| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $33M | $39M | $44M | -14.0% | -23.8% |
| Op. Income | -$71M | -$90M | -$104M | 21.4% | 31.7% |
| Gross Margin | 124.4% | 67.0% | 78.1% | 57.4pp | 46.3pp |
| Net Margin | -241.8% | -207.9% | -245.2% | -33.9pp | 3.4pp |
| EPS (Diluted) | $-1.43 | $-1.45 | $-2.07 | 1.4% | 30.9% |
| Free Cash Flow | -$63M | -$32M | -$56M | -99.3% | -12.2% |
| Item | Amount |
|---|---|
| REVENUE | $33M |
| Cost of Revenue | -$8M |
| GROSS PROFIT | $42M |
| R&D Expenses | $50M |
| Selling & Marketing | $0 |
| General & Administrative | $46M |
| SG&A Expenses | $46M |
| Other Expenses | $16M |
| Operating Expenses | $112M |
| Cost & Expenses | $104M |
| OPERATING INCOME | -$71M |
| Interest Income | $41M |
| Interest Expense | $0 |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | -$81M |
| Income Tax Expense | -$643.0K |
| Net Income from Continuing Ops | -$81M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$81M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$81M |
| D&A | $47M |
| EBIT | -$81M |
| EBITDA | -$35M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$81M |
| Depreciation & Amortization | $14M |
| Stock-Based Compensation | $21M |
| Deferred Income Tax | -$1M |
| Other Non-Cash Items | $23M |
| Change in Working Capital | -$24M |
| OPERATING CASH FLOW | -$48M |
| Capital Expenditure | -$15M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$17M |
| Sales/Maturities of Investments | $185M |
| Other Investing Activities | -$58M |
| NET CASH FROM INVESTING | $95M |
| Net Debt Issuance | -$25.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $8M |
| FREE CASH FLOW | -$63M |
| Net Change in Cash | $54M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $167M |
| Short-Term Investments | $255M |
| Net Receivables | $24M |
| Inventory | $0 |
| Other Current Assets | $25M |
| TOTAL CURRENT ASSETS | $472M |
| PP&E (Net) | $529M |
| Goodwill | $0 |
| Intangible Assets | $57M |
| Long-Term Investments | $15M |
| Tax Assets | $0 |
| Other Non-Current Assets | $47M |
| TOTAL NON-CURRENT ASSETS | $648M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $11M |
| Short-Term Debt | $0 |
| Deferred Revenue | $19M |
| Other Current Liabilities | $66M |
| TOTAL CURRENT LIABILITIES | $96M |
| Long-Term Debt | $417M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $98M |
| TOTAL NON-CURRENT LIABILITIES | $515M |
| TOTAL LIABILITIES | $611M |
| Common Stock | $6.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$6.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2M |
| Other Equity | $6.7B |
| TOTAL STOCKHOLDERS' EQUITY | $509M |
| Minority Interest | $0 |
| TOTAL EQUITY | $509M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $417M |
| Net Debt | $250M |
