Past Growth + Questions for the More Experienced

Looking at a timeframe of the past 10 years.

Revenue: Generally upwards trending with the only years of negative annual growth being 2016 and 2020. Although this fall in growth is quite significant being -79% and -64% respectively. Post 2020 they show an annual growth of 35% to 87%.

CAGR:                  10y = 14.1%;                     5y = 52.6%

Net Income: Upwards trending and seems to me to be very strong growth in net income, 2020 seems to have been a bad year due to the COVID-19 pandemic since most metrics show negative annual growth.

CAGR:                  10y = 23.8%

Total Equity: Strong growth every year, with 2020 setback taking 3-4 years to rectify.

CAGR:                  10y = 25.0%;                     5y = 39.1%

Free Cash Flow: Consistently negative and declining. With 2025 being negative $1.53 billion at -136% annual growth.

Question #1: Regarding revenue, I wanted to find out why the spike in 2019 and their public archive goes back to 2024. Using AI I found the 2021 annual report where there is allegedly discussed but I couldn’t verify since it’s in Hebrew. Is this even worth researching at this stage, or at all?

Question #2: Total equity is $1.69 billion as of 2025 according to Flank tool and $2.00 billion according to the company earnings release Q1 2026. Most up to date total equity is $2.44 billion also according to earnings release Q1 2026.

Looking at the numbers, it seems like the Flank tool is reporting:

“Equity attributable to shareholders of the Company” = “Total equity”

While the earnings release reports:

“Equity attributable to shareholders of the Company” + “Non-controlling interests” = “Total equity”

What are non-controlling interests, and why should they or should they not be counted as part of total equity for the purposes of this analysis?

Question #3: What are the possible reasons for this decreasing free cash flow, since everything else seems to be good. And what might it tell us?