| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $23M | $16M | $17M | 40.4% | 36.4% |
| Op. Income | -$5M | -$31M | -$32M | 84.5% | 85.2% |
| Gross Margin | 84.5% | 92.7% | 91.9% | -8.2pp | -7.4pp |
| Net Margin | -27.8% | -249.4% | -181.7% | 221.6pp | 153.9pp |
| EPS (Diluted) | $-0.04 | $-0.30 | $-0.29 | 85.8% | 85.3% |
| Free Cash Flow | -$31M | -$30M | -$22M | -5.1% | -41.9% |
| Item | Amount |
|---|---|
| REVENUE | $23M |
| Cost of Revenue | $4M |
| GROSS PROFIT | $19M |
| R&D Expenses | $18M |
| Selling & Marketing | -$42M |
| General & Administrative | -$2M |
| SG&A Expenses | -$44M |
| Other Expenses | $50M |
| Operating Expenses | $24M |
| Cost & Expenses | $28M |
| OPERATING INCOME | -$5M |
| Interest Income | $2M |
| Interest Expense | $13M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | -$8M |
| Income Tax Expense | -$548.0K |
| Net Income from Continuing Ops | -$6M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$6M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$6M |
| D&A | $113.0K |
| EBIT | -$18M |
| EBITDA | -$12M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$6M |
| Depreciation & Amortization | $113.0K |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$19M |
| Change in Working Capital | -$12M |
| OPERATING CASH FLOW | -$31M |
| Capital Expenditure | -$11.6K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $699.5K |
| NET CASH FROM INVESTING | $687.9K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | $58M |
| FREE CASH FLOW | -$31M |
| Net Change in Cash | $27M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $261M |
| Short-Term Investments | $0 |
| Net Receivables | $29M |
| Inventory | $4M |
| Other Current Assets | $12M |
| TOTAL CURRENT ASSETS | $306M |
| PP&E (Net) | $1M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $16M |
| TOTAL NON-CURRENT ASSETS | $17M |
| TOTAL ASSETS | $323M |
| Account Payables | $9M |
| Short-Term Debt | $3M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $58M |
| TOTAL CURRENT LIABILITIES | $70M |
| Long-Term Debt | $436M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $439M |
| TOTAL LIABILITIES | $509M |
| Common Stock | $11M |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | -$1.6B |
| Treasury Stock | -$205.0K |
| Accum. Other Comp. Income | -$517.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$186M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$186M |
| TOTAL LIABILITIES & EQUITY | $323M |
| Total Debt | $439M |
| Net Debt | $178M |
