Also trades as: LNSPF (OTC) · $vol 0M

£171.60 ($2.27)

+0.30 (+0.18%)

Weekly Expected Move ±2.9%

£162 £167 £172 £176 £181

LSE · Real Estate · REIT - Industrial · Tech Score Strong Sell · Power 30 · £4.0B mcap · 2.08B float · 0.358% daily turnover

Revenue

$465M +17.1% ▲

5Y CAGR: +30.6%

Gross Profit

$456M +16.4% ▲

5Y CAGR: +30.6%

Operating Income

$415M -10.8% ▼

5Y CAGR: +30.5%

Net Income

$296M -15.0% ▼

5Y CAGR: +2.8%

EPS (Diluted)

$0.13 -23.5% ▼

5Y CAGR: -14.2%

EBITDA

$462M -1.4% ▼

5Y CAGR: +33.2%

View Full Income Statement

Line Item	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	$133M	$136M	$178M	$397M	$465M
YoY Growth	+9.0%	+2.4%	+30.5%	+122.9%	+17.1%
Cost of Revenue	$2M	$2M	$2M	$5M	$8M
Gross Profit	$131M	$135M	$176M	$392M	$456M
Gross Margin	98.5%	98.9%	99.0%	98.8%	98.2%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$15M	$16M	$19M	$6M	$6M
Operating Expenses	$16M	$20M	$15M	-$73M	$42M
Operating Income	$116M	$125M	$161M	$465M	$415M
Operating Margin	86.9%	91.5%	90.6%	117.1%	89.3%
Interest Expense	$26M	$0	$0	$115M	$164M
Income Before Tax	$715M	-$497M	$120M	$353M	$297M
Tax Expense	$100K	$100K	$100K	$2M	$2M
Net Income	$734M	-$506M	$119M	$348M	$296M
Net Margin	551.4%	-371.2%	66.7%	87.7%	63.6%
EPS (Diluted)	$0.78	$-0.52	$0.11	$0.17	$0.13
EBITDA	$116M	$119M	$162M	$468M	$462M
Shares Outstanding	936M	978M	1.12B	2.05B	2.28B

Line Item	FY2023 Q2	FY2023 Q4	FY2024 Q2	FY2024 Q4	FY2025 Q2	FY2025 Q4	FY2026 Q2	FY2026 Q4
Revenue	$68M	$68M	$78M	$100M	$198M	$205M	$226M	$239M
Cost of Revenue	$700K	$800K	$600K	$1M	$2M	$3M	$3M	$5M
Gross Profit	$68M	$67M	$78M	$99M	$196M	$202M	$222M	$234M
Gross Margin	99.0%	98.8%	99.2%	98.9%	98.9%	98.7%	98.5%	97.9%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$9M	$7M	$9M	$10M	$13M	$14M	$0	$0
Operating Expenses	$2M	$18M	$17M	$30M	-$27M	-$40M	$24M	$17M
Operating Income	$69M	$56M	$73M	$80M	$223M	$242M	$199M	$217M
Operating Margin	100.7%	82.3%	93.2%	80.1%	112.4%	118.2%	88.0%	90.9%
Interest Expense	$0	$0	$0	$0	$0	$0	$0	$92M
Income Before Tax	-$240M	-$258M	$81M	$69M	$166M	$187M	$132M	$166M
Tax Expense	$200K	-$100K	-$300K	$400K	$1M	$800K	$900K	$800K
Net Income	-$243M	-$263M	$81M	$38M	$164M	$184M	$130M	$165M
Net Margin	-356.9%	-385.5%	103.6%	37.8%	82.7%	89.9%	57.7%	69.2%
EPS (Diluted)	$-0.25	$-0.27	$0.08	$0.03	$0.08	$0.09	$0.06	$0.07
EBITDA	$69M	$56M	$73M	$81M	$183M	$188M	$203M	$259M
Shares Outstanding	978M	979M	1.02B	1.23B	2.04B	2.05B	2.21B	2.33B

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