| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $389M | $500M | $398M | -22.2% | -2.2% |
| Op. Income | $34M | $68M | $26M | -50.6% | 27.7% |
| Gross Margin | 38.6% | 39.6% | 36.0% | -1.0pp | 2.6pp |
| Net Margin | -41.8% | 4.3% | -2.5% | -46.2pp | -39.3pp |
| EPS (Diluted) | $-17.54 | $2.34 | $-1.07 | -849.6% | -1539.3% |
| Free Cash Flow | $42M | $107M | $34M | -61.0% | 22.4% |
| Item | Amount |
|---|---|
| REVENUE | $389M |
| Cost of Revenue | $239M |
| GROSS PROFIT | $150M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $116M |
| Other Expenses | $0 |
| Operating Expenses | $116M |
| Cost & Expenses | $355M |
| OPERATING INCOME | $34M |
| Interest Income | $0 |
| Interest Expense | $15M |
| Other Income/Expenses | -$199M |
| INCOME BEFORE TAX | -$166M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | -$163M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$163M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$163M |
| D&A | $8M |
| EBIT | -$150M |
| EBITDA | -$142M |
| EPS | -$18 |
| EPS Diluted | -$18 |
| Item | Amount |
|---|---|
| Net Income | -$163M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$1M |
| Other Non-Cash Items | $183M |
| Change in Working Capital | $21M |
| OPERATING CASH FLOW | $48M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $24.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$6M |
| Net Debt Issuance | -$20M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$17.0K |
| NET CASH FROM FINANCING | -$20M |
| FREE CASH FLOW | $42M |
| Net Change in Cash | $22M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $64M |
| Short-Term Investments | $0 |
| Net Receivables | $23M |
| Inventory | $208M |
| Other Current Assets | $33M |
| TOTAL CURRENT ASSETS | $329M |
| PP&E (Net) | $346M |
| Goodwill | $181M |
| Intangible Assets | $31M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $36M |
| TOTAL NON-CURRENT ASSETS | $593M |
| TOTAL ASSETS | $741M |
| Account Payables | $52M |
| Short-Term Debt | $75M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $82M |
| TOTAL CURRENT LIABILITIES | $209M |
| Long-Term Debt | $752M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $940M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $113M |
| Retained Earnings | -$521M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$408M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$408M |
| TOTAL LIABILITIES & EQUITY | $741M |
| Total Debt | $1.0B |
| Net Debt | $948M |
