| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $203M | $157M | $227M | 29.5% | -10.4% |
| Op. Income | -$215M | -$160M | -$111M | -34.2% | -94.0% |
| Gross Margin | 96.1% | 98.5% | 98.3% | -2.4pp | -2.3pp |
| Net Margin | -112.8% | -82.1% | -46.1% | -30.7pp | -66.8pp |
| EPS (Diluted) | $-1.41 | $-0.80 | $-0.66 | -76.2% | -113.6% |
| Free Cash Flow | -$159M | -$135M | -$142M | -18.0% | -12.3% |
| Item | Amount |
|---|---|
| REVENUE | $203M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $195M |
| R&D Expenses | $280M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $130M |
| Other Expenses | $0 |
| Operating Expenses | $410M |
| Cost & Expenses | $418M |
| OPERATING INCOME | -$215M |
| Interest Income | $0 |
| Interest Expense | $18M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | -$228M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$229M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$229M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$229M |
| D&A | $4.8B |
| EBIT | -$210M |
| EBITDA | $4.6B |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$229M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $60M |
| Change in Working Capital | $24M |
| OPERATING CASH FLOW | -$138M |
| Capital Expenditure | -$21M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$792M |
| Sales/Maturities of Investments | $395M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$420M |
| Net Debt Issuance | $483M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $591M |
| FREE CASH FLOW | -$159M |
| Net Change in Cash | $34M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $372M |
| Short-Term Investments | $2.3B |
| Net Receivables | $66M |
| Inventory | $10M |
| Other Current Assets | $247M |
| TOTAL CURRENT ASSETS | $3.0B |
| PP&E (Net) | $362M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $52M |
| Tax Assets | $0 |
| Other Non-Current Assets | $119M |
| TOTAL NON-CURRENT ASSETS | $533M |
| TOTAL ASSETS | $3.5B |
| Account Payables | $28M |
| Short-Term Debt | $453M |
| Deferred Revenue | $74M |
| Other Current Liabilities | $108M |
| TOTAL CURRENT LIABILITIES | $782M |
| Long-Term Debt | $1.9B |
| Deferred Revenue NC | $92M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $2.3B |
| TOTAL LIABILITIES | $3.0B |
| Common Stock | $163.0K |
| Additional Paid-In Capital | $3.1B |
| Retained Earnings | -$2.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$25M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $489M |
| Minority Interest | $0 |
| TOTAL EQUITY | $489M |
| TOTAL LIABILITIES & EQUITY | $3.5B |
| Total Debt | $2.6B |
| Net Debt | $2.2B |
