| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $287M | $250M | $203M | 14.8% | 41.0% |
| Op. Income | $11M | $13M | $447.8K | -10.9% | 2459.6% |
| Gross Margin | 88.9% | 89.5% | 91.9% | -0.6pp | -3.0pp |
| Net Margin | -13.6% | -28.5% | -22.1% | 15.0pp | 8.6pp |
| EPS (Diluted) | $-0.63 | $-1.17 | $-0.75 | 46.0% | 15.6% |
| Free Cash Flow | $79M | $2M | -$102M | 3108.3% | 176.9% |
| Item | Amount |
|---|---|
| REVENUE | $287M |
| Cost of Revenue | $32M |
| GROSS PROFIT | $255M |
| R&D Expenses | $88M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $156M |
| Other Expenses | $0 |
| Operating Expenses | $243M |
| Cost & Expenses | $275M |
| OPERATING INCOME | $11M |
| Interest Income | $28M |
| Interest Expense | $72M |
| Other Income/Expenses | -$42M |
| INCOME BEFORE TAX | -$31M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | -$39M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$39M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$39M |
| D&A | $6M |
| EBIT | $11M |
| EBITDA | $17M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$39M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $67M |
| Change in Working Capital | $45M |
| OPERATING CASH FLOW | $83M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | -$8M |
| Common Stock Repurchased | -$105.2K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$68.9K |
| NET CASH FROM FINANCING | $10M |
| FREE CASH FLOW | $79M |
| Net Change in Cash | $90M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $720M |
| Short-Term Investments | $0 |
| Net Receivables | $184M |
| Inventory | $352M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $171M |
| Goodwill | $4M |
| Intangible Assets | $251.3K |
| Long-Term Investments | $51M |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $226M |
| TOTAL ASSETS | $1.5B |
| Account Payables | $106M |
| Short-Term Debt | $569M |
| Deferred Revenue | $6M |
| Other Current Liabilities | $562M |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $450M |
| Deferred Revenue NC | $1M |
| Deferred Tax Liabilities | $11M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $463M |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $10M |
| Additional Paid-In Capital | $3.0B |
| Retained Earnings | -$3.2B |
| Treasury Stock | -$93.5K |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$190M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$190M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $1.0B |
| Net Debt | $299M |
