| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $264M | $142M | $104M | 85.4% | 152.6% |
| Op. Income | -$250M | -$366M | -$230M | 31.8% | -8.4% |
| Gross Margin | 82.5% | 79.4% | 75.0% | 3.1pp | 7.5pp |
| Net Margin | -124.5% | -260.0% | -225.5% | 135.5pp | 101.0pp |
| EPS (Diluted) | $-1.54 | $-1.75 | $-1.32 | 12.0% | -16.7% |
| Free Cash Flow | -$294M | -$222M | -$203M | -32.4% | -45.1% |
| Item | Amount |
|---|---|
| REVENUE | $264M |
| Cost of Revenue | $46M |
| GROSS PROFIT | $218M |
| R&D Expenses | $255M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $212M |
| Other Expenses | $0 |
| Operating Expenses | $467M |
| Cost & Expenses | $514M |
| OPERATING INCOME | -$250M |
| Interest Income | $15M |
| Interest Expense | $21M |
| Other Income/Expenses | -$77M |
| INCOME BEFORE TAX | -$327M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | -$328M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$328M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$328M |
| D&A | $6M |
| EBIT | -$306M |
| EBITDA | -$301M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$328M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $113M |
| Change in Working Capital | -$38M |
| OPERATING CASH FLOW | -$248M |
| Capital Expenditure | -$47M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $436M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $389M |
| Net Debt Issuance | -$776.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $34M |
| FREE CASH FLOW | -$294M |
| Net Change in Cash | $176M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $510M |
| Short-Term Investments | $920M |
| Net Receivables | $141M |
| Inventory | $132M |
| Other Current Assets | $91M |
| TOTAL CURRENT ASSETS | $1.8B |
| PP&E (Net) | $139M |
| Goodwill | $136M |
| Intangible Assets | $98M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $97M |
| TOTAL NON-CURRENT ASSETS | $470M |
| TOTAL ASSETS | $2.3B |
| Account Payables | $80M |
| Short-Term Debt | $19M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $258M |
| TOTAL CURRENT LIABILITIES | $469M |
| Long-Term Debt | $716M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $308M |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $2M |
| Additional Paid-In Capital | $6.4B |
| Retained Earnings | -$5.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $739M |
| Minority Interest | $0 |
| TOTAL EQUITY | $739M |
| TOTAL LIABILITIES & EQUITY | $2.3B |
| Total Debt | $768M |
| Net Debt | $258M |
