| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $57M | $46M | $34M | 22.1% | 66.9% |
| Op. Income | $10M | -$6M | -$2M | 268.5% | 583.4% |
| Gross Margin | 20.5% | 36.1% | 54.8% | -15.6pp | -34.3pp |
| Net Margin | -47.4% | -16.1% | 91.6% | -31.3pp | -139.0pp |
| EPS (Diluted) | $-0.72 | $-0.20 | $-0.10 | -260.0% | -620.0% |
| Free Cash Flow | $4M | -$2M | -$8M | 250.8% | 148.0% |
| Item | Amount |
|---|---|
| REVENUE | $57M |
| Cost of Revenue | $45M |
| GROSS PROFIT | $12M |
| R&D Expenses | $2M |
| Selling & Marketing | $3M |
| General & Administrative | $13M |
| SG&A Expenses | $16M |
| Other Expenses | -$17M |
| Operating Expenses | $2M |
| Cost & Expenses | $46M |
| OPERATING INCOME | $10M |
| Interest Income | $0 |
| Interest Expense | $2M |
| Other Income/Expenses | -$37M |
| INCOME BEFORE TAX | -$27M |
| Income Tax Expense | $319.0K |
| Net Income from Continuing Ops | -$27M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$27M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$27M |
| D&A | $4M |
| EBIT | $7M |
| EBITDA | $17M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$27M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | -$33.0K |
| Other Non-Cash Items | $34M |
| Change in Working Capital | -$24M |
| OPERATING CASH FLOW | $7M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $300.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $295.0K |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | $13M |
| Common Stock Repurchased | $191.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | $8M |
| FREE CASH FLOW | $4M |
| Net Change in Cash | -$10M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $8M |
| Short-Term Investments | $0 |
| Net Receivables | $45M |
| Inventory | $0 |
| Other Current Assets | $32M |
| TOTAL CURRENT ASSETS | $86M |
| PP&E (Net) | $28M |
| Goodwill | $13M |
| Intangible Assets | $10M |
| Long-Term Investments | $4M |
| Tax Assets | $0 |
| Other Non-Current Assets | $48M |
| TOTAL NON-CURRENT ASSETS | $102M |
| TOTAL ASSETS | $188M |
| Account Payables | $20M |
| Short-Term Debt | $43M |
| Deferred Revenue | $7M |
| Other Current Liabilities | $25M |
| TOTAL CURRENT LIABILITIES | $95M |
| Long-Term Debt | $43M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $250.0K |
| TOTAL NON-CURRENT LIABILITIES | $43M |
| TOTAL LIABILITIES | $138M |
| Common Stock | $4.0K |
| Additional Paid-In Capital | $736M |
| Retained Earnings | -$680M |
| Treasury Stock | -$3M |
| Accum. Other Comp. Income | -$4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $49M |
| Minority Interest | $724.0K |
| TOTAL EQUITY | $50M |
| TOTAL LIABILITIES & EQUITY | $188M |
| Total Debt | $86M |
| Net Debt | $77M |
