| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $228M | $195M | $149M | 17.3% | 53.3% |
| Op. Income | -$21M | -$36M | -$38M | 43.3% | 45.5% |
| Gross Margin | 63.0% | 41.5% | 64.3% | 21.4pp | -1.4pp |
| Net Margin | -9.5% | -19.3% | -20.2% | 9.8pp | 10.6pp |
| EPS (Diluted) | $-0.33 | $-0.51 | $-0.42 | 35.3% | 21.4% |
| Free Cash Flow | $18M | $3M | $11M | 576.9% | 66.0% |
| Item | Amount |
|---|---|
| REVENUE | $228M |
| Cost of Revenue | $85M |
| GROSS PROFIT | $144M |
| R&D Expenses | $0 |
| Selling & Marketing | $64M |
| General & Administrative | $43M |
| SG&A Expenses | $107M |
| Other Expenses | $57M |
| Operating Expenses | $164M |
| Cost & Expenses | $249M |
| OPERATING INCOME | -$21M |
| Interest Income | $2M |
| Interest Expense | $0 |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$21M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$22M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$22M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$22M |
| D&A | $3M |
| EBIT | -$21M |
| EBITDA | -$18M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$22M |
| Depreciation & Amortization | $12M |
| Stock-Based Compensation | $19M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | $15M |
| OPERATING CASH FLOW | $21M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$263M |
| Sales/Maturities of Investments | $219M |
| Other Investing Activities | $29M |
| NET CASH FROM INVESTING | -$19M |
| Net Debt Issuance | $19M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $39M |
| FREE CASH FLOW | $18M |
| Net Change in Cash | $41M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $397M |
| Short-Term Investments | $723M |
| Net Receivables | $402M |
| Inventory | $0 |
| Other Current Assets | -$711M |
| TOTAL CURRENT ASSETS | $799M |
| PP&E (Net) | $16M |
| Goodwill | $19M |
| Intangible Assets | $8M |
| Long-Term Investments | $7M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$7M |
| TOTAL NON-CURRENT ASSETS | $43M |
| TOTAL ASSETS | $1.9B |
| Account Payables | $27M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.1B |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $158M |
| Deferred Revenue NC | $39M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$38M |
| TOTAL NON-CURRENT LIABILITIES | $182M |
| TOTAL LIABILITIES | $1.4B |
| Common Stock | $0 |
| Additional Paid-In Capital | $2.0B |
| Retained Earnings | -$1.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $6M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $534M |
| Minority Interest | $0 |
| TOTAL EQUITY | $534M |
| TOTAL LIABILITIES & EQUITY | $1.9B |
| Total Debt | $189M |
| Net Debt | -$208M |
