstanding | 152.57M | 152.57M | 160.68M | 155.72M | 158.83M | 160.16M | 226.53M | 226.53M |
Dividend Payout Ratio | - | - | - | - | - | - | - | - |
ATAI Balance Sheet
Atai Beckley N.V (ATAI) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
Total Current Assets | 39.15M | 99.55M | 375.08M | 287.14M | 185.59M | 80.13M | 275.68M | 250.07M |
Cash & Short-Term Investments | 30.06M | 97.25M | 362.27M | 273.11M | 179.26M | 62.33M | 256.04M | 230.77M |
Cash Only | 30.06M | 97.25M | 362.27M | 190.61M | 45.03M | 17.5M | 85.3M | 43.1M |
Short-Term Investments | 0 | 0 | 0 | 82.5M | 134.22M | 44.83M | 170.74M | 187.66M |
Accounts Receivable | 8.7M | 1.29M | 6.32M | 5.63M | 2.26M | 1.35M | 14.43M | 14.71M |
Days Sales Outstanding | - | - | 113.19 | 8.82K | 2.62K | 1.6K | 1.29K | 1.09K |
Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Days Inventory Outstanding | - | - | - | - | - | - | - | - |
Other Current Assets | 207K | 554K | 756K | 1.75M | 846K | 10.78M | 946K | 4.59M |
Total Non-Current Assets | 22.97M | 12M | 39.08M | 18.3M | 107.89M | 79.26M | 34.86M | 14.81M |
Property, Plant & Equipment | 21K | 71K | 149K | 1.15M | 2.2M | 3.87M | 4.01M | 3.86M |
Fixed Asset Turnover | - | - | 136.75x | 0.20x | 0.14x | 0.08x | 1.02x | 0.72x |
Goodwill | 0 | 0 | 0 | 0 | 0 | 331K | 331K | 9.86M |
Intangible Assets | 0 | 0 | 0 | 0 | 1.77M | 3.25M | 11.59M | 0 |
Long-Term Investments | 22.95M | 10.02M | 27.76M | 6.75M | 91.66M | 70.97M | 900K | 160.82M |
Other Non-Current Assets | 0 | 1.91M | 11.18M | 10.39M | 12.25M | 850K | 210K | 292K |
Total Assets | 62.12M▲ 0% | 111.55M▲ 79.6% | 414.17M▲ 271.3% | 305.44M▼ 26.3% | 293.48M▼ 3.9% | 159.39M▼ 45.7% | 310.54M▲ 94.8% | 264.88M▲ 0% |
Asset Turnover | - | - | 0.05x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x |
Asset Growth % | - | 79.58% | 271.29% | -26.25% | -3.92% | -45.69% | 94.83% | 139.23% |
Total Current Liabilities | 1.61M | 12.3M | 20.93M | 19.9M | 20.12M | 24.95M | 23.48M | 24.96M |
Accounts Payable | 0 | 0 | 6M | 2.4M | 4.59M | 2.62M | 4.91M | 10.79M |
Days Payables Outstanding | - | - | 46.63K | 5.21K | 5.25K | 2.02K | 1.77K | 3.65K |
Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 9.36M | 271K | 310K |
Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 1.52M | 3M |
Other Current Liabilities | 1.48M | 10.2M | 265K | 718K | 1.1M | 2.65M | 11.11M | 12.31M |
Current Ratio | 24.36x | 8.09x | 17.92x | 14.43x | 9.22x | 3.21x | 11.74x | 10.02x |
Quick Ratio | 24.36x | 8.09x | 17.92x | 14.43x | 9.22x | 3.21x | 11.74x | 10.02x |
Cash Conversion Cycle | - | - | - | - | - | - | - | -2.57K |
Total Non-Current Liabilities | 729K | 3.88M | 7.27M | 19.78M | 29.04M | 17.88M | 65.06M | 41.13M |
Long-Term Debt | 157K | 2.18M | 743K | 15.12M | 17.88M | 14.13M | 0 | 0 |
Capital Lease Obligations | 0 | 0 | 0 | 44K | 990K | 732K | 1.8M | 8.54M |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 17.82M | 17.82M |
