What is Tema Photonics & Optical ETF's earnings per share (EPS)?

Tema Photonics & Optical ETF (LAZR) reported diluted earnings per share of $-6.33 for fiscal year 2025. This represents a 27.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Tema Photonics & Optical ETF Financials

LAZR

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Tema Photonics & Optical ETF (LAZR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI LAZR FY2025 2026-04-22

Expense cuts, not commercial scale, are doing the heavy lifting as cash burn and liquidity pressure still define the business.

From FY2024 to FY2025, operating loss shrank from -$435.0M to -$296.8M even though revenue fell. Because gross profit stayed negative—so cost of revenue still exceeded sales—and free cash burn was still -$198.5M, the improvement looks more like time bought through cost removal than the core business reaching self-funding economics.

With capex at only $2.0M against free cash flow of -$198.5M, this is not a balance sheet being drained by factories or equipment. The real issue is operating cash use: the model is currently constrained by day-to-day economics, not by heavy reinvestment needs.

The balance sheet has moved from a cushion to a near-term liquidity squeeze: cash fell to $20.3M and the current ratio dropped to 0.4x. That matters because working capital is no longer absorbing the losses, leaving much less room to withstand another year of comparable burn.

Financial Health Signals

Financial Profile 10/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Tema Photonics & Optical ETF's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Tema Photonics & Optical ETF has an operating margin of -449.6%, meaning the company retains $-450 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -577.0% the prior year.

Growth

Tema Photonics & Optical ETF's revenue declined 12.4% year-over-year, from $75.4M to $66.0M. This contraction results in a growth score of 29/100.

Leverage

Tema Photonics & Optical ETF has a moderate D/E ratio of 0.00. This balance of debt and equity financing earns a leverage score of 31/100.

Liquidity

Tema Photonics & Optical ETF's current ratio of 0.42 is below the typical benchmark, resulting in a score of 2/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Tema Photonics & Optical ETF generated -$196.5M in operating cash flow, capex of $2.0M consumed most of it, leaving -$198.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Tema Photonics & Optical ETF passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.54x

For every $1 of reported earnings, Tema Photonics & Optical ETF generates $0.54 in operating cash flow (-$196.5M OCF vs -$366.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-6.2x

Tema Photonics & Optical ETF earns $-6.2 in operating income for every $1 of interest expense (-$296.8M vs $48.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$66.0M

YoY-12.4%

5Y CAGR+36.5%

Tema Photonics & Optical ETF generated $66.0M in revenue in fiscal year 2025. This represents a decrease of 12.4% from the prior year.

EBITDA

-$279.8M

YoY+31.7%

Tema Photonics & Optical ETF's EBITDA was -$279.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.7% from the prior year.

Net Income

-$366.3M

YoY-34.1%

Tema Photonics & Optical ETF reported -$366.3M in net income in fiscal year 2025. This represents a decrease of 34.1% from the prior year.

EPS (Diluted)

$-6.33

YoY+27.2%

Tema Photonics & Optical ETF earned $-6.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 27.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$198.5M

YoY+29.5%

Tema Photonics & Optical ETF generated -$198.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 29.5% from the prior year.

Cash & Debt

$20.3M

YoY-75.5%

5Y CAGR-37.3%

Tema Photonics & Optical ETF held $20.3M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

-118.5%

YoY-84.4pp

5Y CAGR-39.6pp

Tema Photonics & Optical ETF's gross margin was -118.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 84.4 percentage points from the prior year.

Operating Margin

-449.6%

YoY+127.4pp

5Y CAGR+173.1pp

Tema Photonics & Optical ETF's operating margin was -449.6% in fiscal year 2025, reflecting core business profitability. This is up 127.4 percentage points from the prior year.

Net Margin

-554.9%

YoY-192.6pp

5Y CAGR+2042.0pp

Tema Photonics & Optical ETF's net profit margin was -554.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 192.6 percentage points from the prior year.

Return on Equity

N/A

Capital Allocation

R&D Spending

$137.6M

YoY-40.6%

5Y CAGR+28.9%

Tema Photonics & Optical ETF invested $137.6M in research and development in fiscal year 2025. This represents a decrease of 40.6% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$2.0M

YoY-60.3%

5Y CAGR-1.7%

Tema Photonics & Optical ETF invested $2.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 60.3% from the prior year.

