| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4M | $2M | $2M | 79.3% | 89.7% |
| Op. Income | -$28M | -$29M | -$39M | 3.2% | 26.8% |
| Gross Margin | 82.7% | 71.3% | -1337.8% | 11.4pp | 1420.5pp |
| Net Margin | -672.1% | -1253.3% | -1708.7% | 581.2pp | 1036.6pp |
| EPS (Diluted) | $-0.28 | $-0.30 | $-0.39 | 6.7% | 28.2% |
| Free Cash Flow | -$21M | -$25M | -$36M | 18.5% | 42.7% |
| Item | Amount |
|---|---|
| REVENUE | $4M |
| Cost of Revenue | $682.0K |
| GROSS PROFIT | $3M |
| R&D Expenses | $24M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $8M |
| Other Expenses | $0 |
| Operating Expenses | $32M |
| Cost & Expenses | $32M |
| OPERATING INCOME | -$28M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $1M |
| INCOME BEFORE TAX | -$27M |
| Income Tax Expense | -$550.0K |
| Net Income from Continuing Ops | -$26M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$26M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$26M |
| D&A | $682.0K |
| EBIT | -$28M |
| EBITDA | -$28M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$26M |
| Depreciation & Amortization | $682.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | -$21M |
| Capital Expenditure | $216.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$44M |
| Sales/Maturities of Investments | $62M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $18M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $4M |
| FREE CASH FLOW | -$21M |
| Net Change in Cash | $1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $12M |
| Short-Term Investments | $127M |
| Net Receivables | $3M |
| Inventory | $0 |
| Other Current Assets | $3M |
| TOTAL CURRENT ASSETS | $145M |
| PP&E (Net) | $24M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $4M |
| Tax Assets | $4M |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $34M |
| TOTAL ASSETS | $180M |
| Account Payables | $6M |
| Short-Term Debt | $1M |
| Deferred Revenue | $2M |
| Other Current Liabilities | $9M |
| TOTAL CURRENT LIABILITIES | $25M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $2M |
| Deferred Tax Liabilities | $4M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $32M |
| TOTAL LIABILITIES | $57M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $719M |
| Retained Earnings | -$597M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $103.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $122M |
| Minority Interest | $0 |
| TOTAL EQUITY | $122M |
| TOTAL LIABILITIES & EQUITY | $180M |
| Total Debt | $27M |
| Net Debt | $15M |
