| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $110M | $77M | $31M | 43.6% | 254.3% |
| Op. Income | -$69M | -$37M | -$30M | -87.8% | -129.0% |
| Gross Margin | 60.2% | 55.1% | 65.4% | 5.1pp | -5.2pp |
| Net Margin | -71.5% | -50.4% | -124.4% | -21.2pp | 52.9pp |
| EPS (Diluted) | $-0.47 | $-0.25 | $-0.58 | -88.0% | 19.0% |
| Free Cash Flow | -$25M | -$58M | -$20M | 57.6% | -22.9% |
| Item | Amount |
|---|---|
| REVENUE | $110M |
| Cost of Revenue | $44M |
| GROSS PROFIT | $66M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $131M |
| Other Expenses | $4M |
| Operating Expenses | $135M |
| Cost & Expenses | $179M |
| OPERATING INCOME | -$69M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | -$79M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$79M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$79M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$79M |
| D&A | $0 |
| EBIT | -$69M |
| EBITDA | -$69M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$79M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $23M |
| Change in Working Capital | $31M |
| OPERATING CASH FLOW | -$25M |
| Capital Expenditure | -$133.6K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$31M |
| NET CASH FROM INVESTING | -$40M |
| Net Debt Issuance | -$15M |
| Common Stock Repurchased | -$304.9K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $60M |
| NET CASH FROM FINANCING | $45M |
| FREE CASH FLOW | -$25M |
| Net Change in Cash | -$19M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $44M |
| Short-Term Investments | $0 |
| Net Receivables | $62M |
| Inventory | $1M |
| Other Current Assets | $27M |
| TOTAL CURRENT ASSETS | $135M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $50M |
| Long-Term Investments | $53M |
| Tax Assets | $0 |
| Other Non-Current Assets | $89.9K |
| TOTAL NON-CURRENT ASSETS | $107M |
| TOTAL ASSETS | $241M |
| Account Payables | $40M |
| Short-Term Debt | $57M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $122M |
| TOTAL CURRENT LIABILITIES | $219M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $46M |
| TOTAL NON-CURRENT LIABILITIES | $48M |
| TOTAL LIABILITIES | $267M |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$242M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $210M |
| TOTAL STOCKHOLDERS' EQUITY | -$31M |
| Minority Interest | $6M |
| TOTAL EQUITY | -$26M |
| TOTAL LIABILITIES & EQUITY | $241M |
| Total Debt | $59M |
| Net Debt | $15M |
