| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2M | — | $933.0K | — | 100.4% |
| Op. Income | -$17M | — | -$16M | — | -11.1% |
| Gross Margin | 100.0% | — | 100.0% | — | 0.0pp |
| Net Margin | -809.5% | — | -1292.2% | — | 482.7pp |
| EPS (Diluted) | $-0.28 | — | $-0.23 | — | -21.7% |
| Free Cash Flow | -$19M | — | -$15M | — | -29.1% |
| Item | Amount |
|---|---|
| REVENUE | $2M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $2M |
| R&D Expenses | $16M |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | $242.0K |
| Operating Expenses | $19M |
| Cost & Expenses | $19M |
| OPERATING INCOME | -$17M |
| Interest Income | $2M |
| Interest Expense | $0 |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | -$15M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$15M |
| D&A | $695.0K |
| EBIT | -$17M |
| EBITDA | -$17M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$15M |
| Depreciation & Amortization | $695.0K |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$705.0K |
| Change in Working Capital | -$1M |
| OPERATING CASH FLOW | -$15M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$183M |
| Sales/Maturities of Investments | $61M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$126M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$772.0K |
| FREE CASH FLOW | -$19M |
| Net Change in Cash | -$142M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $38M |
| Short-Term Investments | $189M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $230M |
| PP&E (Net) | $27M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $35M |
| TOTAL ASSETS | $265M |
| Account Payables | $2M |
| Short-Term Debt | $0 |
| Deferred Revenue | $19M |
| Other Current Liabilities | $5M |
| TOTAL CURRENT LIABILITIES | $31M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $36M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $333M |
| TOTAL NON-CURRENT LIABILITIES | $380M |
| TOTAL LIABILITIES | $411M |
| Common Stock | $0 |
| Additional Paid-In Capital | $10M |
| Retained Earnings | -$157M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $42.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$146M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$146M |
| TOTAL LIABILITIES & EQUITY | $265M |
| Total Debt | $12M |
| Net Debt | -$26M |
