| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $38M | $53M | $15M | -28.2% | 157.8% |
| Op. Income | -$20M | -$19M | $32M | -7.3% | -163.7% |
| Gross Margin | 20.4% | 7.1% | 59.5% | 13.3pp | -39.1pp |
| Net Margin | -138.2% | -67.2% | -437.1% | -71.0pp | 298.9pp |
| EPS (Diluted) | $-0.24 | $-0.16 | $-0.58 | -50.0% | 58.6% |
| Free Cash Flow | -$191M | -$252M | -$89M | 23.9% | -115.3% |
| Item | Amount |
|---|---|
| REVENUE | $38M |
| Cost of Revenue | $30M |
| GROSS PROFIT | $8M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $28M |
| Other Expenses | $0 |
| Operating Expenses | $28M |
| Cost & Expenses | $58M |
| OPERATING INCOME | -$20M |
| Interest Income | $3M |
| Interest Expense | $18M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | -$25M |
| Income Tax Expense | -$16.0K |
| Net Income from Continuing Ops | -$25M |
| Net Income from Discontinued Ops | -$27M |
| Other Adjustments | $0 |
| NET INCOME | -$53M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$54M |
| D&A | $4M |
| EBIT | -$21M |
| EBITDA | -$17M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$53M |
| Depreciation & Amortization | $18M |
| Stock-Based Compensation | $12M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $6M |
| Change in Working Capital | $22M |
| OPERATING CASH FLOW | $7M |
| Capital Expenditure | -$198M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$2M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$1M |
| NET CASH FROM INVESTING | -$202M |
| Net Debt Issuance | -$33M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | $57M |
| FREE CASH FLOW | -$191M |
| Net Change in Cash | -$140M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $42M |
| Short-Term Investments | $0 |
| Net Receivables | $3M |
| Inventory | $0 |
| Other Current Assets | $386M |
| TOTAL CURRENT ASSETS | $431M |
| PP&E (Net) | $1.3B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $7M |
| Tax Assets | $0 |
| Other Non-Current Assets | $138M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $1.9B |
| Account Payables | $248M |
| Short-Term Debt | $10M |
| Deferred Revenue | $16M |
| Other Current Liabilities | $240M |
| TOTAL CURRENT LIABILITIES | $558M |
| Long-Term Debt | $678M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $678M |
| TOTAL LIABILITIES | $1.2B |
| Common Stock | $230.0K |
| Additional Paid-In Capital | $1.0B |
| Retained Earnings | -$481M |
| Treasury Stock | -$31M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $634M |
| Minority Interest | $0 |
| TOTAL EQUITY | $634M |
| TOTAL LIABILITIES & EQUITY | $1.9B |
| Total Debt | $703M |
| Net Debt | $661M |
