| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $27M | $51M | — | -45.8% | — |
| Op. Income | -$144M | -$121M | — | -19.5% | — |
| Gross Margin | 100.0% | -103.2% | — | 203.2pp | — |
| Net Margin | -513.6% | -315.1% | — | -198.5pp | — |
| EPS (Diluted) | $-1.20 | $-6.67 | — | 82.0% | — |
| Free Cash Flow | -$140M | -$65M | — | -117.0% | — |
| Item | Amount |
|---|---|
| REVENUE | $27M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $27M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $172M |
| Operating Expenses | $172M |
| Cost & Expenses | $172M |
| OPERATING INCOME | -$144M |
| Interest Income | $60M |
| Interest Expense | $11M |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | -$141M |
| Income Tax Expense | -$135.0K |
| Net Income from Continuing Ops | -$141M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$270.0K |
| NET INCOME | -$141M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$141M |
| D&A | $0 |
| EBIT | -$130M |
| EBITDA | -$130M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$141M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $98M |
| Change in Working Capital | -$95M |
| OPERATING CASH FLOW | -$138M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $29M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$78M |
| NET CASH FROM INVESTING | -$52M |
| Net Debt Issuance | $127M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$137M |
| NET CASH FROM FINANCING | -$17M |
| FREE CASH FLOW | -$140M |
| Net Change in Cash | -$208M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $367M |
| Short-Term Investments | $440M |
| Net Receivables | $220M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.0B |
| PP&E (Net) | $15M |
| Goodwill | $0 |
| Intangible Assets | $140M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $627M |
| TOTAL NON-CURRENT ASSETS | $782M |
| TOTAL ASSETS | $1.8B |
| Account Payables | $0 |
| Short-Term Debt | $633M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $633M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $614M |
| TOTAL NON-CURRENT LIABILITIES | $635M |
| TOTAL LIABILITIES | $1.3B |
| Common Stock | $118.0K |
| Additional Paid-In Capital | $2.6B |
| Retained Earnings | -$2.0B |
| Treasury Stock | -$568.0K |
| Accum. Other Comp. Income | $887.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $541M |
| Minority Interest | $0 |
| TOTAL EQUITY | $541M |
| TOTAL LIABILITIES & EQUITY | $1.8B |
| Total Debt | $654M |
| Net Debt | $287M |