LAZR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$66.0M-12.4%	$75.4M+8.0%	$69.8M+71.5%	$40.7M+27.4%	$31.9M+129.0%	$14.0M
Cost of Revenue	$144.2M+42.7%	$101.1M-29.0%	$142.5M+41.1%	$101.0M+119.1%	$46.1M+84.7%	$25.0M
Gross Profit	-$78.2M-204.5%	-$25.7M+64.7%	-$72.7M-20.6%	-$60.3M-326.1%	-$14.1M-28.6%	-$11.0M
R&D Expenses	$137.6M-40.6%	$231.7M-11.6%	$262.2M+41.5%	$185.3M+108.5%	$88.9M+129.9%	$38.7M
SG&A Expenses	$26.0M-77.6%	$115.8M-27.6%	$159.8M+1.0%	$158.2M+68.8%	$93.7M+220.0%	$29.3M
Operating Income	-$296.8M+31.8%	-$435.0M+22.8%	-$563.3M-27.3%	-$442.4M-106.2%	-$214.6M-147.0%	-$86.9M
Interest Expense	$48.2M+78.3%	$27.0M+144.7%	$11.0M-0.4%	$11.1M+447.1%	$2.0M-29.7%	$2.9M
Income Tax	$338K+145.5%	-$743K-143.8%	$1.7M+152.4%	$672K+153.2%	-$1.3M	$0
Net Income	-$366.3M-34.1%	-$273.1M+52.2%	-$571.3M-28.1%	-$445.9M-87.4%	-$238.0M+34.3%	-$362.3M
EPS (Diluted)	$-6.33+27.2%	$-8.70+60.5%	$-22.02-17.2%	$-18.79-2623.2%	$-0.69+72.8%	$-2.54

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$12.7M-32.0%	$18.7M+19.9%	$15.6M-17.2%	$18.9M-16.0%	$22.5M+45.1%	$15.5M-5.8%	$16.5M-21.5%	$21.0M
Cost of Revenue	$62.4M+132.4%	$26.8M-4.4%	$28.1M+4.0%	$27.0M+169.7%	$10.0M-66.1%	$29.5M-2.0%	$30.1M-4.1%	$31.4M
Gross Profit	-$49.6M-513.9%	-$8.1M+35.0%	-$12.4M-53.4%	-$8.1M-164.9%	$12.5M+188.9%	-$14.0M-2.6%	-$13.7M-30.8%	-$10.5M
R&D Expenses	$24.7M-29.9%	$35.3M-10.3%	$39.3M+2.7%	$38.3M-19.4%	$47.5M-6.2%	$50.6M-23.2%	$65.8M-2.8%	$67.8M
SG&A Expenses	N/A	$14.1M	N/A	$20.9M-8.0%	$22.7M-24.8%	$30.2M+1.4%	$29.8M-9.9%	$33.0M
Operating Income	-$110.4M-47.9%	-$74.7M-89.1%	-$39.5M+45.4%	-$72.3M-10.0%	-$65.7M+43.3%	-$115.9M+9.3%	-$127.7M-1.6%	-$125.8M
Interest Expense	$11.3M-8.7%	$12.3M+0.7%	$12.3M-0.5%	$12.3M-2.3%	$12.6M+41.6%	$8.9M+223.1%	$2.8M0.0%	$2.8M
Income Tax	$66K+364.0%	-$25K-116.7%	$150K+2.0%	$147K+115.9%	-$922K-683.5%	$158K+127.9%	-$566K-196.4%	$587K
Net Income	-$176.9M-106.0%	-$85.8M-274.9%	-$22.9M+71.6%	-$80.7M-82.5%	-$44.2M-261.4%	$27.4M+121.0%	-$130.6M-3.9%	-$125.7M
EPS (Diluted)	N/A	$-1.29-108.1%	$-0.62+67.7%	$-1.92	N/A	$-3.62+16.2%	$-4.32+2.7%	$-4.44

