| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $11M | $9M | $4M | 24.8% | 150.9% |
| Op. Income | -$135M | -$81M | -$76M | -67.2% | -77.3% |
| Gross Margin | 36.3% | 69.3% | -43.6% | -32.9pp | 79.9pp |
| Net Margin | -1347.0% | -4902.6% | -1722.8% | 3555.6pp | 375.9pp |
| EPS (Diluted) | $-1.43 | $-1.97 | $-0.39 | 27.4% | -266.7% |
| Free Cash Flow | -$104M | -$82M | -$79M | -27.4% | -31.5% |
| Item | Amount |
|---|---|
| REVENUE | $11M |
| Cost of Revenue | $7M |
| GROSS PROFIT | $4M |
| R&D Expenses | $89M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $49M |
| Other Expenses | $0 |
| Operating Expenses | $139M |
| Cost & Expenses | $146M |
| OPERATING INCOME | -$135M |
| Interest Income | $13M |
| Interest Expense | $4M |
| Other Income/Expenses | -$15M |
| INCOME BEFORE TAX | -$150M |
| Income Tax Expense | $176.0K |
| NET INCOME | -$150M |
| D&A | $6M |
| EBIT | -$135M |
| EBITDA | -$129M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$150M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $50M |
| Change in Working Capital | $10M |
| OPERATING CASH FLOW | -$84M |
| Capital Expenditure | -$20M |
| Acquisitions (Net) | $75.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$20M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $46.0K |
| NET CASH FROM FINANCING | $1.1B |
| FREE CASH FLOW | -$104M |
| Net Change in Cash | $1.0B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.7B |
| Short-Term Investments | $0 |
| Net Receivables | $6M |
| Inventory | $0 |
| Other Current Assets | $19M |
| TOTAL CURRENT ASSETS | $1.7B |
| PP&E (Net) | $365M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $481.0K |
| Tax Assets | $21M |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $388M |
| TOTAL ASSETS | $2.1B |
| Account Payables | $25M |
| Short-Term Debt | $7M |
| Deferred Revenue | $4M |
| Other Current Liabilities | $41M |
| TOTAL CURRENT LIABILITIES | $76M |
| Long-Term Debt | $180M |
| Deferred Revenue NC | $13M |
| Deferred Tax Liabilities | $21M |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $233M |
| TOTAL LIABILITIES | $310M |
| Common Stock | $23.0K |
| Additional Paid-In Capital | $3.7B |
| Retained Earnings | -$1.9B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$10.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.8B |
| TOTAL LIABILITIES & EQUITY | $2.1B |
| Total Debt | $204M |
| Net Debt | -$1.5B |
