| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3M | $13M | $61M | -78.2% | -95.4% |
| Op. Income | -$50M | -$33M | $13M | -50.8% | -482.3% |
| Gross Margin | 24.9% | 83.6% | 100.0% | -58.7pp | -75.1pp |
| Net Margin | -1658.9% | -212.1% | 22.2% | -1446.8pp | -1681.1pp |
| EPS (Diluted) | $-0.70 | $-0.33 | $0.22 | -112.1% | -418.2% |
| Free Cash Flow | -$44M | $100M | $129M | -143.9% | -134.0% |
| Item | Amount |
|---|---|
| REVENUE | $3M |
| Cost of Revenue | $2M |
| GROSS PROFIT | $693.0K |
| R&D Expenses | $40M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $11M |
| Other Expenses | $0 |
| Operating Expenses | $50M |
| Cost & Expenses | $52M |
| OPERATING INCOME | -$50M |
| Interest Income | $4M |
| Interest Expense | $0 |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | -$46M |
| Income Tax Expense | $59.0K |
| Net Income from Continuing Ops | -$46M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$46M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$46M |
| D&A | $2M |
| EBIT | -$50M |
| EBITDA | -$48M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$46M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $87.0K |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$43M |
| Capital Expenditure | -$767.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$154M |
| Sales/Maturities of Investments | $89M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$65M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $30M |
| FREE CASH FLOW | -$44M |
| Net Change in Cash | -$78M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $130M |
| Short-Term Investments | $247M |
| Net Receivables | $5M |
| Inventory | $0 |
| Other Current Assets | $11M |
| TOTAL CURRENT ASSETS | $393M |
| PP&E (Net) | $50M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $5M |
| TOTAL NON-CURRENT ASSETS | $55M |
| TOTAL ASSETS | $449M |
| Account Payables | $4M |
| Short-Term Debt | $4M |
| Deferred Revenue | $30M |
| Other Current Liabilities | $27M |
| TOTAL CURRENT LIABILITIES | $64M |
| Long-Term Debt | $35M |
| Deferred Revenue NC | $111M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5M |
| TOTAL NON-CURRENT LIABILITIES | $151M |
| TOTAL LIABILITIES | $216M |
| Common Stock | $7.0K |
| Additional Paid-In Capital | $714M |
| Retained Earnings | -$477M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $233M |
| Minority Interest | $0 |
| TOTAL EQUITY | $233M |
| TOTAL LIABILITIES & EQUITY | $449M |
| Total Debt | $39M |
| Net Debt | -$91M |
