| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2M | $13M | $0 | -87.3% | — |
| Op. Income | -$38M | -$19M | -$15M | -103.6% | -152.6% |
| Gross Margin | 73.7% | 99.0% | — | -25.3pp | — |
| Net Margin | -2260.5% | -133.6% | — | -2126.9pp | — |
| EPS (Diluted) | $-1.16 | $-0.59 | $-0.46 | -96.6% | -152.2% |
| Free Cash Flow | -$33M | -$9M | -$9M | -266.3% | -258.3% |
| Item | Amount |
|---|---|
| REVENUE | $2M |
| Cost of Revenue | $418.0K |
| GROSS PROFIT | $1M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $40M |
| Other Expenses | $0 |
| Operating Expenses | $40M |
| Cost & Expenses | $40M |
| OPERATING INCOME | -$38M |
| Interest Income | $3M |
| Interest Expense | $0 |
| Other Income/Expenses | $3M |
| INCOME BEFORE TAX | -$36M |
| Income Tax Expense | $2.0K |
| Net Income from Continuing Ops | -$36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$36M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$36M |
| D&A | $107.0K |
| EBIT | -$38M |
| EBITDA | -$38M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$36M |
| Depreciation & Amortization | -$3M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | -$503.0K |
| OPERATING CASH FLOW | -$33M |
| Capital Expenditure | -$38.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$133M |
| Sales/Maturities of Investments | $43M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$90M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $123M |
| FREE CASH FLOW | -$33M |
| Net Change in Cash | -$220.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $25M |
| Short-Term Investments | $267M |
| Net Receivables | $2M |
| Inventory | $0 |
| Other Current Assets | -$2M |
| TOTAL CURRENT ASSETS | $292M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $14M |
| TOTAL NON-CURRENT ASSETS | $14M |
| TOTAL ASSETS | $306M |
| Account Payables | $4M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $10M |
| TOTAL CURRENT LIABILITIES | $21M |
| Long-Term Debt | $350.0K |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $350.0K |
| TOTAL LIABILITIES | $22M |
| Common Stock | $1.0K |
| Additional Paid-In Capital | $511M |
| Retained Earnings | -$227M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $242.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $284M |
| Minority Interest | $0 |
| TOTAL EQUITY | $284M |
| TOTAL LIABILITIES & EQUITY | $306M |
| Total Debt | $350.0K |
| Net Debt | -$25M |
