| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $17M | $5M | $1M | 240.7% | 1295.4% |
| Op. Income | -$22M | -$15M | -$8M | -49.0% | -191.6% |
| Gross Margin | 12.5% | 8.7% | 50.7% | 3.8pp | -38.2pp |
| Net Margin | -472.5% | -263.3% | -769.0% | -209.2pp | 296.6pp |
| EPS (Diluted) | $-0.84 | $-0.15 | $-0.16 | -460.0% | -425.0% |
| Free Cash Flow | -$20M | -$12M | -$7M | -68.7% | -198.7% |
| Item | Amount |
|---|---|
| REVENUE | $17M |
| Cost of Revenue | $15M |
| GROSS PROFIT | $2M |
| R&D Expenses | $7M |
| Selling & Marketing | $0 |
| General & Administrative | $18M |
| SG&A Expenses | $18M |
| Other Expenses | $0 |
| Operating Expenses | $24M |
| Cost & Expenses | $39M |
| OPERATING INCOME | -$22M |
| Interest Income | $4M |
| Interest Expense | $260.0K |
| Other Income/Expenses | -$41M |
| INCOME BEFORE TAX | -$63M |
| Income Tax Expense | $183.9K |
| Net Income from Continuing Ops | -$63M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$79M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$79M |
| D&A | $936.7K |
| EBIT | -$63M |
| EBITDA | -$62M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$79M |
| Depreciation & Amortization | $936.7K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$78.2K |
| Other Non-Cash Items | $64M |
| Change in Working Capital | -$4M |
| OPERATING CASH FLOW | -$18M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $19M |
| Purchases of Investments | -$71M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $26.0K |
| NET CASH FROM INVESTING | -$54M |
| Net Debt Issuance | $45M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$588.6K |
| NET CASH FROM FINANCING | $243M |
| FREE CASH FLOW | -$20M |
| Net Change in Cash | $172M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $286M |
| Short-Term Investments | $48M |
| Net Receivables | $52M |
| Inventory | $8M |
| Other Current Assets | $3M |
| TOTAL CURRENT ASSETS | $398M |
| PP&E (Net) | $35M |
| Goodwill | $9M |
| Intangible Assets | $1M |
| Long-Term Investments | $49M |
| Tax Assets | $15M |
| Other Non-Current Assets | $6M |
| TOTAL NON-CURRENT ASSETS | $115M |
| TOTAL ASSETS | $513M |
| Account Payables | $6M |
| Short-Term Debt | $14M |
| Deferred Revenue | $882.0K |
| Other Current Liabilities | $9M |
| TOTAL CURRENT LIABILITIES | $33M |
| Long-Term Debt | $201M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $15M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $217M |
| TOTAL LIABILITIES | $250M |
| Common Stock | $1M |
| Additional Paid-In Capital | $432M |
| Retained Earnings | -$231M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $204M |
| Minority Interest | $59M |
| TOTAL EQUITY | $263M |
| TOTAL LIABILITIES & EQUITY | $513M |
| Total Debt | $216M |
| Net Debt | -$70M |
