| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $166M | — | $151M | — | 10.0% |
| Op. Income | $48M | — | $13M | — | 257.9% |
| Gross Margin | 63.2% | — | 46.9% | — | 16.3pp |
| Net Margin | -65.3% | — | -44.3% | — | -21.0pp |
| EPS (Diluted) | $-0.43 | — | $-0.22 | — | -96.6% |
| Free Cash Flow | -$71M | — | -$70M | — | -1.7% |
| Item | Amount |
|---|---|
| REVENUE | $166M |
| Cost of Revenue | $61M |
| GROSS PROFIT | $105M |
| R&D Expenses | $40M |
| Selling & Marketing | $0 |
| General & Administrative | $20M |
| SG&A Expenses | $20M |
| Other Expenses | -$2M |
| Operating Expenses | $57M |
| Cost & Expenses | $118M |
| OPERATING INCOME | $48M |
| Interest Income | $28M |
| Interest Expense | $41M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | $40M |
| Income Tax Expense | $148M |
| Net Income from Continuing Ops | -$109M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$109M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$109M |
| D&A | -$19M |
| EBIT | -$95M |
| EBITDA | -$114M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$109M |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | $16M |
| Deferred Income Tax | $125M |
| Other Non-Cash Items | -$26M |
| Change in Working Capital | -$80M |
| OPERATING CASH FLOW | -$63M |
| Capital Expenditure | -$9M |
| Acquisitions (Net) | -$3M |
| Purchases of Investments | -$32M |
| Sales/Maturities of Investments | $3M |
| Other Investing Activities | $183.0K |
| NET CASH FROM INVESTING | -$16M |
| Net Debt Issuance | $211M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$4M |
| NET CASH FROM FINANCING | $207M |
| FREE CASH FLOW | -$71M |
| Net Change in Cash | $130M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $172M |
| Short-Term Investments | $0 |
| Net Receivables | $70M |
| Inventory | $220M |
| Other Current Assets | $112M |
| TOTAL CURRENT ASSETS | $574M |
| PP&E (Net) | $356M |
| Goodwill | $13M |
| Intangible Assets | $82M |
| Long-Term Investments | $0 |
| Tax Assets | $192M |
| Other Non-Current Assets | $270M |
| TOTAL NON-CURRENT ASSETS | $913M |
| TOTAL ASSETS | $1.5B |
| Account Payables | $126M |
| Short-Term Debt | $37M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $128M |
| TOTAL CURRENT LIABILITIES | $304M |
| Long-Term Debt | $1.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $8M |
| Other Non-Current Liabilities | $59M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $1.8B |
| Common Stock | $3M |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$2.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $17M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$284M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$284M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $1.4B |
| Net Debt | $1.3B |
