| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $130M | $99M | $71M | 30.5% | 81.5% |
| Op. Income | $18M | $9M | -$8M | 115.7% | 340.9% |
| Gross Margin | 91.0% | 91.2% | 90.3% | -0.3pp | 0.7pp |
| Net Margin | 13.4% | 7.5% | -15.1% | 6.0pp | 28.5pp |
| EPS (Diluted) | $0.13 | $0.06 | $-0.09 | 133.0% | 245.7% |
| Free Cash Flow | $26M | -$2M | -$6M | 1592.9% | 555.5% |
| Item | Amount |
|---|---|
| REVENUE | $130M |
| Cost of Revenue | $12M |
| GROSS PROFIT | $118M |
| R&D Expenses | $20M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $79M |
| Other Expenses | $0 |
| Operating Expenses | $99M |
| Cost & Expenses | $111M |
| OPERATING INCOME | $18M |
| Interest Income | $0 |
| Interest Expense | $3M |
| Other Income/Expenses | -$522.0K |
| INCOME BEFORE TAX | $18M |
| Income Tax Expense | $470.0K |
| Net Income from Continuing Ops | $17M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $17M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $17M |
| D&A | $1M |
| EBIT | $21M |
| EBITDA | $22M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $130M |
| Cost of Revenue | $12M |
| GROSS PROFIT | $118M |
| R&D Expenses | $20M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $79M |
| Other Expenses | $0 |
| Operating Expenses | $99M |
| Cost & Expenses | $111M |
| OPERATING INCOME | $18M |
| Interest Income | $0 |
| Interest Expense | $3M |
| Other Income/Expenses | -$522.0K |
| INCOME BEFORE TAX | $18M |
| Income Tax Expense | $470.0K |
| Net Income from Continuing Ops | $17M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $17M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $17M |
| D&A | $1M |
| EBIT | $21M |
| EBITDA | $22M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $17M |
| Depreciation & Amortization | $563.0K |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $493.0K |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | $26M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$89M |
| Sales/Maturities of Investments | $55M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$34M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $4M |
| FREE CASH FLOW | $26M |
| Net Change in Cash | -$4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $43M |
| Short-Term Investments | $178M |
| Net Receivables | $146M |
| Inventory | $23M |
| Other Current Assets | $21M |
| TOTAL CURRENT ASSETS | $411M |
| PP&E (Net) | $6M |
| Goodwill | $0 |
| Intangible Assets | $15M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $22M |
| TOTAL ASSETS | $433M |
| Account Payables | $13M |
| Short-Term Debt | $1M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $116M |
| TOTAL CURRENT LIABILITIES | $130M |
| Long-Term Debt | $5M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $108M |
| TOTAL NON-CURRENT LIABILITIES | $114M |
| TOTAL LIABILITIES | $243M |
| Common Stock | $12.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$44.0K |
| Other Equity | $1.3B |
| TOTAL STOCKHOLDERS' EQUITY | $189M |
| Minority Interest | $0 |
| TOTAL EQUITY | $189M |
| TOTAL LIABILITIES & EQUITY | $433M |
| Total Debt | $6M |
| Net Debt | -$37M |
