| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $120M | $110M | $130M | 9.0% | -7.3% |
| Op. Income | -$23M | -$9M | -$6M | -168.2% | -298.0% |
| Gross Margin | 9.1% | 11.3% | 10.3% | -2.1pp | -1.2pp |
| Net Margin | -22.6% | -9.8% | -53.0% | -12.8pp | 30.4pp |
| EPS (Diluted) | $-0.48 | $-0.20 | $-1.29 | -140.0% | 62.8% |
| Free Cash Flow | -$8M | -$1M | -$449.4K | -545.9% | -1724.8% |
| Item | Amount |
|---|---|
| REVENUE | $120M |
| Cost of Revenue | $109M |
| GROSS PROFIT | $11M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $33M |
| Other Expenses | -$4M |
| Operating Expenses | $29M |
| Cost & Expenses | $138M |
| OPERATING INCOME | -$23M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | -$27M |
| Income Tax Expense | -$62.4K |
| Net Income from Continuing Ops | -$27M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$27M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$27M |
| D&A | $361.6K |
| EBIT | $27M |
| EBITDA | -$23M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$27M |
| Depreciation & Amortization | -$1M |
| Stock-Based Compensation | $17M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | -$8M |
| Capital Expenditure | -$22.3K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$22.3K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $8M |
| NET CASH FROM FINANCING | $8M |
| FREE CASH FLOW | -$8M |
| Net Change in Cash | -$2.3K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $81.1K |
| Short-Term Investments | $0 |
| Net Receivables | $70M |
| Inventory | $0 |
| Other Current Assets | $11M |
| TOTAL CURRENT ASSETS | $81M |
| PP&E (Net) | $3M |
| Goodwill | $0 |
| Intangible Assets | $27M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $32M |
| TOTAL ASSETS | $113M |
| Account Payables | $5M |
| Short-Term Debt | $8M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $107M |
| TOTAL CURRENT LIABILITIES | $115M |
| Long-Term Debt | $30M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $30M |
| TOTAL LIABILITIES | $145M |
| Common Stock | $557 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$195M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $163M |
| TOTAL STOCKHOLDERS' EQUITY | -$32M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$32M |
| TOTAL LIABILITIES & EQUITY | $113M |
| Total Debt | $38M |
| Net Debt | $38M |
