| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $15M | $9M | $9M | 65.0% | 65.7% |
| Op. Income | $4M | $1M | $611.3K | 207.3% | 610.6% |
| Gross Margin | 42.9% | 38.4% | 39.9% | 4.5pp | 3.1pp |
| Net Margin | -77.5% | 11.9% | -8.5% | -89.5pp | -69.0pp |
| EPS (Diluted) | $-0.51 | $0.05 | $-0.03 | -1120.0% | -1374.0% |
| Free Cash Flow | -$4M | $4M | $691.0K | -211.8% | -748.0% |
| Item | Amount |
|---|---|
| REVENUE | $15M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $6M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $2M |
| Other Expenses | $0 |
| Operating Expenses | $2M |
| Cost & Expenses | $10M |
| OPERATING INCOME | $4M |
| Interest Income | $70.9K |
| Interest Expense | $580.4K |
| Other Income/Expenses | -$21M |
| INCOME BEFORE TAX | -$16M |
| Income Tax Expense | -$5M |
| Net Income from Continuing Ops | -$11M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$11M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$11M |
| D&A | $3M |
| EBIT | $4M |
| EBITDA | $7M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$11M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$150.1K |
| Other Non-Cash Items | $18M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | -$554.6K |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | -$47M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$255.0K |
| NET CASH FROM INVESTING | -$51M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$2M |
| Other Financing Activities | -$820.6K |
| NET CASH FROM FINANCING | $48M |
| FREE CASH FLOW | -$4M |
| Net Change in Cash | -$4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $9M |
| Short-Term Investments | $0 |
| Net Receivables | $16M |
| Inventory | $0 |
| Other Current Assets | $5M |
| TOTAL CURRENT ASSETS | $33M |
| PP&E (Net) | $193M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2M |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $196M |
| TOTAL ASSETS | $228M |
| Account Payables | $12M |
| Short-Term Debt | $271.5K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $11M |
| TOTAL CURRENT LIABILITIES | $25M |
| Long-Term Debt | $51M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $12M |
| Other Non-Current Liabilities | $15M |
| TOTAL NON-CURRENT LIABILITIES | $78M |
| TOTAL LIABILITIES | $103M |
| Common Stock | $154M |
| Additional Paid-In Capital | $14M |
| Retained Earnings | -$52M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $10M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $126M |
| Minority Interest | $0 |
| TOTAL EQUITY | $126M |
| TOTAL LIABILITIES & EQUITY | $228M |
| Total Debt | $51M |
| Net Debt | $42M |
