| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $64M | $38M | $61M | 68.9% | 5.8% |
| Op. Income | -$19M | -$20M | -$15M | 8.7% | -26.2% |
| Gross Margin | 13.4% | 20.4% | -0.6% | -7.0pp | 14.0pp |
| Net Margin | -26.4% | -138.2% | -7.0% | 111.9pp | -19.4pp |
| EPS (Diluted) | $-0.07 | $-0.24 | $-0.03 | 69.9% | -151.0% |
| Free Cash Flow | -$331M | -$191M | -$131M | -73.2% | -153.6% |
| Item | Amount |
|---|---|
| REVENUE | $64M |
| Cost of Revenue | $56M |
| GROSS PROFIT | $9M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $27M |
| Cost & Expenses | $83M |
| OPERATING INCOME | -$19M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | -$8M |
| INCOME BEFORE TAX | -$26M |
| Income Tax Expense | $8.0K |
| Net Income from Continuing Ops | -$26M |
| Net Income from Discontinued Ops | $9M |
| Other Adjustments | $0 |
| NET INCOME | -$17M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$19M |
| D&A | $4M |
| EBIT | -$22M |
| EBITDA | -$18M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$17M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $15M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $12M |
| Change in Working Capital | -$97M |
| OPERATING CASH FLOW | -$82M |
| Capital Expenditure | -$249M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$249M |
| Net Debt Issuance | -$2.4B |
| Common Stock Repurchased | -$225.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $2.5B |
| NET CASH FROM FINANCING | $322M |
| FREE CASH FLOW | -$331M |
| Net Change in Cash | $184.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $74M |
| Short-Term Investments | $0 |
| Net Receivables | $32M |
| Inventory | $0 |
| Other Current Assets | $361M |
| TOTAL CURRENT ASSETS | $642M |
| PP&E (Net) | $1.5B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $6M |
| Tax Assets | $0 |
| Other Non-Current Assets | $272M |
| TOTAL NON-CURRENT ASSETS | $1.8B |
| TOTAL ASSETS | $2.4B |
| Account Payables | $173M |
| Short-Term Debt | $382M |
| Deferred Revenue | $17M |
| Other Current Liabilities | $215M |
| TOTAL CURRENT LIABILITIES | $985M |
| Long-Term Debt | $305M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $64M |
| TOTAL NON-CURRENT LIABILITIES | $369M |
| TOTAL LIABILITIES | $1.4B |
| Common Stock | $274.0K |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$498M |
| Treasury Stock | -$31M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.0B |
| TOTAL LIABILITIES & EQUITY | $2.4B |
| Total Debt | $700M |
| Net Debt | $626M |
