| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $304M | $274M | $217M | 10.8% | 40.0% |
| Op. Income | -$196M | -$1.1B | $52M | 82.8% | -478.4% |
| Gross Margin | 82.1% | 69.4% | 92.4% | 12.7pp | -10.3pp |
| Net Margin | -74.6% | -400.1% | 45.1% | 325.5pp | -119.7pp |
| EPS (Diluted) | $-0.44 | $-2.23 | $0.20 | 80.3% | -320.0% |
| Free Cash Flow | $39M | $49M | — | -20.2% | — |
| Item | Amount |
|---|---|
| REVENUE | $304M |
| Cost of Revenue | $54M |
| GROSS PROFIT | $249M |
| R&D Expenses | $196M |
| Selling & Marketing | $134M |
| General & Administrative | $115M |
| SG&A Expenses | $249M |
| Other Expenses | $0 |
| Operating Expenses | $445M |
| Cost & Expenses | $499M |
| OPERATING INCOME | -$196M |
| Interest Income | $15M |
| Interest Expense | $0 |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | -$204M |
| Income Tax Expense | $22M |
| Net Income from Continuing Ops | -$227M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$227M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$227M |
| D&A | $0 |
| EBIT | -$196M |
| EBITDA | -$196M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$227M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $218M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $30M |
| Change in Working Capital | $12M |
| OPERATING CASH FLOW | $40M |
| Capital Expenditure | -$734.0K |
| Acquisitions (Net) | -$37M |
| Purchases of Investments | -$233M |
| Sales/Maturities of Investments | $201M |
| Other Investing Activities | -$6M |
| NET CASH FROM INVESTING | -$77M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | $99M |
| FREE CASH FLOW | $39M |
| Net Change in Cash | $62M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $403M |
| Short-Term Investments | $1.3B |
| Net Receivables | $248M |
| Inventory | $0 |
| Other Current Assets | $101M |
| TOTAL CURRENT ASSETS | $2.0B |
| PP&E (Net) | $77M |
| Goodwill | $101M |
| Intangible Assets | $19M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $146M |
| TOTAL NON-CURRENT ASSETS | $344M |
| TOTAL ASSETS | $2.3B |
| Account Payables | $5M |
| Short-Term Debt | $3M |
| Deferred Revenue | $595M |
| Other Current Liabilities | $173M |
| TOTAL CURRENT LIABILITIES | $776M |
| Long-Term Debt | $56M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$50M |
| TOTAL NON-CURRENT LIABILITIES | $61M |
| TOTAL LIABILITIES | $838M |
| Common Stock | $4.0K |
| Additional Paid-In Capital | $3.0B |
| Retained Earnings | -$1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.5B |
| TOTAL LIABILITIES & EQUITY | $2.3B |
| Total Debt | $114M |
| Net Debt | -$289M |
