| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $14M | $13M | $9M | 3.8% | 47.1% |
| Op. Income | -$46M | -$49M | -$36M | 6.3% | -27.4% |
| Gross Margin | 98.4% | 100.0% | 100.0% | -1.6pp | -1.6pp |
| Net Margin | -342.3% | -362.7% | -352.2% | 20.4pp | 9.8pp |
| EPS (Diluted) | $-0.21 | $-0.21 | $-0.15 | 0.0% | -40.0% |
| Free Cash Flow | -$48M | -$36M | -$35M | -33.6% | -36.2% |
| Item | Amount |
|---|---|
| REVENUE | $14M |
| Cost of Revenue | $227.0K |
| GROSS PROFIT | $14M |
| R&D Expenses | $49M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $11M |
| Other Expenses | $0 |
| Operating Expenses | $60M |
| Cost & Expenses | $60M |
| OPERATING INCOME | -$46M |
| Interest Income | $447.0K |
| Interest Expense | $3M |
| Other Income/Expenses | -$1M |
| INCOME BEFORE TAX | -$47M |
| Income Tax Expense | -$88.0K |
| Net Income from Continuing Ops | -$47M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$47M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$47M |
| D&A | $227.0K |
| EBIT | -$46M |
| EBITDA | -$46M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$47M |
| Depreciation & Amortization | $227.0K |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$837.0K |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$48M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$21M |
| Sales/Maturities of Investments | $94M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $73M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $4M |
| FREE CASH FLOW | -$48M |
| Net Change in Cash | $29M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $38M |
| Short-Term Investments | $99M |
| Net Receivables | $13M |
| Inventory | $0 |
| Other Current Assets | $18M |
| TOTAL CURRENT ASSETS | $168M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $408.0K |
| TOTAL NON-CURRENT ASSETS | $5M |
| TOTAL ASSETS | $172M |
| Account Payables | $6M |
| Short-Term Debt | $938.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $57M |
| TOTAL CURRENT LIABILITIES | $63M |
| Long-Term Debt | $202M |
| Deferred Revenue NC | $30M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $232M |
| TOTAL LIABILITIES | $295M |
| Common Stock | $24.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$5M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$123M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$123M |
| TOTAL LIABILITIES & EQUITY | $172M |
| Total Debt | $202M |
| Net Debt | $164M |