LAZR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$131.3M-64.0%	$365.2M-28.7%	$512.4M-25.5%	$687.3M-22.2%	$883.5M+73.1%	$510.4M
Current Assets	$56.9M-76.8%	$245.2M-30.1%	$350.6M-36.8%	$554.6M-34.4%	$845.4M+68.8%	$500.8M
Cash & Equivalents	$20.3M-75.5%	$82.8M-40.4%	$139.1M+100.0%	$69.6M-78.9%	$330.0M+57.9%	$208.9M
Inventory	$6.7M-55.4%	$14.9M+22.2%	$12.2M+38.7%	$8.8M-15.0%	$10.3M+186.2%	$3.6M
Accounts Receivable	$6.0M-58.2%	$14.3M+1.0%	$14.1M+26.4%	$11.2M-14.1%	$13.0M+117.9%	$6.0M
Goodwill	$1.8M-56.2%	$4.0M-46.0%	$7.4M-60.7%	$18.8M+505.0%	$3.1M+343.7%	$701K
Total Liabilities	$608.3M+3.8%	$586.0M-20.5%	$737.1M+3.3%	$713.7M+4.1%	$685.6M+89.6%	$361.6M
Current Liabilities	$137.1M+126.3%	$60.6M-27.8%	$83.9M+8.2%	$77.5M+98.8%	$39.0M+135.1%	$16.6M
Long-Term Debt	$0-100.0%	$500.5M-18.7%	$615.4M	N/A	N/A	$302K
Total Equity	-$477.0M-116.0%	-$220.8M+1.8%	-$224.7M-751.2%	-$26.4M-113.3%	$198.0M+33.1%	$148.7M
Retained Earnings	-$2.5B-17.3%	-$2.1B-14.8%	-$1.8B-45.0%	-$1.3B-54.2%	-$822.5M-40.7%	-$584.5M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$131.3M-35.5%	$203.5M-23.3%	$265.5M-16.9%	$319.4M-12.5%	$365.2M-9.5%	$403.4M+5.7%	$381.8M-18.4%	$467.9M
Current Assets	$56.9M-53.4%	$122.2M-27.0%	$167.3M-18.8%	$206.0M-16.0%	$245.2M-7.1%	$263.9M+14.7%	$230.0M-25.0%	$306.6M
Cash & Equivalents	$20.3M-62.8%	$54.5M+13.1%	$48.2M-18.8%	$59.3M-28.4%	$82.8M-27.5%	$114.2M+118.2%	$52.3M-52.2%	$109.6M
Inventory	$6.7M-58.7%	$16.1M-10.8%	$18.0M+29.7%	$13.9M-6.7%	$14.9M-15.5%	$17.6M+25.7%	$14.0M-14.6%	$16.4M
Accounts Receivable	$6.0M-58.4%	$14.3M-22.4%	$18.5M-35.2%	$28.5M+99.5%	$14.3M-6.4%	$15.2M-22.8%	$19.8M-32.0%	$29.0M
Goodwill	$1.8M0.0%	$1.8M-56.2%	$4.0M0.0%	$4.0M0.0%	$4.0M0.0%	$4.0M-46.0%	$7.4M0.0%	$7.4M
Total Liabilities	$608.3M+20.4%	$505.1M-1.6%	$513.5M-11.6%	$581.1M-0.8%	$586.0M-11.4%	$661.4M-8.6%	$724.0M-3.2%	$747.8M
Current Liabilities	$137.1M+118.8%	$62.7M-9.4%	$69.2M-4.8%	$72.7M+20.0%	$60.6M-30.9%	$87.7M+26.6%	$69.3M-23.7%	$90.8M
Long-Term Debt	$0-100.0%	$429.2M-0.1%	$429.7M-11.6%	$486.3M-2.8%	$500.5M	N/A	N/A	N/A
Total Equity	-$477.0M-56.4%	-$304.9M-12.0%	-$272.2M-4.0%	-$261.7M-18.5%	-$220.8M+14.4%	-$258.0M+24.6%	-$342.1M-22.3%	-$279.8M
Retained Earnings	-$2.5B-7.7%	-$2.3B-3.9%	-$2.2B-1.0%	-$2.2B-3.8%	-$2.1B-2.1%	-$2.1B+1.3%	-$2.1B-6.6%	-$2.0B

