| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $53M | $44M | $47M | 20.4% | 12.8% |
| Op. Income | -$26M | -$26M | -$27M | -0.8% | 1.7% |
| Gross Margin | 80.0% | 76.2% | 21.8% | 3.8pp | 58.2pp |
| Net Margin | -74.9% | -88.4% | -125.4% | 13.5pp | 50.4pp |
| EPS (Diluted) | $-2.54 | $-2.56 | $-3.90 | 0.8% | 34.9% |
| Free Cash Flow | -$39M | -$65M | -$55M | 39.2% | 28.1% |
| Item | Amount |
|---|---|
| REVENUE | $53M |
| Cost of Revenue | $11M |
| GROSS PROFIT | $43M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $69M |
| Operating Expenses | $69M |
| Cost & Expenses | $79M |
| OPERATING INCOME | -$26M |
| Interest Income | $19M |
| Interest Expense | $14M |
| Other Income/Expenses | -$14M |
| INCOME BEFORE TAX | -$40M |
| Income Tax Expense | -$331.0K |
| Net Income from Continuing Ops | -$40M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$40M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$40M |
| D&A | $3M |
| EBIT | -$26M |
| EBITDA | -$23M |
| EPS | -$3 |
| EPS Diluted | -$3 |
| Item | Amount |
|---|---|
| Net Income | -$40M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$21M |
| Change in Working Capital | $18M |
| OPERATING CASH FLOW | -$39M |
| Capital Expenditure | -$332.6K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.4B |
| Sales/Maturities of Investments | $1.5B |
| Other Investing Activities | -$124M |
| NET CASH FROM INVESTING | -$79M |
| Net Debt Issuance | $122M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $151M |
| FREE CASH FLOW | -$39M |
| Net Change in Cash | $30M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $117M |
| Short-Term Investments | $104M |
| Net Receivables | $21M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $241M |
| PP&E (Net) | $7M |
| Goodwill | $11M |
| Intangible Assets | $22M |
| Long-Term Investments | $728M |
| Tax Assets | $0 |
| Other Non-Current Assets | $497M |
| TOTAL NON-CURRENT ASSETS | $1.3B |
| TOTAL ASSETS | $1.5B |
| Account Payables | $75M |
| Short-Term Debt | $412M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$70M |
| TOTAL CURRENT LIABILITIES | $416M |
| Long-Term Debt | $199M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $853M |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $2.0K |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$2.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $37M |
| Minority Interest | $0 |
| TOTAL EQUITY | $37M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $615M |
| Net Debt | $499M |
