| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $59M | $60M | $73M | -1.4% | -19.0% |
| Op. Income | $3M | -$5M | -$5M | 165.5% | 176.8% |
| Gross Margin | 63.8% | 62.0% | 67.2% | 1.8pp | -3.3pp |
| Net Margin | -77.8% | 14.5% | -153.2% | -92.2pp | 75.4pp |
| EPS (Diluted) | $-3.92 | $-2.76 | $-19.00 | -42.0% | 79.4% |
| Free Cash Flow | -$12M | -$9M | -$7M | -34.4% | -77.1% |
| Item | Amount |
|---|---|
| REVENUE | $59M |
| Cost of Revenue | $21M |
| GROSS PROFIT | $38M |
| R&D Expenses | $11M |
| Selling & Marketing | $14M |
| General & Administrative | $9M |
| SG&A Expenses | $23M |
| Other Expenses | $0 |
| Operating Expenses | $34M |
| Cost & Expenses | $56M |
| OPERATING INCOME | $3M |
| Interest Income | $594.0K |
| Interest Expense | $8M |
| Other Income/Expenses | -$47M |
| INCOME BEFORE TAX | -$43M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | -$46M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$46M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$46M |
| D&A | $6M |
| EBIT | $3M |
| EBITDA | $9M |
| EPS | -$4 |
| EPS Diluted | -$4 |
| Item | Amount |
|---|---|
| Net Income | -$46M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $394.0K |
| Other Non-Cash Items | $44M |
| Change in Working Capital | -$16M |
| OPERATING CASH FLOW | -$10M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | $45M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$46M |
| NET CASH FROM FINANCING | $349.0K |
| FREE CASH FLOW | -$12M |
| Net Change in Cash | -$12M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $95M |
| Short-Term Investments | $0 |
| Net Receivables | $27M |
| Inventory | $0 |
| Other Current Assets | $15M |
| TOTAL CURRENT ASSETS | $137M |
| PP&E (Net) | $90M |
| Goodwill | $185M |
| Intangible Assets | $13M |
| Long-Term Investments | $0 |
| Tax Assets | $5M |
| Other Non-Current Assets | $24M |
| TOTAL NON-CURRENT ASSETS | $318M |
| TOTAL ASSETS | $455M |
| Account Payables | $10M |
| Short-Term Debt | $20M |
| Deferred Revenue | $54M |
| Other Current Liabilities | $39M |
| TOTAL CURRENT LIABILITIES | $123M |
| Long-Term Debt | $372M |
| Deferred Revenue NC | $90.0K |
| Deferred Tax Liabilities | $4M |
| Other Non-Current Liabilities | $575.0K |
| TOTAL NON-CURRENT LIABILITIES | $377M |
| TOTAL LIABILITIES | $499M |
| Common Stock | $173.0K |
| Additional Paid-In Capital | $1.0B |
| Retained Earnings | -$1.1B |
| Treasury Stock | -$3.0K |
| Accum. Other Comp. Income | -$7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$44M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$44M |
| TOTAL LIABILITIES & EQUITY | $455M |
| Total Debt | $392M |
| Net Debt | $297M |
