| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $49M | $51M | $42M | -2.9% | 16.5% |
| Op. Income | -$7M | -$4M | -$7M | -66.3% | 7.9% |
| Gross Margin | -5.0% | -0.3% | -8.5% | -4.7pp | 3.5pp |
| Net Margin | -13.2% | -10.4% | -10.9% | -2.8pp | -2.2pp |
| EPS (Diluted) | $-0.15 | $-0.13 | $-0.11 | -15.4% | -36.4% |
| Free Cash Flow | -$2M | $7M | -$5M | -129.2% | 59.9% |
| Item | Amount |
|---|---|
| REVENUE | $49M |
| Cost of Revenue | $52M |
| GROSS PROFIT | -$2M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | $947.1K |
| Operating Expenses | $4M |
| Cost & Expenses | $56M |
| OPERATING INCOME | -$7M |
| Interest Income | $44.2K |
| Interest Expense | $548.3K |
| Other Income/Expenses | $190.2K |
| INCOME BEFORE TAX | -$7M |
| Income Tax Expense | -$3.1K |
| Net Income from Continuing Ops | -$7M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$7M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$7M |
| D&A | $790.1K |
| EBIT | -$6M |
| EBITDA | -$5M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$7M |
| Depreciation & Amortization | $790.1K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | -$2M |
| Capital Expenditure | -$56.1K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $1M |
| NET CASH FROM INVESTING | $1M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | -$2M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $6M |
| Short-Term Investments | $0 |
| Net Receivables | $18M |
| Inventory | $0 |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $29M |
| PP&E (Net) | $121M |
| Goodwill | $0 |
| Intangible Assets | $43.0K |
| Long-Term Investments | $5M |
| Tax Assets | $0 |
| Other Non-Current Assets | $871.7K |
| TOTAL NON-CURRENT ASSETS | $127M |
| TOTAL ASSETS | $156M |
| Account Payables | $8M |
| Short-Term Debt | $31M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$29M |
| TOTAL CURRENT LIABILITIES | $40M |
| Long-Term Debt | $94M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$93M |
| TOTAL NON-CURRENT LIABILITIES | $94M |
| TOTAL LIABILITIES | $134M |
| Common Stock | $454 |
| Additional Paid-In Capital | $20M |
| Retained Earnings | $2M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $22M |
| Minority Interest | $0 |
| TOTAL EQUITY | $22M |
| TOTAL LIABILITIES & EQUITY | $156M |
| Total Debt | $124M |
| Net Debt | $118M |
