| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $281M | $265M | $202M | 6.1% | 39.4% |
| Op. Income | -$121M | -$99M | -$126M | -22.0% | 4.1% |
| Gross Margin | 64.6% | 64.7% | 61.6% | -0.1pp | 3.1pp |
| Net Margin | -45.7% | -35.0% | -55.0% | -10.7pp | 9.3pp |
| EPS (Diluted) | $-1.00 | $-0.74 | $-0.90 | -35.1% | -11.1% |
| Free Cash Flow | -$42M | -$46M | -$83M | 8.4% | 49.7% |
| Item | Amount |
|---|---|
| REVENUE | $281M |
| Cost of Revenue | $99M |
| GROSS PROFIT | $182M |
| R&D Expenses | $98M |
| Selling & Marketing | $143M |
| General & Administrative | $61M |
| SG&A Expenses | $204M |
| Other Expenses | $0 |
| Operating Expenses | $303M |
| Cost & Expenses | $402M |
| OPERATING INCOME | -$121M |
| Interest Income | $10M |
| Interest Expense | $1M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | -$130M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | -$128M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$128M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$128M |
| D&A | $10M |
| EBIT | -$129M |
| EBITDA | -$119M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$128M |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $72M |
| Change in Working Capital | $32M |
| OPERATING CASH FLOW | -$14M |
| Capital Expenditure | -$28M |
| Acquisitions (Net) | -$59M |
| Purchases of Investments | -$818M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$905M |
| Net Debt Issuance | $373M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$5M |
| NET CASH FROM FINANCING | $720M |
| FREE CASH FLOW | -$42M |
| Net Change in Cash | -$202M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $378M |
| Short-Term Investments | $823M |
| Net Receivables | $138M |
| Inventory | $86M |
| Other Current Assets | $41M |
| TOTAL CURRENT ASSETS | $1.5B |
| PP&E (Net) | $305M |
| Goodwill | $77M |
| Intangible Assets | $26M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $140M |
| TOTAL NON-CURRENT ASSETS | $548M |
| TOTAL ASSETS | $2.0B |
| Account Payables | $54M |
| Short-Term Debt | $0 |
| Deferred Revenue | $51M |
| Other Current Liabilities | $198M |
| TOTAL CURRENT LIABILITIES | $303M |
| Long-Term Debt | $1.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $128M |
| TOTAL NON-CURRENT LIABILITIES | $1.8B |
| TOTAL LIABILITIES | $2.1B |
| Common Stock | $1.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$3.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$5M |
| Other Equity | $2.9B |
| TOTAL STOCKHOLDERS' EQUITY | -$99M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$99M |
| TOTAL LIABILITIES & EQUITY | $2.0B |
| Total Debt | $1.7B |
| Net Debt | $1.3B |
