| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $20M | $17M | $14M | 15.2% | 38.5% |
| Op. Income | -$11M | -$2M | -$9M | -518.2% | -25.4% |
| Gross Margin | 10.6% | 15.2% | 7.1% | -4.7pp | 3.5pp |
| Net Margin | -51.5% | -31.3% | -67.1% | -20.2pp | 15.6pp |
| EPS (Diluted) | $-0.33 | $-0.17 | $-0.50 | -94.1% | 34.0% |
| Free Cash Flow | -$5M | -$4M | -$5M | -18.0% | 1.2% |
| Item | Amount |
|---|---|
| REVENUE | $20M |
| Cost of Revenue | $18M |
| GROSS PROFIT | $2M |
| R&D Expenses | $410.8K |
| Selling & Marketing | $35.6K |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | $5M |
| Operating Expenses | $13M |
| Cost & Expenses | $31M |
| OPERATING INCOME | -$11M |
| Interest Income | $98.6K |
| Interest Expense | $1M |
| Other Income/Expenses | $1M |
| INCOME BEFORE TAX | -$10M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$10M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$10M |
| D&A | $317.1K |
| EBIT | -$11M |
| EBITDA | -$9M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$10M |
| Depreciation & Amortization | $317.1K |
| Stock-Based Compensation | $582.0K |
| Deferred Income Tax | $237 |
| Other Non-Cash Items | $5M |
| Change in Working Capital | $62.5K |
| OPERATING CASH FLOW | -$5M |
| Capital Expenditure | -$103.9K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$1M |
| NET CASH FROM INVESTING | -$1M |
| Net Debt Issuance | $435.1K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$131.9K |
| NET CASH FROM FINANCING | $5M |
| FREE CASH FLOW | -$5M |
| Net Change in Cash | -$1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $715.7K |
| Short-Term Investments | $46.2K |
| Net Receivables | $20M |
| Inventory | $6M |
| Other Current Assets | $12M |
| TOTAL CURRENT ASSETS | $38M |
| PP&E (Net) | $11M |
| Goodwill | $49.7K |
| Intangible Assets | $8M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $27M |
| TOTAL ASSETS | $65M |
| Account Payables | $15M |
| Short-Term Debt | $14M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $8M |
| TOTAL CURRENT LIABILITIES | $38M |
| Long-Term Debt | $6M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $9M |
| TOTAL LIABILITIES | $47M |
| Common Stock | $41.2K |
| Additional Paid-In Capital | $152M |
| Retained Earnings | -$133M |
| Treasury Stock | -$917.2K |
| Accum. Other Comp. Income | $331.5K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $18M |
| Minority Interest | $0 |
| TOTAL EQUITY | $18M |
| TOTAL LIABILITIES & EQUITY | $65M |
| Total Debt | $11M |
| Net Debt | $10M |