Other Non-Current Liabilities | 572K | 1.71M | 6.53M | 4.62M | 10.18M | 3.02M | 45.44M | 39.44M |
Total Liabilities | 2.34M | 16.18M | 28.21M | 39.67M | 49.16M | 42.83M | 88.54M | 66.1M |
Total Debt | 157K | 2.18M | 743K | 15.34M | 19.14M | 24.71M | 2.07M | 2M |
Net Debt | -29.91M | -95.07M | -361.52M | -175.27M | -25.89M | 7.2M | -83.23M | -41.1M |
Debt / Equity | 0.00x | 0.02x | 0.00x | 0.06x | 0.08x | 0.21x | 0.01x | 0.01x |
Debt / EBITDA | - | - | - | - | - | - | - | -0.02x |
Net Debt / EBITDA | - | - | - | - | - | - | - | 0.32x |
Interest Coverage | - | - | - | -156.48x | -47.24x | -32.87x | -85.85x | -483.30x |
Total Equity | 59.78M▲ 0% | 95.37M▲ 59.5% | 385.96M▲ 304.7% | 265.77M▼ 31.1% | 244.32M▼ 8.1% | 116.55M▼ 52.3% | 222M▲ 90.5% | 198.78M▲ 0% |
Equity Growth % | - | 59.53% | 304.7% | -31.14% | -8.07% | -52.29% | 90.47% | 115.7% |
Book Value per Share | 0.39 | 0.63 | 2.40 | 1.71 | 1.54 | 0.73 | 0.98 | 0.88 |
Total Shareholders' Equity | 58.75M | 90.82M | 376.91M | 260.74M | 242.96M | 116.3M | 221.87M | 198.68M |
Common Stock | 6.57M | 8.36M | 18M | 18.56M | 18.57M | 18.79M | 3.63M | 3.66M |
Retained Earnings | -19.46M | -189.31M | -357.8M | -510.19M | -550.94M | -700.21M | -1.36B | -1.39B |
Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated OCI | -1.43M | 5.82M | -8.34M | -21.7M | -19.46M | -18.47M | -20.93M | -20.6M |
Minority Interest | 1.03M | 4.55M | 9.05M | 5.03M | 1.35M | 257K | 127K | 96K |
ATAI Cash Flow Statement
Atai Beckley N.V (ATAI) cash flow — operating, investing & free cash flow history
| Metric | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|
Cash from Operations | -7.85M | -20.77M | -63.25M | -104.47M | -84.12M | -82.44M | -102.67M | -106.6M |
Operating CF Margin % | - | - | -310.39% | -44835.62% | -26789.17% | -26765.26% | -2511.01% | - |
Operating CF Growth % | - | -164.67% | -204.57% | -65.18% | 19.48% | 2% | -24.55% | -124.36% |
Net Income | -24.38M | -178.63M | -174.24M | -157.42M | -43.9M | -150.05M | -660.05M | -663.4M |
Depreciation & Amortization | 6K | 24K | 47K | 168K | 319K | 473K | 1.01M | 627K |
Stock-Based Compensation | 57K | 67.16M | 63.36M | 42.38M | 32.98M | 25.49M | 0 | 11.43M |
Deferred Taxes | 7.54M | 56.35M | 39.13M | 5.07M | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 9.06M | 29.88M | 16.06M | 8.67M | -80.99M | 50.85M | 562.84M | 547.96M |
Working Capital Changes | -126K | 4.45M | -7.6M | -3.33M | 7.47M | -9.2M | -6.47M | -3.15M |
Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Change in Payables | 249K | 1.7M | 2.3M | -3.03M | 2.14M | -1.87M | -1.7M | 4.05M |
Cash from Investing | -9.03M | -28.27M | -81.28M | -86.85M | -53.3M | 59.17M | -109.13M | -120.02M |
Capital Expenditures | -19K | -59K | -1.13M | -773K | -259K | -95K | -10.87M | -10.9M |
CapEx % of Revenue | - | - | 5.54% | 331.76% | 82.48% | 30.84% | 265.79% | 312.61% |
Acquisitions | -456K | -2.09M | -52.94M | 0 | -443K | 359K | 4.64M | 5.67M |
