| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $58M | $31M | — | 87.4% | — |
| Op. Income | -$71M | -$62M | — | -15.0% | — |
| Gross Margin | 17.6% | 27.6% | — | -10.0pp | — |
| Net Margin | -71.2% | -433.5% | — | 362.3pp | — |
| EPS (Diluted) | $-0.26 | $-0.95 | — | 72.6% | — |
| Free Cash Flow | -$79M | -$62M | — | -28.0% | — |
| Item | Amount |
|---|---|
| REVENUE | $58M |
| Cost of Revenue | $48M |
| GROSS PROFIT | $10M |
| R&D Expenses | $58M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $44M |
| Other Expenses | -$20M |
| Operating Expenses | $82M |
| Cost & Expenses | $129M |
| OPERATING INCOME | -$71M |
| Interest Income | $10M |
| Interest Expense | $4M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | -$78M |
| Income Tax Expense | -$37M |
| Net Income from Continuing Ops | -$41M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$41M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$41M |
| D&A | $11M |
| EBIT | -$1M |
| EBITDA | $10M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$41M |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | $13M |
| Deferred Income Tax | -$37M |
| Other Non-Cash Items | $4M |
| Change in Working Capital | -$15M |
| OPERATING CASH FLOW | -$67M |
| Capital Expenditure | -$12M |
| Acquisitions (Net) | -$277M |
| Purchases of Investments | -$100M |
| Sales/Maturities of Investments | $8M |
| Other Investing Activities | $280.0K |
| NET CASH FROM INVESTING | -$381M |
| Net Debt Issuance | $254M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $2M |
| NET CASH FROM FINANCING | $245M |
| FREE CASH FLOW | -$79M |
| Net Change in Cash | -$203M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $793M |
| Short-Term Investments | $100M |
| Net Receivables | $46M |
| Inventory | $0 |
| Other Current Assets | $24M |
| TOTAL CURRENT ASSETS | $963M |
| PP&E (Net) | $181M |
| Goodwill | $450M |
| Intangible Assets | $166M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $65M |
| TOTAL NON-CURRENT ASSETS | $862M |
| TOTAL ASSETS | $1.8B |
| Account Payables | $36M |
| Short-Term Debt | $9M |
| Deferred Revenue | $116M |
| Other Current Liabilities | $52M |
| TOTAL CURRENT LIABILITIES | $214M |
| Long-Term Debt | $281M |
| Deferred Revenue NC | $93M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $30M |
| TOTAL NON-CURRENT LIABILITIES | $421M |
| TOTAL LIABILITIES | $635M |
| Common Stock | $17.0K |
| Additional Paid-In Capital | $2.2B |
| Retained Earnings | -$1.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.2B |
| TOTAL LIABILITIES & EQUITY | $1.8B |
| Total Debt | $309M |
| Net Debt | -$484M |