LAZR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$196.5M+29.0%	-$276.6M-11.9%	-$247.3M-18.8%	-$208.2M-40.3%	-$148.4M-96.2%	-$75.6M
Capital Expenditures	$2.0M-60.3%	$5.1M-76.8%	$21.9M+40.4%	$15.6M+142.7%	$6.4M+192.1%	$2.2M
Free Cash Flow	-$198.5M+29.5%	-$281.7M-4.6%	-$269.2M-20.3%	-$223.8M-44.6%	-$154.9M-98.9%	-$77.8M
Investing Cash Flow	$96.8M+128.0%	$42.5M-82.1%	$236.6M+745.5%	$28.0M+114.4%	-$194.2M+28.6%	-$271.8M
Financing Cash Flow	$36.6M-79.5%	$178.3M+122.3%	$80.2M+201.1%	-$79.4M-117.1%	$463.6M-12.5%	$529.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$231.6M+2315900.0%	$10K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$50.5M-5.3%	-$48.0M+10.7%	-$53.7M-21.5%	-$44.2M+28.6%	-$61.9M-11.1%	-$55.8M+28.2%	-$77.7M+4.3%	-$81.2M
Capital Expenditures	$1.3M+132.4%	$540K+386.5%	$111K-3.5%	$115K-86.4%	$846K-68.2%	$2.7M+780.1%	$302K-76.5%	$1.3M
Free Cash Flow	-$51.8M-6.7%	-$48.5M+9.9%	-$53.8M-21.4%	-$44.3M+29.4%	-$62.8M-7.5%	-$58.4M+25.1%	-$78.0M+5.5%	-$82.5M
Investing Cash Flow	$15.1M-62.4%	$40.3M+92.0%	$21.0M+2.6%	$20.4M+230.8%	-$15.6M-169.2%	$22.6M+1981.8%	$1.1M-96.8%	$34.4M
Financing Cash Flow	-$21K-100.2%	$13.9M-38.1%	$22.4M+7800.4%	$284K-99.4%	$46.1M-51.5%	$95.2M+390.3%	$19.4M+11.1%	$17.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

LAZR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-118.5%-84.4pp	-34.1%+70.1pp	-104.2%+44.0pp	-148.1%-103.8pp	-44.3%+34.6pp	-78.8%
Operating Margin	-449.6%+127.4pp	-577.0%+230.3pp	-807.3%+279.8pp	-1087.0%-415.4pp	-671.6%-48.9pp	-622.7%
Net Margin	-554.9%-192.6pp	-362.3%+456.4pp	-818.7%+277.1pp	-1095.7%-350.7pp	-745.0%+1851.9pp	-2596.9%
Return on Equity	N/A	N/A	N/A	N/A	-120.2%+123.4pp	-243.6%
Return on Assets	-278.9%-204.1pp	-74.8%+36.7pp	-111.5%-46.6pp	-64.9%-37.9pp	-26.9%+44.0pp	-71.0%
Current Ratio	0.42-3.6	4.05-0.1	4.18-3.0	7.15-14.5	21.68-8.5	30.19
Debt-to-Equity	0.00+2.3	-2.27+0.5	-2.74+24.3	-27.03-30.5	3.46+3.5	0.00
FCF Margin	-300.7%+73.0pp	-373.7%+12.2pp	-385.8%+164.2pp	-550.0%-65.3pp	-484.8%+73.2pp	-558.0%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	-389.3%-346.1pp	-43.1%+36.4pp	-79.5%-36.6pp	-42.9%-98.4pp	55.5%+146.1pp	-90.6%-7.4pp	-83.2%-33.3pp	-49.9%
Operating Margin	-866.1%-467.9pp	-398.2%-145.7pp	-252.5%+130.2pp	-382.7%-90.5pp	-292.2%+455.6pp	-747.8%+28.6pp	-776.4%-176.6pp	-599.8%
Net Margin	-1387.7%-929.9pp	-457.9%-311.4pp	-146.5%+280.8pp	-427.3%-230.6pp	-196.7%-373.6pp	176.9%+970.8pp	-793.9%-194.4pp	-599.5%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-134.7%-92.5pp	-42.2%-33.6pp	-8.6%+16.6pp	-25.3%-13.2pp	-12.1%-18.9pp	6.8%+41.0pp	-34.2%-7.3pp	-26.9%
Current Ratio	0.42-1.5	1.95-0.5	2.42-0.4	2.83-1.2	4.05+1.0	3.01-0.3	3.32-0.1	3.38
Debt-to-Equity	0.00+1.4	-1.41+0.2	-1.58+0.3	-1.86+0.4	-2.27+0.3	-2.56-0.4	-2.12+0.6	-2.67
FCF Margin	-406.3%-147.5pp	-258.8%+85.6pp	-344.3%-109.5pp	-234.8%+44.5pp	-279.3%+97.8pp	-377.0%+97.2pp	-474.2%-80.7pp	-393.5%

