| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $54M | $40M | $29M | 35.0% | 83.9% |
| Op. Income | -$27M | -$24M | -$65M | -13.2% | 58.0% |
| Gross Margin | 88.7% | 88.7% | 89.8% | -0.1pp | -1.1pp |
| Net Margin | -39.6% | -49.6% | -225.0% | 10.0pp | 185.4pp |
| EPS (Diluted) | $-0.21 | $-0.19 | $-0.70 | -10.5% | 70.0% |
| Free Cash Flow | -$18M | -$6M | -$31M | -204.0% | 43.8% |
| Item | Amount |
|---|---|
| REVENUE | $54M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $48M |
| R&D Expenses | $41M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $34M |
| Other Expenses | $0 |
| Operating Expenses | $75M |
| Cost & Expenses | $81M |
| OPERATING INCOME | -$27M |
| Interest Income | $4M |
| Interest Expense | $0 |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | -$23M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | -$21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$21M |
| D&A | $679.0K |
| EBIT | -$23M |
| EBITDA | -$23M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$21M |
| Depreciation & Amortization | $886.0K |
| Stock-Based Compensation | $11M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | -$14M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$58M |
| Sales/Maturities of Investments | $225M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $167M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $471.0K |
| FREE CASH FLOW | -$18M |
| Net Change in Cash | $154M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $197M |
| Short-Term Investments | $244M |
| Net Receivables | $27M |
| Inventory | $6M |
| Other Current Assets | $11M |
| TOTAL CURRENT ASSETS | $485M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $18M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $230.0K |
| TOTAL NON-CURRENT ASSETS | $23M |
| TOTAL ASSETS | $508M |
| Account Payables | $4M |
| Short-Term Debt | $174.0K |
| Deferred Revenue | $2M |
| Other Current Liabilities | $55M |
| TOTAL CURRENT LIABILITIES | $61M |
| Long-Term Debt | $3M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $6M |
| TOTAL LIABILITIES | $67M |
| Common Stock | $10.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$661M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $65.0K |
| Other Equity | $1.1B |
| TOTAL STOCKHOLDERS' EQUITY | $441M |
| Minority Interest | $0 |
| TOTAL EQUITY | $441M |
| TOTAL LIABILITIES & EQUITY | $508M |
| Total Debt | $3M |
| Net Debt | -$194M |
