| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $21M | $17M | $32M | 20.3% | -34.1% |
| Op. Income | -$3M | -$26M | $13M | 89.1% | -121.6% |
| Gross Margin | 43.4% | -22.8% | 50.5% | 66.2pp | -7.1pp |
| Net Margin | -11.8% | -109.0% | 30.9% | 97.2pp | -42.7pp |
| EPS (Diluted) | $-0.69 | $-4.66 | $2.11 | 85.2% | -132.7% |
| Free Cash Flow | $101M | $47M | $97M | 112.5% | 3.1% |
| Item | Amount |
|---|---|
| REVENUE | $21M |
| Cost of Revenue | $12M |
| GROSS PROFIT | $9M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | $6M |
| Operating Expenses | $12M |
| Cost & Expenses | $24M |
| OPERATING INCOME | -$3M |
| Interest Income | $21M |
| Interest Expense | $10M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$3M |
| Income Tax Expense | -$359.0K |
| Net Income from Continuing Ops | -$2M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$2M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$3M |
| D&A | $0 |
| EBIT | -$3M |
| EBITDA | -$3M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$2M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $110M |
| Change in Working Capital | -$7M |
| OPERATING CASH FLOW | $101M |
| Capital Expenditure | -$24.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $26M |
| NET CASH FROM INVESTING | $26M |
| Net Debt Issuance | -$50M |
| Common Stock Repurchased | -$684.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $12M |
| NET CASH FROM FINANCING | -$38M |
| FREE CASH FLOW | $101M |
| Net Change in Cash | $88M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $5M |
| Short-Term Investments | $29M |
| Net Receivables | $8M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $43M |
| PP&E (Net) | $46M |
| Goodwill | $0 |
| Intangible Assets | $13M |
| Long-Term Investments | $1.2B |
| Tax Assets | $7M |
| Other Non-Current Assets | -$1.2B |
| TOTAL NON-CURRENT ASSETS | $52M |
| TOTAL ASSETS | $1.3B |
| Account Payables | $1M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1M |
| TOTAL CURRENT LIABILITIES | $3M |
| Long-Term Debt | $8M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.2B |
| TOTAL NON-CURRENT LIABILITIES | $1.2B |
| TOTAL LIABILITIES | $1.2B |
| Common Stock | $54M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $20M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | -$335.0K |
| TOTAL STOCKHOLDERS' EQUITY | $88M |
| Minority Interest | $0 |
| TOTAL EQUITY | $88M |
| TOTAL LIABILITIES & EQUITY | $1.3B |
| Total Debt | $21M |
| Net Debt | $16M |
