The company's top-line performance remains highly erratic, with quarterly revenue fluctuating significantly and operating margins consistently negative, reaching -32.4% in 2026Q1.
| Sales/Revenue | 3.49M | 4.09M | 308K | 314K | 233K | 20.38M | 0 | 0 |
| Revenue Growth % | 87.22% | 1227.6% | -1.91% | 34.76% | -98.86% | - | - | - |
| Cost of Goods Sold | 627K | 1.01M | 473K | 319K | 168K | 47K | 24K | 6K |
| COGS % of Revenue | - | 24.75% | 153.57% | 101.59% | 72.1% | 0.23% | - | - |
| Gross Profit | 2.86M | 3.08M | -165K | -5K | 65K | 20.33M | -24K | -6K |
| Gross Margin % | 82.02% | 75.25% | -53.57% | -1.59% | 27.9% | 99.77% | - | - |
| Gross Profit Growth % | - | 1964.85% | -3200% | -107.69% | -99.68% | 84804.17% | -300% | - |
| Operating Expenses | 130.45M | 102.84M | 102.53M | 125.47M | 144.5M | 140.65M | 104.14M | 17.84M |
| OpEx % of Revenue | - | 2514.99% | 33287.66% | 39957.32% | 62015.02% | 690.29% | - | - |
| Selling, General & Admin | 68.46M | 49.78M | 47.54M | 63.58M | 70.35M | 92.75M | 80.71M | 5.08M |
| SG&A % of Revenue | - | 1217.31% | 15436.36% | 20249.04% | 30193.13% | 455.17% | - | - |
| Research & Development | 61.99M | 53.06M | 54.98M | 61.88M | 74.14M | 47.91M | 23.43M | 12.76M |
| R&D % of Revenue | - | 1297.68% | 17851.3% | 19708.28% | 31821.89% | 235.12% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -127.59M | -99.76M | -102.69M | -125.47M | -144.43M | -120.33M | -104.16M | -17.85M |
| Operating Margin % | -3658.03% | -2439.74% | -33341.23% | -39958.92% | -61987.12% | -590.52% | - | - |
| Operating Income Growth % | - | 2.85% | 18.16% | 13.13% | -20.03% | -15.52% | -483.61% | - |
| EBITDA | -126.97M | -98.75M | -102.22M | -125.15M | -144.26M | -120.28M | -104.14M | -17.84M |
| EBITDA Margin % | -3640.05% | -2414.99% | -33187.66% | -39857.32% | -61915.02% | -590.29% | - | - |
| EBITDA Growth % | -29.08% | 3.39% | 18.32% | 13.25% | -19.94% | -15.5% | -483.67% | - |
| D&A (Non-Cash Add-back) | 627K | 1.01M | 473K | 319K | 168K | 47K | 24K | 6K |
| EBIT | -127.59M | -99.76M | -102.69M | -125.47M | -144.43M | -120.33M | -104.16M | -17.85M |
| Net Interest Income | 1.11M | 316K | -2.35M | -809K | -375K | 205K | 71K | 23K |
| Interest Income | 1.37M | 1.48M | 778K | 1.85M | 548K | 205K | 71K | 23K |
| Interest Expense | 264K | 1.16M | 3.12M | 2.66M | 923K | 0 | 0 | 0 |
| Other Income/Expense | -535.79M | -560.09M | -48.24M | 82.59M | -6.76M | -57.91M | -74.16M | -6.53M |
| Pretax Income | -663.38M | -659.85M | -150.93M | -42.88M | -151.19M | -178.23M | -178.32M | -24.38M |
| Pretax Margin % | -19018.9% | -16137.17% | -49003.25% | -13655.73% | -64887.55% | -874.72% | - | - |
| Income Tax | 105K | 298K | -881K | 1.02M | 6.23M | -3.99M | 305K | 2K |
| Effective Tax Rate % | -0.02% | -0.05% | 0.58% | -2.37% | -4.12% | 2.24% | -0.17% | -0.01% |
| Net Income | -663.4M | -660.05M | -149.27M | -40.22M | -152.38M | -167.81M | -169.84M | -14.14M |
| Net Margin % | -19019.44% | -16142.02% | -48463.96% | -12810.19% | -65401.29% | -823.56% | - | - |
| Net Income Growth % | -345.27% | -342.19% | -271.09% | 73.6% | 9.19% | 1.2% | -1101.32% | - |
| Net Income (Continuing) | -663.48M | -660.15M | -150.05M | -43.9M | -157.42M | -174.24M | -178.63M | -24.38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 96K | 127K | 257K | 1.35M | 5.03M | 9.05M | 4.55M | 1.03M |
| EPS (Diluted) | -2.93 | -2.91 | -0.93 | -0.25 | -0.98 | -1.04 | -1.11 | -0.09 |
| EPS Growth % | -229.67% | -212.9% | -272% | 74.49% | 5.77% | 6.31% | -1097.41% | - |
| EPS (Basic) | - | -2.91 | -0.93 | -0.25 | -0.98 | -1.04 | -1.11 | -0.09 |
| Diluted Shares Outstanding | 226.53M | 226.53M | 160.16M | 158.83M | 155.72M | 160.68M | 152.57M | 152.57M |
| Basic Shares Outstanding | 226.53M | 226.53M | 160.16M | 158.83M | 155.72M | 160.68M | 152.57M | 152.57M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical Trial Funding Runway
