| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $17M | $21M | $54M | -16.5% | -67.8% |
| Op. Income | -$86M | -$80M | -$22M | -7.8% | -284.2% |
| Gross Margin | 97.3% | 84.5% | 100.0% | 12.8pp | -2.7pp |
| Net Margin | -467.2% | -357.2% | -35.7% | -110.0pp | -431.6pp |
| EPS (Diluted) | $-0.92 | $-0.85 | $-0.22 | -8.2% | -318.2% |
| Free Cash Flow | $115M | -$83M | $269M | 238.2% | -57.2% |
| Item | Amount |
|---|---|
| REVENUE | $17M |
| Cost of Revenue | $460.0K |
| GROSS PROFIT | $17M |
| R&D Expenses | $64M |
| Selling & Marketing | $0 |
| General & Administrative | $39M |
| SG&A Expenses | $39M |
| Other Expenses | $57.0K |
| Operating Expenses | $104M |
| Cost & Expenses | $104M |
| OPERATING INCOME | -$86M |
| Interest Income | $6M |
| Interest Expense | $346.0K |
| Other Income/Expenses | $5M |
| INCOME BEFORE TAX | -$81M |
| Income Tax Expense | $71.0K |
| Net Income from Continuing Ops | -$81M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$81M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$81M |
| D&A | $403.0K |
| EBIT | -$86M |
| EBITDA | -$86M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$81M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $11M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $188M |
| OPERATING CASH FLOW | $117M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$240M |
| Sales/Maturities of Investments | $178M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$65M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $1M |
| FREE CASH FLOW | $115M |
| Net Change in Cash | $54M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $149M |
| Short-Term Investments | $518M |
| Net Receivables | $13M |
| Inventory | $413.0K |
| Other Current Assets | $28M |
| TOTAL CURRENT ASSETS | $709M |
| PP&E (Net) | $15M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $15M |
| TOTAL NON-CURRENT ASSETS | $30M |
| TOTAL ASSETS | $738M |
| Account Payables | $5M |
| Short-Term Debt | $1M |
| Deferred Revenue | $49M |
| Other Current Liabilities | $39M |
| TOTAL CURRENT LIABILITIES | $117M |
| Long-Term Debt | $10M |
| Deferred Revenue NC | $425M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $447M |
| TOTAL LIABILITIES | $564M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$1.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $174M |
| Minority Interest | $0 |
| TOTAL EQUITY | $174M |
| TOTAL LIABILITIES & EQUITY | $738M |
| Total Debt | $20M |
| Net Debt | -$129M |
