| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $168M | $87M | $69M | 92.9% | 143.7% |
| Op. Income | $85M | -$10M | -$4M | 955.8% | 2028.3% |
| Gross Margin | 83.5% | 36.5% | 62.9% | 46.9pp | 20.5pp |
| Net Margin | 36.7% | -35.9% | -30.8% | 72.6pp | 67.6pp |
| EPS (Diluted) | $0.22 | $-0.16 | $-0.11 | 237.5% | 300.0% |
| Free Cash Flow | $45M | -$4M | -$35M | 1160.0% | 230.0% |
| Item | Amount |
|---|---|
| REVENUE | $168M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $141M |
| R&D Expenses | $14M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $41M |
| Other Expenses | $0 |
| Operating Expenses | $55M |
| Cost & Expenses | $83M |
| OPERATING INCOME | $85M |
| Interest Income | $1M |
| Interest Expense | $23M |
| Other Income/Expenses | -$22M |
| INCOME BEFORE TAX | $64M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $62M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $62M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $62M |
| D&A | $26.0K |
| EBIT | $85M |
| EBITDA | $85M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $168M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $141M |
| R&D Expenses | $14M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $41M |
| Other Expenses | $0 |
| Operating Expenses | $55M |
| Cost & Expenses | $83M |
| OPERATING INCOME | $85M |
| Interest Income | $1M |
| Interest Expense | $23M |
| Other Income/Expenses | -$22M |
| INCOME BEFORE TAX | $64M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $62M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $62M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $62M |
| D&A | $26.0K |
| EBIT | $85M |
| EBITDA | $85M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $62M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $926.0K |
| Change in Working Capital | -$21M |
| OPERATING CASH FLOW | $45M |
| Capital Expenditure | $189.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $189.0K |
| Net Debt Issuance | -$55M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $244.0K |
| NET CASH FROM FINANCING | $30M |
| FREE CASH FLOW | $45M |
| Net Change in Cash | $75M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $168M |
| Short-Term Investments | $0 |
| Net Receivables | $140M |
| Inventory | $105M |
| Other Current Assets | -$245M |
| TOTAL CURRENT ASSETS | $168M |
| PP&E (Net) | $3M |
| Goodwill | $0 |
| Intangible Assets | $56.0K |
| Long-Term Investments | $0 |
| Tax Assets | $418M |
| Other Non-Current Assets | -$123M |
| TOTAL NON-CURRENT ASSETS | $298M |
| TOTAL ASSETS | $466M |
| Account Payables | $65M |
| Short-Term Debt | $90M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $146M |
| TOTAL CURRENT LIABILITIES | $301M |
| Long-Term Debt | $458M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $9M |
| TOTAL NON-CURRENT LIABILITIES | $467M |
| TOTAL LIABILITIES | $768M |
| Common Stock | $245.0K |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | -$1.6B |
| Treasury Stock | -$55M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$302M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$302M |
| TOTAL LIABILITIES & EQUITY | $466M |
| Total Debt | $548M |
| Net Debt | $380M |
