| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $10M | $42M | $59M | -77.3% | -84.0% |
| Op. Income | -$72M | -$44M | -$58M | -63.7% | -23.2% |
| Gross Margin | 87.4% | 100.0% | 100.0% | -12.6pp | -12.6pp |
| Net Margin | -709.5% | -83.8% | -76.2% | -625.7pp | -633.3pp |
| EPS (Diluted) | $-1.04 | $-0.48 | $-0.63 | -116.7% | -65.1% |
| Free Cash Flow | -$31M | -$59M | -$84M | 48.3% | 63.7% |
| Item | Amount |
|---|---|
| REVENUE | $10M |
| Cost of Revenue | $1M |
| GROSS PROFIT | $8M |
| R&D Expenses | $61M |
| Selling & Marketing | $0 |
| General & Administrative | $22M |
| SG&A Expenses | $22M |
| Other Expenses | -$4M |
| Operating Expenses | $80M |
| Cost & Expenses | $81M |
| OPERATING INCOME | -$72M |
| Interest Income | $9M |
| Interest Expense | $0 |
| Other Income/Expenses | $5M |
| INCOME BEFORE TAX | -$67M |
| Income Tax Expense | $200.0K |
| Net Income from Continuing Ops | -$67M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$67M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$67M |
| D&A | $1M |
| EBIT | -$67M |
| EBITDA | -$66M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$67M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $9M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | $30M |
| OPERATING CASH FLOW | -$30M |
| Capital Expenditure | -$200.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$7M |
| Sales/Maturities of Investments | $153M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $146M |
| Net Debt Issuance | -$100.0K |
| Common Stock Repurchased | -$74M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$74M |
| FREE CASH FLOW | -$31M |
| Net Change in Cash | $41M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $143M |
| Short-Term Investments | $543M |
| Net Receivables | $6M |
| Inventory | $0 |
| Other Current Assets | $9M |
| TOTAL CURRENT ASSETS | $701M |
| PP&E (Net) | $13M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $4M |
| TOTAL NON-CURRENT ASSETS | $17M |
| TOTAL ASSETS | $718M |
| Account Payables | $24M |
| Short-Term Debt | $2M |
| Deferred Revenue | $71M |
| Other Current Liabilities | $40M |
| TOTAL CURRENT LIABILITIES | $143M |
| Long-Term Debt | $400.0K |
| Deferred Revenue NC | $134M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $142M |
| TOTAL LIABILITIES | $284M |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$1.6B |
| Treasury Stock | -$92M |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $434M |
| Minority Interest | $0 |
| TOTAL EQUITY | $434M |
| TOTAL LIABILITIES & EQUITY | $718M |
| Total Debt | $9M |
| Net Debt | -$134M |
