| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $29M | $22M | $20M | 32.1% | 40.8% |
| Op. Income | -$2M | -$7M | -$7M | 72.1% | 70.4% |
| Gross Margin | 83.0% | 81.1% | 78.7% | 1.9pp | 4.3pp |
| Net Margin | -13.8% | -40.0% | -40.4% | 26.2pp | 26.5pp |
| EPS (Diluted) | $-0.49 | $-1.16 | $-1.20 | 57.8% | 59.2% |
| Free Cash Flow | $629.0K | -$9M | -$5M | 107.0% | 112.6% |
| Item | Amount |
|---|---|
| REVENUE | $29M |
| Cost of Revenue | $5M |
| GROSS PROFIT | $24M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $23M |
| Other Expenses | $0 |
| Operating Expenses | $26M |
| Cost & Expenses | $31M |
| OPERATING INCOME | -$2M |
| Interest Income | $0 |
| Interest Expense | $2M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | -$4M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$4M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$4M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$4M |
| D&A | $1M |
| EBIT | -$2M |
| EBITDA | -$569.0K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$4M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $487.0K |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $778.0K |
| Capital Expenditure | -$149.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$18.0K |
| NET CASH FROM INVESTING | -$104.0K |
| Net Debt Issuance | $25.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$292.0K |
| NET CASH FROM FINANCING | $2M |
| FREE CASH FLOW | $629.0K |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $19M |
| Short-Term Investments | $0 |
| Net Receivables | $9M |
| Inventory | $0 |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $33M |
| PP&E (Net) | $28M |
| Goodwill | $15M |
| Intangible Assets | $4M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $55M |
| TOTAL ASSETS | $87M |
| Account Payables | $3M |
| Short-Term Debt | $1M |
| Deferred Revenue | $961.0K |
| Other Current Liabilities | $12M |
| TOTAL CURRENT LIABILITIES | $17M |
| Long-Term Debt | $71M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $73M |
| TOTAL LIABILITIES | $90M |
| Common Stock | $8.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$498M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $495M |
| TOTAL STOCKHOLDERS' EQUITY | -$2M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$2M |
| TOTAL LIABILITIES & EQUITY | $87M |
| Total Debt | $73M |
| Net Debt | $54M |
