| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $11M | $208M | $7M | -94.8% | 55.4% |
| Op. Income | -$95M | $108M | -$144M | -187.2% | 34.4% |
| Gross Margin | 89.0% | 99.5% | 90.8% | -10.5pp | -1.8pp |
| Net Margin | -765.7% | 57.4% | -1861.6% | -823.0pp | 1095.9pp |
| EPS (Diluted) | $-0.94 | $1.33 | $-1.49 | -170.7% | 36.9% |
| Free Cash Flow | -$91M | $142M | -$123M | -163.9% | 26.0% |
| Item | Amount |
|---|---|
| REVENUE | $11M |
| Cost of Revenue | $1M |
| GROSS PROFIT | $10M |
| R&D Expenses | $87M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $18M |
| Other Expenses | $0 |
| Operating Expenses | $104M |
| Cost & Expenses | $105M |
| OPERATING INCOME | -$95M |
| Interest Income | $11M |
| Interest Expense | $0 |
| Other Income/Expenses | $11M |
| INCOME BEFORE TAX | -$83M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$83M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$83M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$83M |
| D&A | $1M |
| EBIT | -$95M |
| EBITDA | -$93M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$83M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $10M |
| Change in Working Capital | -$19M |
| OPERATING CASH FLOW | -$90M |
| Capital Expenditure | -$333.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$236M |
| Sales/Maturities of Investments | $139M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$98M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $2M |
| FREE CASH FLOW | -$91M |
| Net Change in Cash | -$186M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $113M |
| Short-Term Investments | $527M |
| Net Receivables | $6M |
| Inventory | $0 |
| Other Current Assets | $21M |
| TOTAL CURRENT ASSETS | $667M |
| PP&E (Net) | $31M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $411M |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $443M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $18M |
| Short-Term Debt | $339.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $30M |
| TOTAL CURRENT LIABILITIES | $59M |
| Long-Term Debt | $28M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$28M |
| TOTAL NON-CURRENT LIABILITIES | $28M |
| TOTAL LIABILITIES | $86M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $1.8B |
| Retained Earnings | -$737M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.0B |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $55M |
| Net Debt | -$57M |
