AMEX · Financial Statements

Tema Photonics & Optical ETF (LAZR) Financial Statements

$42.63 AMEX: LAZR Market Cap $852694

Tema Photonics & Optical ETF most recently reported annual revenue of $66.0M, a net loss of $366.0M. Revenue grew at an average annual rate of 36.4% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Tema Photonics & Optical ETF: Revenue rose from $13.0M in 2019 to $66.0M in 2025, a change of +407.7% over 6 years; net profit was positive in 0 of 7 reported years; operating margin moved from -497.0% to -450.0%, a shift of +47.0 percentage points; the most recent year shows a net loss of $366.0M.

Income Statement — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Revenue	$13.0M	$14.0M	$32.0M	$41.0M	$70.0M	$75.0M	$66.0M
Operating Expenses	$75.0M	$101.0M	$246.0M	$483.0M	$633.0M	$510.0M	$363.0M
Operating Profit	$-63.0M	$-87.0M	$-215.0M	$-442.0M	$-563.0M	$-435.0M	$-297.0M
Operating Margin	-497.0%	-623.0%	-672.0%	-1087.0%	-807.0%	-577.0%	-450.0%
Other Income	$-32.0M	$-275.0M	$-25.0M	$-3.0M	$-6.0M	$161.0M	$-23.0M
Interest	$2.0M	$3.0M	$2.0M	$11.0M	$11.0M	$11.0M	$11.0M
Depreciation	$2.0M	$3.0M	$4.0M	$7.0M	$27.0M	$25.0M	$17.0M
Profit Before Tax	$-95.0M	$-362.0M	$-239.0M	$-445.0M	$-570.0M	$-274.0M	$-366.0M
Tax	$0	$0	$1.0M	$0	$0	$0	$0
Net Profit	$-95.0M	$-362.0M	$-238.0M	$-446.0M	$-571.0M	$-273.0M	$-366.0M
EPS	$-0.84	$-2.54	$-0.69	$-18.79	$-22.02	$-8.70	$-6.33
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

Metric	Sep '22	Dec '22	Mar '23	Jun '23	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Mar '25	Jun '25	Sep '25
Revenue	$13.0M	$-7.0M	$15.0M	$16.0M	$17.0M	$17.0M	$21.0M	$16.0M	$15.0M	$19.0M	$16.0M	$19.0M
Operating Expenses	$128.0M	$21.0M	$156.0M	$160.0M	$146.0M	$211.0M	$147.0M	$144.0M	$131.0M	$91.0M	$55.0M	$93.0M
Operating Profit	$-115.0M	$-28.0M	$-142.0M	$-144.0M	$-129.0M	$-194.0M	$-126.0M	$-128.0M	$-116.0M	$-72.0M	$-39.0M	$-75.0M
Operating Margin	-899.0%	397.0%	-978.0%	-888.0%	-760.0%	-1150.0%	-600.0%	-776.0%	-748.0%	-383.0%	-253.0%	-398.0%
Interest	$3.0M	$3.0M	$2.0M	$1.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M	$3.0M
Profit Before Tax	$-117.0M	$-23.0M	$-147.0M	$-142.0M	$-134.0M	$-341.0M	$-125.0M	$-131.0M	$28.0M	$-81.0M	$-23.0M	$-86.0M
Tax	$0	$-2.0M	$0	$0	$0	$0	$0	$0	$1.0M	$0	$-1.0M	$0
Net Profit	$-118.0M	$-23.0M	$-147.0M	$-142.0M	$-134.0M	$-342.0M	$-126.0M	$-131.0M	$27.0M	$-81.0M	$-23.0M	$-86.0M
EPS	$-0.33	$-17.68	$-0.40	$-0.37	$-0.34	$-14.44	$-4.44	$-4.32	$-3.62	$-1.92	$-0.62	$-1.29

Over the 8 years reported for Tema Photonics & Optical ETF, borrowings increased from $9.0M in 2019 to $111.0M in 2025, cash stood at $20.0M in the latest year, shareholders' equity was $2.3B, current assets covered current liabilities 0.42 times.

Balance Sheet — 8 Years (USD millions)

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$0	$52.0M	$510.0M	$884.0M	$687.0M	$512.0M	$365.0M	$131.0M
Current Assets	$0	$41.0M	$501.0M	$845.0M	$555.0M	$351.0M	$245.0M	$57.0M
Cash	$0	$27.0M	$209.0M	$330.0M	$70.0M	$139.0M	$83.0M	$20.0M
Inventory	—	$4.0M	$4.0M	$10.0M	$9.0M	$12.0M	$15.0M	$7.0M
Receivables	—	$2.0M	$6.0M	$13.0M	$11.0M	$14.0M	$14.0M	$6.0M
Fixed Assets	—	$8.0M	$8.0M	$11.0M	$30.0M	$66.0M	$52.0M	$35.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0
Investments	—	—	—	—	—	—	—	—
Other Assets	—	$1.0M	$1.0M	$3.0M	$19.0M	$7.0M	$4.0M	$2.0M
Total Liabilities	$0	$19.0M	$362.0M	$686.0M	$714.0M	$737.0M	$586.0M	$608.0M
Current Liabilities	$0	$15.0M	$17.0M	$39.0M	$78.0M	$84.0M	$61.0M	$137.0M
Borrowings	—	$9.0M	$0	$0	$0	$615.0M	$501.0M	$111.0M
Other Liabilities	$0	$10.0M	$361.0M	$685.0M	$713.0M	$122.0M	$85.0M	$497.0M
Equity	—	$10.0M	$733.0M	$1.3B	$1.6B	$1.9B	$2.2B	$2.3B
Reserves	$-125.0M	$-212.0M	$149.0M	$198.0M	$-26.0M	$-225.0M	$-221.0M	$-477.0M

For Tema Photonics & Optical ETF, operating cash flow was positive in 0 of 7 reported years; free cash flow in the latest year was negative at $198.0M; free cash flow was positive in 0 of 7 years.

Cash Flow Statement — 7 Years (USD millions)

Metric	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$-60.0M	$-76.0M	$-148.0M	$-208.0M	$-247.0M	$-277.0M	$-196.0M
Investing Cash Flow	$-8.0M	$-272.0M	$-194.0M	$28.0M	$237.0M	$42.0M	$97.0M
Financing Cash Flow	$85.0M	$530.0M	$464.0M	$-79.0M	$80.0M	$178.0M	$37.0M
Net Cash Flow	$17.0M	$182.0M	$121.0M	$-260.0M	$70.0M	$-56.0M	$-63.0M
Free Cash Flow	$-62.0M	$-78.0M	$-155.0M	$-224.0M	$-269.0M	$-282.0M	$-198.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	0.11
EV / EBITDA	5.90
FCF Yield	-23400.77%
Quick Ratio	0.37
Interest Coverage	6.16
Return 1Y	—
Return 3Y	—
Return 5Y	—

Tema Photonics & Optical ETF (LAZR) financials — frequently asked questions

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

Tema Photonics & Optical ETF (LAZR) reported annual revenue of $66.0M in its most recent fiscal year.

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

Tema Photonics & Optical ETF (LAZR) reported a net loss of $366.0M in its most recent fiscal year.

What is LAZR EV/EBITDA?

Tema Photonics & Optical ETF's enterprise value to EBITDA (EV/EBITDA) ratio is 5.90.

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