| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $66M | — | $23M | — | 181.6% |
| Op. Income | -$9M | — | -$6M | — | -50.2% |
| Gross Margin | 4.0% | — | 4.7% | — | -0.7pp |
| Net Margin | -14.3% | — | -43.0% | — | 28.6pp |
| EPS (Diluted) | $-0.56 | — | $-3.35 | — | 83.3% |
| Free Cash Flow | -$72.6K | — | -$4M | — | 98.1% |
| Item | Amount |
|---|---|
| REVENUE | $66M |
| Cost of Revenue | $63M |
| GROSS PROFIT | $3M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $12M |
| Other Expenses | $0 |
| Operating Expenses | $12M |
| Cost & Expenses | $75M |
| OPERATING INCOME | -$9M |
| Interest Income | $0 |
| Interest Expense | $125.4K |
| Other Income/Expenses | -$174.1K |
| INCOME BEFORE TAX | -$9M |
| Income Tax Expense | $183.3K |
| Net Income from Continuing Ops | -$9M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$9M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$9M |
| D&A | $43.2K |
| EBIT | -$9M |
| EBITDA | -$9M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$9M |
| Depreciation & Amortization | $43.2K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $13M |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$72.6K |
| Capital Expenditure | $64 |
| Acquisitions (Net) | -$599 |
| Purchases of Investments | -$27.0K |
| Sales/Maturities of Investments | $199.9K |
| Other Investing Activities | -$2.1K |
| NET CASH FROM INVESTING | $170.4K |
| Net Debt Issuance | $2M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$10M |
| NET CASH FROM FINANCING | $2M |
| FREE CASH FLOW | -$72.6K |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3M |
| Short-Term Investments | $1M |
| Net Receivables | $37M |
| Inventory | $0 |
| Other Current Assets | $11M |
| TOTAL CURRENT ASSETS | $68M |
| PP&E (Net) | $43M |
| Goodwill | $2M |
| Intangible Assets | $0 |
| Long-Term Investments | $1M |
| Tax Assets | $0 |
| Other Non-Current Assets | $545.7K |
| TOTAL NON-CURRENT ASSETS | $47M |
| TOTAL ASSETS | $115M |
| Account Payables | $32M |
| Short-Term Debt | $6M |
| Deferred Revenue | $2M |
| Other Current Liabilities | $2M |
| TOTAL CURRENT LIABILITIES | $46M |
| Long-Term Debt | $2M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $47M |
| TOTAL LIABILITIES | $93M |
| Common Stock | $169.4K |
| Additional Paid-In Capital | $55M |
| Retained Earnings | -$34M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$8.9K |
| Other Equity | -$15.4K |
| TOTAL STOCKHOLDERS' EQUITY | $22M |
| Minority Interest | $31.8K |
| TOTAL EQUITY | $22M |
| TOTAL LIABILITIES & EQUITY | $115M |
| Total Debt | $53M |
| Net Debt | $50M |
