| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $147M | $389M | $175M | -62.2% | -16.0% |
| Op. Income | -$56M | $34M | -$40M | -264.9% | -40.1% |
| Gross Margin | 18.4% | 38.6% | 27.2% | -20.2pp | -8.8pp |
| Net Margin | -56.4% | -41.8% | -25.4% | -14.6pp | -31.0pp |
| EPS (Diluted) | $-8.92 | $-17.54 | $-4.80 | 49.1% | -85.8% |
| Free Cash Flow | -$85M | $42M | -$110M | -304.5% | 22.1% |
| Item | Amount |
|---|---|
| REVENUE | $147M |
| Cost of Revenue | $120M |
| GROSS PROFIT | $27M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $86M |
| Other Expenses | -$3M |
| Operating Expenses | $83M |
| Cost & Expenses | $203M |
| OPERATING INCOME | -$56M |
| Interest Income | $0 |
| Interest Expense | $14M |
| Other Income/Expenses | -$27M |
| INCOME BEFORE TAX | -$82M |
| Income Tax Expense | $687.0K |
| Net Income from Continuing Ops | -$83M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$83M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$83M |
| D&A | $8M |
| EBIT | -$56M |
| EBITDA | -$48M |
| EPS | -$9 |
| EPS Diluted | -$9 |
| Item | Amount |
|---|---|
| Net Income | -$83M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $9.0K |
| Other Non-Cash Items | $17M |
| Change in Working Capital | -$24M |
| OPERATING CASH FLOW | -$81M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | $25M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2.0K |
| NET CASH FROM FINANCING | $25M |
| FREE CASH FLOW | -$85M |
| Net Change in Cash | -$61M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $4M |
| Short-Term Investments | $0 |
| Net Receivables | $16M |
| Inventory | $210M |
| Other Current Assets | $38M |
| TOTAL CURRENT ASSETS | $267M |
| PP&E (Net) | $316M |
| Goodwill | $30M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $36M |
| TOTAL NON-CURRENT ASSETS | $382M |
| TOTAL ASSETS | $649M |
| Account Payables | $45M |
| Short-Term Debt | $74M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $69M |
| TOTAL CURRENT LIABILITIES | $188M |
| Long-Term Debt | $171M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $296.0K |
| Other Non-Current Liabilities | $780M |
| TOTAL NON-CURRENT LIABILITIES | $951M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$604M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $114M |
| TOTAL STOCKHOLDERS' EQUITY | -$490M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$490M |
| TOTAL LIABILITIES & EQUITY | $649M |
| Total Debt | $244M |
| Net Debt | $241M |
