| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $65M | $54M | $45M | 20.1% | 45.2% |
| Op. Income | -$4M | -$4M | -$19M | 2.4% | 79.0% |
| Gross Margin | 70.5% | 70.1% | 68.5% | 0.4pp | 2.0pp |
| Net Margin | -4.0% | -20.7% | -77.6% | 16.7pp | 73.5pp |
| EPS (Diluted) | $-0.09 | $-0.38 | $-1.19 | 76.8% | 92.6% |
| Free Cash Flow | -$2M | -$13M | -$23M | 81.6% | 89.2% |
| Item | Amount |
|---|---|
| REVENUE | $65M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $46M |
| R&D Expenses | $5M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $44M |
| Other Expenses | $0 |
| Operating Expenses | $49M |
| Cost & Expenses | $69M |
| OPERATING INCOME | -$4M |
| Interest Income | $34.0K |
| Interest Expense | $7M |
| Other Income/Expenses | -$8M |
| INCOME BEFORE TAX | -$12M |
| Income Tax Expense | -$9M |
| Net Income from Continuing Ops | -$3M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$3M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$3M |
| D&A | $0 |
| EBIT | -$5M |
| EBITDA | -$5M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$3M |
| Depreciation & Amortization | -$2M |
| Stock-Based Compensation | -$3M |
| Deferred Income Tax | $9M |
| Other Non-Cash Items | -$6M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | -$555.5K |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | -$4M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $4M |
| NET CASH FROM INVESTING | -$2M |
| Net Debt Issuance | -$759.7K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$139.0K |
| NET CASH FROM FINANCING | $6M |
| FREE CASH FLOW | -$2M |
| Net Change in Cash | $5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $76M |
| Short-Term Investments | $0 |
| Net Receivables | $77M |
| Inventory | $86M |
| Other Current Assets | $11M |
| TOTAL CURRENT ASSETS | $250M |
| PP&E (Net) | $80M |
| Goodwill | $1M |
| Intangible Assets | $10M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $16M |
| TOTAL NON-CURRENT ASSETS | $107M |
| TOTAL ASSETS | $357M |
| Account Payables | $43M |
| Short-Term Debt | $12M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $25M |
| TOTAL CURRENT LIABILITIES | $82M |
| Long-Term Debt | $248M |
| Deferred Revenue NC | $1M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $251M |
| TOTAL LIABILITIES | $334M |
| Common Stock | $433M |
| Additional Paid-In Capital | $88M |
| Retained Earnings | -$496M |
| Treasury Stock | -$3M |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $24M |
| Minority Interest | $0 |
| TOTAL EQUITY | $24M |
| TOTAL LIABILITIES & EQUITY | $357M |
| Total Debt | $264M |
| Net Debt | $189M |
