| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $240M | $166M | $176M | 44.6% | 37.0% |
| Op. Income | -$7M | -$13M | -$7M | 48.7% | 5.0% |
| Gross Margin | 28.5% | 24.7% | 27.0% | 3.8pp | 1.4pp |
| Net Margin | -8.6% | -17.3% | -16.1% | 8.8pp | 7.5pp |
| EPS (Diluted) | $-0.08 | $-0.11 | $-0.12 | 27.7% | 33.8% |
| Free Cash Flow | $84M | $20M | $70M | 321.2% | 20.1% |
| Item | Amount |
|---|---|
| REVENUE | $240M |
| Cost of Revenue | $172M |
| GROSS PROFIT | $68M |
| R&D Expenses | $8M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $67M |
| Other Expenses | $0 |
| Operating Expenses | $75M |
| Cost & Expenses | $247M |
| OPERATING INCOME | -$7M |
| Interest Income | $0 |
| Interest Expense | $861.0K |
| Other Income/Expenses | -$16M |
| INCOME BEFORE TAX | -$23M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | -$21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$21M |
| D&A | $20M |
| EBIT | -$7M |
| EBITDA | $14M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$21M |
| Depreciation & Amortization | $20M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$5M |
| Other Non-Cash Items | $25M |
| Change in Working Capital | $69M |
| OPERATING CASH FLOW | $89M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$19M |
| Net Debt Issuance | -$4.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$4.0K |
| FREE CASH FLOW | $84M |
| Net Change in Cash | $73M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $281M |
| Short-Term Investments | $0 |
| Net Receivables | $188M |
| Inventory | $0 |
| Other Current Assets | $15M |
| TOTAL CURRENT ASSETS | $550M |
| PP&E (Net) | $61M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $33M |
| Tax Assets | $2M |
| Other Non-Current Assets | $3M |
| TOTAL NON-CURRENT ASSETS | $581M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $112M |
| Short-Term Debt | $5M |
| Deferred Revenue | $97M |
| Other Current Liabilities | $139M |
| TOTAL CURRENT LIABILITIES | $353M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $7M |
| Other Non-Current Liabilities | $20M |
| TOTAL NON-CURRENT LIABILITIES | $53M |
| TOTAL LIABILITIES | $406M |
| Common Stock | $3M |
| Additional Paid-In Capital | $2.0B |
| Retained Earnings | -$1.2B |
| Treasury Stock | -$18M |
| Accum. Other Comp. Income | -$54M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $724M |
| Minority Interest | $0 |
| TOTAL EQUITY | $724M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $30M |
| Net Debt | -$250M |
