| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.4B | $1.5B | 9.3% | 3.1% |
| Op. Income | -$156M | -$127M | -$108M | -22.5% | -44.1% |
| Gross Margin | -6.2% | -5.2% | -2.5% | -1.0pp | -3.7pp |
| Net Margin | -12.0% | -7.7% | -6.9% | -4.4pp | -5.1pp |
| EPS (Diluted) | $-11.50 | $-6.75 | $-6.50 | -70.4% | -76.9% |
| Free Cash Flow | -$38M | -$21M | $4M | -76.2% | -1040.3% |
| Item | Amount |
|---|---|
| REVENUE | $1.6B |
| Cost of Revenue | $1.7B |
| GROSS PROFIT | -$98M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $60M |
| SG&A Expenses | $60M |
| Other Expenses | -$2M |
| Operating Expenses | $58M |
| Cost & Expenses | $1.7B |
| OPERATING INCOME | -$156M |
| Interest Income | $0 |
| Interest Expense | $2M |
| Other Income/Expenses | -$32M |
| INCOME BEFORE TAX | -$188M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$189M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$189M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$189M |
| D&A | $7M |
| EBIT | -$186M |
| EBITDA | -$179M |
| EPS | -$12 |
| EPS Diluted | -$12 |
| Item | Amount |
|---|---|
| Net Income | -$189M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $69M |
| Change in Working Capital | $83M |
| OPERATING CASH FLOW | -$21M |
| Capital Expenditure | -$17M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $33M |
| Other Investing Activities | -$5M |
| NET CASH FROM INVESTING | $23M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$17.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$17.0K |
| FREE CASH FLOW | -$38M |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $174M |
| Short-Term Investments | $111M |
| Net Receivables | $674M |
| Inventory | $0 |
| Other Current Assets | $138M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $25M |
| Goodwill | $0 |
| Intangible Assets | $66M |
| Long-Term Investments | $60M |
| Tax Assets | $0 |
| Other Non-Current Assets | $24M |
| TOTAL NON-CURRENT ASSETS | $175M |
| TOTAL ASSETS | $1.3B |
| Account Payables | $1.1B |
| Short-Term Debt | $19M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $1.1B |
| Long-Term Debt | $16M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $50M |
| TOTAL NON-CURRENT LIABILITIES | $68M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $4M |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $916.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $127M |
| Minority Interest | $0 |
| TOTAL EQUITY | $127M |
| TOTAL LIABILITIES & EQUITY | $1.3B |
| Total Debt | $37M |
| Net Debt | -$137M |
