| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $74M | $74M | $63M | -0.2% | 17.3% |
| Op. Income | $28M | $2M | -$5M | 1054.5% | 688.4% |
| Gross Margin | -168.2% | 19.7% | 11.8% | -187.9pp | -180.0pp |
| Net Margin | 26.8% | -6.7% | -15.2% | 33.5pp | 42.0pp |
| EPS (Diluted) | $3.77 | $-0.94 | $-2.12 | 501.1% | 277.8% |
| Free Cash Flow | -$13M | $4M | -$29M | -445.0% | 56.3% |
| Item | Amount |
|---|---|
| REVENUE | $74M |
| Cost of Revenue | $198M |
| GROSS PROFIT | -$124M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | -$159M |
| Operating Expenses | -$153M |
| Cost & Expenses | $45M |
| OPERATING INCOME | $28M |
| Interest Income | $103.0K |
| Interest Expense | $4M |
| Other Income/Expenses | -$8M |
| INCOME BEFORE TAX | $20M |
| Income Tax Expense | $279.0K |
| Net Income from Continuing Ops | $20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $20M |
| Net Income Deductions | -$2M |
| BOTTOM LINE NET INCOME | $20M |
| D&A | $90M |
| EBIT | $24M |
| EBITDA | $114M |
| EPS | $4 |
| EPS Diluted | $4 |
| Item | Amount |
|---|---|
| Net Income | $20M |
| Depreciation & Amortization | $325.0K |
| Stock-Based Compensation | $962.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $36M |
| Change in Working Capital | -$70M |
| OPERATING CASH FLOW | -$13M |
| Capital Expenditure | -$6.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $76.0K |
| NET CASH FROM INVESTING | -$144.0K |
| Net Debt Issuance | -$38M |
| Common Stock Repurchased | -$63.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $27M |
| FREE CASH FLOW | -$13M |
| Net Change in Cash | $15M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $22M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $83M |
| TOTAL CURRENT ASSETS | $105M |
| PP&E (Net) | $502.0K |
| Goodwill | $0 |
| Intangible Assets | $2M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $15.0K |
| TOTAL NON-CURRENT ASSETS | $3M |
| TOTAL ASSETS | $108M |
| Account Payables | $2M |
| Short-Term Debt | $79M |
| Deferred Revenue | $5M |
| Other Current Liabilities | $25M |
| TOTAL CURRENT LIABILITIES | $118M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $45.0K |
| TOTAL NON-CURRENT LIABILITIES | $437.0K |
| TOTAL LIABILITIES | $118M |
| Common Stock | $0 |
| Additional Paid-In Capital | $109M |
| Retained Earnings | -$147M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$10M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$10M |
| TOTAL LIABILITIES & EQUITY | $108M |
| Total Debt | $79M |
| Net Debt | $57M |