Investments | - | - | - | - | - | - | - | - |
Other Investing | -7.32M | -2.2M | -2.6M | -3.25M | -5.84M | -8.1M | -13M | -17.91M |
Cash from Financing | 40.39M | 113.05M | 409.86M | 20.79M | -8.36M | 5.37M | 269.48M | 213.28M |
Debt Issued (Net) | 0 | 32.5M | 1.59M | 15M | 0 | 5M | 7.71M | 29.76M |
Equity Issued (Net) | 42.68M | 82.44M | 405.86M | 600K | 0 | 535K | 283.43M | 198.23M |
Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.56M |
Other Financing | -2.29M | -1.89M | 2.42M | 5.18M | -8.36M | -161K | -21.66M | -14.71M |
Net Change in Cash | 23.14M▲ 0% | 67.18M▲ 190.3% | 265.02M▲ 294.5% | -171.65M▼ 164.8% | -145.58M▲ 15.2% | -17.53M▲ 88.0% | 57.8M▲ 429.7% | -15.19M▲ 0% |
Free Cash Flow | -7.87M▲ 0% | -20.82M▼ 164.8% | -64.37M▼ 209.1% | -105.49M▼ 63.9% | -84.71M▲ 19.7% | -82.53M▲ 2.6% | -103.58M▼ 25.5% | -117.19M▲ 0% |
FCF Margin % | - | - | -315.93% | -45275.11% | -26977.07% | -26796.1% | -2533.04% | -3359.77% |
FCF Growth % | - | -164.78% | -209.12% | -63.87% | 19.7% | 2.57% | -25.5% | -50.42% |
FCF per Share | -0.05 | -0.14 | -0.40 | -0.68 | -0.53 | -0.52 | -0.46 | -0.52 |
FCF Conversion (FCF/Net Income) | 0.55x | 0.12x | 0.38x | 0.69x | 2.09x | 0.55x | 0.16x | 0.18x |
Interest Paid | 0 | 0 | 0 | 0 | 1.92M | 2.16M | 0 | 203K |
Taxes Paid | 0 | 0 | 0 | 0 | 1.48M | 411K | 0 | 55K |
ATAI Key Ratios
Atai Beckley N.V (ATAI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | -218.94% | -69.73% | -46.76% | -15.77% | -82.73% | -389.92% | -366.21% |
Return on Invested Capital (ROIC) | -517.81% | -729.68% | -188.5% | -60.92% | -45.02% | -57% | -73.59% |
Gross Margin | - | 99.77% | 27.9% | -1.59% | -53.57% | 75.25% | 82.02% |
Net Margin | - | -823.56% | -65401.29% | -12810.19% | -48463.96% | -16142.02% | -19019.44% |
Debt / Equity | 0.02x | 0.00x | 0.06x | 0.08x | 0.21x | 0.01x | 0.01x |
Interest Coverage | - | - | -156.48x | -47.24x | -32.87x | -85.85x | -483.30x |
FCF Conversion | 0.12x | 0.38x | 0.69x | 2.09x | 0.55x | 0.16x | 0.18x |
Revenue Growth | - | - | -98.86% | 34.76% | -1.91% | 1227.6% | 87.22% |
Related:ATAI Dividend History·ATAI Revenue History·ATAI Price History·ATAI P/E History·ATAI Financial Ratios·ATAI Institutional Holders
ATAI SEC Filings & Documents
Atai Beckley N.V (ATAI) SEC filings — annual & quarterly reports (10-K, 10-Q)
ATAI Frequently Asked Questions
Atai Beckley N.V (ATAI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Atai Beckley N.V (ATAI) reported $3.5M in revenue for fiscal year 2025.
Atai Beckley N.V (ATAI) grew revenue by 1227.6% over the past year. This is strong growth.
Atai Beckley N.V (ATAI) reported a net loss of $663.4M for fiscal year 2025.
Dividend & Returns
Atai Beckley N.V (ATAI) has a return on equity (ROE) of -389.9%. Negative ROE indicates the company is unprofitable.
Atai Beckley N.V (ATAI) had negative free cash flow of $117.2M in fiscal year 2025, likely due to heavy capital investments.