| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $213M | $197M | $177M | 8.4% | 20.4% |
| Op. Income | -$5M | -$16M | -$24M | 66.3% | 77.5% |
| Gross Margin | 61.2% | 69.9% | 68.8% | -8.6pp | -7.5pp |
| Net Margin | -10.2% | -14.5% | -18.9% | 4.3pp | 8.6pp |
| EPS (Diluted) | $-0.15 | $-0.19 | $-0.23 | 21.1% | 34.8% |
| Free Cash Flow | $10M | $5M | $7M | 99.0% | 41.2% |
| Item | Amount |
|---|---|
| REVENUE | $213M |
| Cost of Revenue | $83M |
| GROSS PROFIT | $130M |
| R&D Expenses | $23M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $113M |
| Other Expenses | $0 |
| Operating Expenses | $136M |
| Cost & Expenses | $218M |
| OPERATING INCOME | -$5M |
| Interest Income | $0 |
| Interest Expense | $5M |
| Other Income/Expenses | -$16M |
| INCOME BEFORE TAX | -$22M |
| Income Tax Expense | -$18.0K |
| Net Income from Continuing Ops | -$22M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$22M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$22M |
| D&A | $20M |
| EBIT | -$17M |
| EBITDA | $4M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$22M |
| Depreciation & Amortization | $27M |
| Stock-Based Compensation | $19M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $11M |
| Change in Working Capital | -$15M |
| OPERATING CASH FLOW | $21M |
| Capital Expenditure | -$11M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $3M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$7M |
| NET CASH FROM INVESTING | -$16M |
| Net Debt Issuance | -$374.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $580.0K |
| NET CASH FROM FINANCING | $206.0K |
| FREE CASH FLOW | $10M |
| Net Change in Cash | $5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $161M |
| Short-Term Investments | $0 |
| Net Receivables | $97M |
| Inventory | $169M |
| Other Current Assets | $23M |
| TOTAL CURRENT ASSETS | $451M |
| PP&E (Net) | $167M |
| Goodwill | $75M |
| Intangible Assets | $93M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $5M |
| TOTAL NON-CURRENT ASSETS | $340M |
| TOTAL ASSETS | $791M |
| Account Payables | $41M |
| Short-Term Debt | $71M |
| Deferred Revenue | $10M |
| Other Current Liabilities | $64M |
| TOTAL CURRENT LIABILITIES | $219M |
| Long-Term Debt | $525M |
| Deferred Revenue NC | $2M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$15M |
| TOTAL NON-CURRENT LIABILITIES | $536M |
| TOTAL LIABILITIES | $755M |
| Common Stock | $15.0K |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | -$1.4B |
| Treasury Stock | -$25M |
| Accum. Other Comp. Income | -$4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $36M |
| Minority Interest | $0 |
| TOTAL EQUITY | $36M |
| TOTAL LIABILITIES & EQUITY | $791M |
| Total Debt | $620M |
| Net Debt | $459M |