According to recent financial disclosures, ATAI's top-line performance remains highly erratic, with quarterly revenue fluctuating between negative values and $1.6 million, reflecting a project-based model that lacks the recurring commercial revenue streams necessary to sustain its extensive clinical development pipeline and long-term operational viability.
The absence of consistent product-driven revenue suggests that the company remains entirely dependent on milestone payments and collaboration agreements. Investors should monitor the sustainability of these inflows, as the current top-line volatility indicates a lack of predictable growth drivers.
As reported in quarterly filings, the company's cost structure is dominated by research and development expenditures that frequently exceed $10 million per period, creating a structural imbalance where operating expenses consistently dwarf the negligible revenue generated from its decentralized hub-and-spoke pharmaceutical development model.
The heavy reliance on R&D spending highlights the capital-intensive nature of advancing multiple psychedelic compounds simultaneously. This expense discipline appears secondary to the urgency of clinical progression, which may necessitate further capital raises if milestone-based revenue fails to materialize.
Based on the provided income statement data, ATAI exhibits significant negative operating leverage, with operating losses frequently exceeding $25 million per quarter, suggesting that the firm has yet to achieve the scale required to offset its substantial fixed overhead and clinical trial infrastructure costs.
The lack of operating leverage is a direct consequence of the company's early-stage status and the high fixed costs associated with its diverse portfolio of subsidiary programs. Without a successful commercial launch, the company may continue to face significant pressure on its operating margins.
Financial statements indicate that net income is frequently impacted by non-operating items and significant write-downs, such as the $544.8 million loss reported in 2025Q4, which obscures the underlying cash burn and complicates the assessment of the company's true operational performance and long-term profitability.
The extreme volatility in net income suggests that investors should focus on cash burn rates rather than bottom-line earnings. These accounting anomalies appear to be driven by the periodic impairment of discontinued clinical programs, which warrants further investigation into the efficacy of the company's capital allocation strategy.
Analysis of the company's historical financial performance suggests that the decentralized hub-and-spoke model may be spreading capital too thinly across too many early-stage assets, potentially limiting the firm's ability to reach critical clinical milestones before its current cash reserves are fully exhausted.
Short-sellers may focus on the high probability of dilutive financing as the primary risk to equity holders. The current strategy of maintaining a broad portfolio appears to prioritize diversification over the focused execution required to bring a single lead asset to market.
Quick answers to the most common questions about buying ATAI stock.
For fiscal year 2025, Atai Beckley N.V (ATAI) reported total revenue of $4.1M.
Atai Beckley N.V (ATAI) reported a net loss of $660.0M for the fiscal year ending 2025.
Atai Beckley N.V (ATAI) reported an operating income of $-99.8M, resulting in an operating profit margin of -2439.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Atai Beckley N.V (ATAI) generated $3.1M in gross profit for the year, representing a gross profit margin of 75.3%. This demonstrates the company's core pricing power and production efficiency.