Note: Shareholder equity is negative (-$477.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

Note: The current ratio is below 1.0 (0.42), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Tema Photonics & Optical ETF's annual revenue?

Tema Photonics & Optical ETF (LAZR) reported $66.0M in total revenue for fiscal year 2025. This represents a -12.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Tema Photonics & Optical ETF's revenue growing?

Tema Photonics & Optical ETF (LAZR) revenue declined by 12.4% year-over-year, from $75.4M to $66.0M in fiscal year 2025.

Is Tema Photonics & Optical ETF profitable?

No, Tema Photonics & Optical ETF (LAZR) reported a net income of -$366.3M in fiscal year 2025, with a net profit margin of -554.9%.

What is Tema Photonics & Optical ETF's EBITDA?

Tema Photonics & Optical ETF (LAZR) had EBITDA of -$279.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Tema Photonics & Optical ETF have?

As of fiscal year 2025, Tema Photonics & Optical ETF (LAZR) had $20.3M in cash and equivalents against $0 in long-term debt.

What is Tema Photonics & Optical ETF's gross margin?

Tema Photonics & Optical ETF (LAZR) had a gross margin of -118.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Tema Photonics & Optical ETF's operating margin?

Tema Photonics & Optical ETF (LAZR) had an operating margin of -449.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Tema Photonics & Optical ETF's net profit margin?

Tema Photonics & Optical ETF (LAZR) had a net profit margin of -554.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Tema Photonics & Optical ETF's free cash flow?

Tema Photonics & Optical ETF (LAZR) generated -$198.5M in free cash flow during fiscal year 2025. This represents a 29.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Tema Photonics & Optical ETF's operating cash flow?

Tema Photonics & Optical ETF (LAZR) generated -$196.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Tema Photonics & Optical ETF's total assets?

Tema Photonics & Optical ETF (LAZR) had $131.3M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Tema Photonics & Optical ETF's capital expenditures?

Tema Photonics & Optical ETF (LAZR) invested $2.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Tema Photonics & Optical ETF spend on research and development?

Tema Photonics & Optical ETF (LAZR) invested $137.6M in research and development during fiscal year 2025.

What is Tema Photonics & Optical ETF's current ratio?

Tema Photonics & Optical ETF (LAZR) had a current ratio of 0.42 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Tema Photonics & Optical ETF's debt-to-equity ratio?

Tema Photonics & Optical ETF (LAZR) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Tema Photonics & Optical ETF's return on assets (ROA)?

Tema Photonics & Optical ETF (LAZR) had a return on assets of -278.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Tema Photonics & Optical ETF's cash runway?

Based on fiscal year 2025 data, Tema Photonics & Optical ETF (LAZR) had $20.3M in cash against an annual operating cash burn of $196.5M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Tema Photonics & Optical ETF's debt-to-equity ratio negative or unusual?

Tema Photonics & Optical ETF (LAZR) has negative shareholder equity of -$477.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Tema Photonics & Optical ETF's Piotroski F-Score?

Tema Photonics & Optical ETF (LAZR) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Tema Photonics & Optical ETF's earnings high quality?

Tema Photonics & Optical ETF (LAZR) has an earnings quality ratio of 0.54x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Tema Photonics & Optical ETF cover its interest payments?

Tema Photonics & Optical ETF (LAZR) has an interest coverage ratio of -6.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Tema Photonics & Optical ETF?

Tema Photonics & Optical ETF (LAZR) scores 10 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.