| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $68M | $56M | $51M | 20.5% | 33.0% |
| Op. Income | $11M | $9M | $5M | 15.5% | 108.1% |
| Gross Margin | 20.6% | 30.7% | 24.2% | -10.1pp | -3.5pp |
| Net Margin | 4.5% | 36.3% | 8.7% | -31.8pp | -4.2pp |
| EPS (Diluted) | $0.08 | $0.53 | $0.14 | -85.1% | -43.6% |
| Free Cash Flow | $6M | -$2M | -$4M | 364.5% | 248.5% |
| Item | Amount |
|---|---|
| REVENUE | $68M |
| Cost of Revenue | $54M |
| GROSS PROFIT | $14M |
| R&D Expenses | $463.0K |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $8M |
| Other Expenses | -$5M |
| Operating Expenses | $3M |
| Cost & Expenses | $57M |
| OPERATING INCOME | $11M |
| Interest Income | $0 |
| Interest Expense | $1M |
| Other Income/Expenses | -$6M |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $2M |
| 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 | $6M |
| EBIT | $11M |
| EBITDA | $16M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $68M |
| Cost of Revenue | $54M |
| GROSS PROFIT | $14M |
| R&D Expenses | $463.0K |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $8M |
| Other Expenses | -$5M |
| Operating Expenses | $3M |
| Cost & Expenses | $57M |
| OPERATING INCOME | $11M |
| Interest Income | $0 |
| Interest Expense | $1M |
| Other Income/Expenses | -$6M |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $2M |
| 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 | $6M |
| EBIT | $11M |
| EBITDA | $16M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $3M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $594.0K |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | $461.0K |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | $6M |
| Capital Expenditure | -$287.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$287.0K |
| Net Debt Issuance | -$4M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$5M |
| FREE CASH FLOW | $6M |
| Net Change in Cash | $1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $6M |
| Short-Term Investments | $0 |
| Net Receivables | $91M |
| Inventory | $11M |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $111M |
| PP&E (Net) | $23M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $55M |
| Tax Assets | $29M |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $109M |
| TOTAL ASSETS | $220M |
| Account Payables | $48M |
| Short-Term Debt | $5M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $8M |
| TOTAL CURRENT LIABILITIES | $62M |
| Long-Term Debt | $40M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $45M |
| TOTAL LIABILITIES | $107M |
| Common Stock | $3.0K |
| Additional Paid-In Capital | $435M |
| Retained Earnings | -$286M |
| Treasury Stock | -$36M |
| Accum. Other Comp. Income | $96.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $113M |
| Minority Interest | $0 |
| TOTAL EQUITY | $113M |
| TOTAL LIABILITIES & EQUITY | $220M |
| Total Debt | $50M |
| Net Debt | $44M |
