| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $74M | $69M | $73M | 7.5% | 0.7% |
| Op. Income | $41M | $9M | -$13M | 327.6% | 410.2% |
| Gross Margin | 56.2% | 55.2% | 56.4% | 1.0pp | -0.2pp |
| Net Margin | -25.0% | -18.5% | -34.7% | -6.5pp | 9.7pp |
| EPS (Diluted) | $-0.92 | $-0.64 | $-1.32 | -43.8% | 30.3% |
| Free Cash Flow | $14M | $879.0K | $2M | 1438.6% | 584.1% |
| Item | Amount |
|---|---|
| REVENUE | $74M |
| Cost of Revenue | $32M |
| GROSS PROFIT | $42M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $28M |
| Other Expenses | -$27M |
| Operating Expenses | $934.0K |
| Cost & Expenses | $33M |
| OPERATING INCOME | $41M |
| Interest Income | $180.0K |
| Interest Expense | $20M |
| Other Income/Expenses | -$59M |
| INCOME BEFORE TAX | -$18M |
| Income Tax Expense | $415.0K |
| Net Income from Continuing Ops | -$18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$18M |
| D&A | $14M |
| EBIT | $4M |
| EBITDA | $17M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$18M |
| Depreciation & Amortization | -$41M |
| Stock-Based Compensation | -$589.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $71M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | $10M |
| Capital Expenditure | $3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$6M |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | $1M |
| Common Stock Repurchased | $126.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$460.0K |
| FREE CASH FLOW | $14M |
| Net Change in Cash | $7M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $27M |
| Short-Term Investments | $0 |
| Net Receivables | $50M |
| Inventory | $3M |
| Other Current Assets | $6M |
| TOTAL CURRENT ASSETS | $86M |
| PP&E (Net) | $8M |
| Goodwill | $229M |
| Intangible Assets | $83M |
| Long-Term Investments | $268.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $4M |
| TOTAL NON-CURRENT ASSETS | $325M |
| TOTAL ASSETS | $411M |
| Account Payables | $12M |
| Short-Term Debt | $2M |
| Deferred Revenue | $9M |
| Other Current Liabilities | $43M |
| TOTAL CURRENT LIABILITIES | $72M |
| Long-Term Debt | $439M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $887.0K |
| Other Non-Current Liabilities | $61M |
| TOTAL NON-CURRENT LIABILITIES | $502M |
| TOTAL LIABILITIES | $574M |
| Common Stock | $8.0K |
| Additional Paid-In Capital | $471M |
| Retained Earnings | -$624M |
| Treasury Stock | -$3M |
| Accum. Other Comp. Income | -$7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$164M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$164M |
| TOTAL LIABILITIES & EQUITY | $411M |
| Total Debt | $443M |
| Net Debt | $416M |
