| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $62M | $70M | $77M | -12.3% | -19.7% |
| Op. Income | -$107M | -$35M | -$38M | -207.4% | -183.8% |
| Gross Margin | -16.7% | 10.3% | 13.1% | -27.0pp | -29.8pp |
| Net Margin | 670.2% | -157.6% | -58.5% | 827.8pp | 728.7pp |
| EPS (Diluted) | $-0.29 | $-1.44 | $-0.65 | 79.9% | 55.4% |
| Free Cash Flow | -$50M | -$42M | -$35M | -19.4% | -40.5% |
| Item | Amount |
|---|---|
| REVENUE | $62M |
| Cost of Revenue | $72M |
| GROSS PROFIT | -$10M |
| R&D Expenses | $5M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $181M |
| Other Expenses | -$89M |
| Operating Expenses | $97M |
| Cost & Expenses | $169M |
| OPERATING INCOME | -$107M |
| Interest Income | $3M |
| Interest Expense | $532.0K |
| Other Income/Expenses | $520M |
| INCOME BEFORE TAX | $413M |
| Income Tax Expense | $78.0K |
| Net Income from Continuing Ops | $413M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $14.0K |
| NET INCOME | $413M |
| Net Income Deductions | $558M |
| BOTTOM LINE NET INCOME | -$145M |
| D&A | $9M |
| EBIT | -$52M |
| EBITDA | -$42M |
| EPS | $1 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | $413M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $17M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$528M |
| Change in Working Capital | $44M |
| OPERATING CASH FLOW | -$47M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$12M |
| NET CASH FROM INVESTING | -$2M |
| Net Debt Issuance | $9M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$39.0K |
| NET CASH FROM FINANCING | $151M |
| FREE CASH FLOW | -$50M |
| Net Change in Cash | $90M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $204M |
| Short-Term Investments | $0 |
| Net Receivables | $26M |
| Inventory | $84M |
| Other Current Assets | $28M |
| TOTAL CURRENT ASSETS | $342M |
| PP&E (Net) | $219M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $11M |
| Tax Assets | $0 |
| Other Non-Current Assets | $44M |
| TOTAL NON-CURRENT ASSETS | $273M |
| TOTAL ASSETS | $616M |
| Account Payables | $21M |
| Short-Term Debt | $7M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $48M |
| TOTAL CURRENT LIABILITIES | $75M |
| Long-Term Debt | $421M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $39M |
| TOTAL NON-CURRENT LIABILITIES | $541M |
| TOTAL LIABILITIES | $616M |
| Common Stock | $45.0K |
| Additional Paid-In Capital | $1.0B |
| Retained Earnings | -$1.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$8M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$111.0K |
| Minority Interest | $0 |
| TOTAL EQUITY | -$111.0K |
| TOTAL LIABILITIES & EQUITY | $616M |
| Total Debt | $508M |
| Net Debt | $304M |
