| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2M | $2M | $0 | -6.6% | — |
| Op. Income | -$85M | -$115M | -$99M | 26.7% | 14.3% |
| Gross Margin | 55.1% | 100.0% | — | -44.9pp | — |
| Net Margin | -4817.6% | -5360.7% | — | 543.1pp | — |
| EPS (Diluted) | $-0.89 | $-1.06 | $-1.74 | 16.0% | 48.9% |
| Free Cash Flow | -$72M | -$111M | -$75M | 35.2% | 4.3% |
| Item | Amount |
|---|---|
| REVENUE | $2M |
| Cost of Revenue | $867.0K |
| GROSS PROFIT | $1M |
| R&D Expenses | $77M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $9M |
| Other Expenses | $0 |
| Operating Expenses | $86M |
| Cost & Expenses | $86M |
| OPERATING INCOME | -$85M |
| Interest Income | $4M |
| Interest Expense | $0 |
| Other Income/Expenses | -$8M |
| INCOME BEFORE TAX | -$93M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$93M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$93M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$93M |
| D&A | $867.0K |
| EBIT | -$85M |
| EBITDA | -$84M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$93M |
| Depreciation & Amortization | $867.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$9M |
| Other Non-Cash Items | $7M |
| Change in Working Capital | $21M |
| OPERATING CASH FLOW | -$72M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$48M |
| Sales/Maturities of Investments | $143M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $95M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $1M |
| FREE CASH FLOW | -$72M |
| Net Change in Cash | $24M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $90M |
| Short-Term Investments | $219M |
| Net Receivables | $2M |
| Inventory | $0 |
| Other Current Assets | $8M |
| TOTAL CURRENT ASSETS | $318M |
| PP&E (Net) | $35M |
| Goodwill | $0 |
| Intangible Assets | $51M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $94M |
| TOTAL ASSETS | $412M |
| Account Payables | $10M |
| Short-Term Debt | $5M |
| Deferred Revenue | $1M |
| Other Current Liabilities | $57M |
| TOTAL CURRENT LIABILITIES | $73M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $3M |
| Deferred Tax Liabilities | $2M |
| Other Non-Current Liabilities | $330.0K |
| TOTAL NON-CURRENT LIABILITIES | $37M |
| TOTAL LIABILITIES | $111M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$902M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $188.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $301M |
| Minority Interest | $0 |
| TOTAL EQUITY | $301M |
| TOTAL LIABILITIES & EQUITY | $412M |
| Total Debt | $37M |
| Net Debt | -$53M |
