| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $19M | $15M | $17M | 23.1% | 9.8% |
| Op. Income | -$11M | -$18M | -$24M | 38.8% | 52.2% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | -64.1% | -123.6% | -131.4% | 59.5pp | 67.3pp |
| EPS (Diluted) | $-0.56 | $-0.87 | $-1.05 | 35.6% | 46.7% |
| Free Cash Flow | -$12M | -$8M | -$26M | -49.0% | 53.6% |
| Item | Amount |
|---|---|
| REVENUE | $19M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $19M |
| R&D Expenses | $21M |
| Selling & Marketing | $0 |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | $0 |
| Operating Expenses | $30M |
| Cost & Expenses | $30M |
| OPERATING INCOME | -$11M |
| Interest Income | $2M |
| Interest Expense | $3M |
| Other Income/Expenses | -$661.0K |
| INCOME BEFORE TAX | -$12M |
| Income Tax Expense | $24.0K |
| Net Income from Continuing Ops | -$12M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$12M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$12M |
| D&A | $1M |
| EBIT | -$9M |
| EBITDA | -$8M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$12M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$12M |
| Capital Expenditure | -$143.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$149M |
| Sales/Maturities of Investments | $101M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$47M |
| Net Debt Issuance | -$6M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$97.0K |
| NET CASH FROM FINANCING | $64M |
| FREE CASH FLOW | -$12M |
| Net Change in Cash | $5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $37M |
| Short-Term Investments | $148M |
| Net Receivables | $8M |
| Inventory | $0 |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $199M |
| PP&E (Net) | $71M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $56M |
| Tax Assets | $0 |
| Other Non-Current Assets | $3M |
| TOTAL NON-CURRENT ASSETS | $131M |
| TOTAL ASSETS | $330M |
| Account Payables | $2M |
| Short-Term Debt | $32M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $45M |
| Long-Term Debt | $104M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $269.0K |
| TOTAL NON-CURRENT LIABILITIES | $158M |
| TOTAL LIABILITIES | $203M |
| Common Stock | $290.0K |
| Additional Paid-In Capital | $543M |
| Retained Earnings | -$417M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$329.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $127M |
| Minority Interest | $0 |
| TOTAL EQUITY | $127M |
| TOTAL LIABILITIES & EQUITY | $330M |
| Total Debt | $193M |
| Net Debt | $156M |
