| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $488M | $497M | $337M | -1.8% | 44.7% |
| Op. Income | -$49M | -$24M | -$21M | -102.3% | -129.9% |
| Gross Margin | 15.2% | 14.7% | 27.9% | 0.5pp | -12.7pp |
| Net Margin | -10.1% | -4.9% | -6.6% | -5.2pp | -3.6pp |
| EPS (Diluted) | $-0.10 | $-0.05 | $-0.04 | -100.8% | -112.5% |
| Free Cash Flow | -$69M | $11M | -$86M | -702.5% | 20.2% |
| Item | Amount |
|---|---|
| REVENUE | $488M |
| Cost of Revenue | $413M |
| GROSS PROFIT | $74M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | -$140M |
| SG&A Expenses | -$140M |
| Other Expenses | $264M |
| Operating Expenses | $124M |
| Cost & Expenses | $537M |
| OPERATING INCOME | -$49M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$1.0K |
| INCOME BEFORE TAX | -$49M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$49M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$49M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$49M |
| D&A | $420.0K |
| EBIT | -$49M |
| EBITDA | -$49M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$49M |
| Depreciation & Amortization | $420.0K |
| Stock-Based Compensation | $25M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $7M |
| Change in Working Capital | -$52M |
| OPERATING CASH FLOW | -$68M |
| Capital Expenditure | -$597.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$106M |
| Sales/Maturities of Investments | $72M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$35M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$9M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$9M |
| FREE CASH FLOW | -$69M |
| Net Change in Cash | -$112M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $78M |
| Short-Term Investments | $17M |
| Net Receivables | $159M |
| Inventory | $0 |
| Other Current Assets | $54M |
| TOTAL CURRENT ASSETS | $308M |
| PP&E (Net) | $6M |
| Goodwill | $0 |
| Intangible Assets | $3M |
| Long-Term Investments | $187M |
| Tax Assets | $0 |
| Other Non-Current Assets | $37M |
| TOTAL NON-CURRENT ASSETS | $233M |
| TOTAL ASSETS | $541M |
| Account Payables | $153M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $56M |
| TOTAL CURRENT LIABILITIES | $209M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $23M |
| TOTAL NON-CURRENT LIABILITIES | $23M |
| TOTAL LIABILITIES | $232M |
| Common Stock | $52.0K |
| Additional Paid-In Capital | $2.7B |
| Retained Earnings | -$2.3B |
| Treasury Stock | -$86M |
| Accum. Other Comp. Income | $528.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $309M |
| Minority Interest | $0 |
| TOTAL EQUITY | $309M |
| TOTAL LIABILITIES & EQUITY | $541M |
| Total Debt | $0 |
| Net Debt | -$78M |
