| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $157M | $167M | $166M | -5.9% | -5.3% |
| Op. Income | -$900.0K | -$3M | -$5M | 70.0% | 82.0% |
| Gross Margin | 7.5% | 21.7% | 23.0% | -14.3pp | -15.6pp |
| Net Margin | -9.6% | -8.6% | -8.8% | -1.0pp | -0.7pp |
| EPS (Diluted) | $-0.78 | $-0.74 | $-0.90 | -5.4% | 13.3% |
| Free Cash Flow | $3M | $2M | $11M | 106.7% | -71.0% |
| Item | Amount |
|---|---|
| REVENUE | $157M |
| Cost of Revenue | $145M |
| GROSS PROFIT | $12M |
| R&D Expenses | $500.0K |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $13M |
| Other Expenses | $0 |
| Operating Expenses | $14M |
| Cost & Expenses | $159M |
| OPERATING INCOME | -$900.0K |
| Interest Income | $100.0K |
| Interest Expense | $13M |
| Other Income/Expenses | -$14M |
| INCOME BEFORE TAX | -$15M |
| Income Tax Expense | $200.0K |
| Net Income from Continuing Ops | -$15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$15M |
| D&A | $24M |
| EBIT | -$2M |
| EBITDA | $22M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$15M |
| Depreciation & Amortization | $24M |
| Stock-Based Compensation | $600.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | $1M |
| OPERATING CASH FLOW | $13M |
| Capital Expenditure | -$9M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $6M |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | -$11M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $300.0K |
| NET CASH FROM FINANCING | -$11M |
| FREE CASH FLOW | $3M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $6M |
| Short-Term Investments | $0 |
| Net Receivables | $103M |
| Inventory | $31M |
| Other Current Assets | $11M |
| TOTAL CURRENT ASSETS | $150M |
| PP&E (Net) | $183M |
| Goodwill | $0 |
| Intangible Assets | $1M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $6M |
| TOTAL NON-CURRENT ASSETS | $190M |
| TOTAL ASSETS | $340M |
| Account Payables | $69M |
| Short-Term Debt | $4M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $26M |
| TOTAL CURRENT LIABILITIES | $126M |
| Long-Term Debt | $254M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $287M |
| TOTAL LIABILITIES | $413M |
| Common Stock | $200.0K |
| Additional Paid-In Capital | $571M |
| Retained Earnings | -$640M |
| Treasury Stock | -$6M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$74M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$73M |
| TOTAL LIABILITIES & EQUITY | $340M |
| Total Debt | $318M |
| Net Debt | $313M |
