| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $92M | $54M | $3M | 69.3% | 3054.6% |
| Op. Income | $20M | $2M | -$36M | 1019.8% | 154.8% |
| Gross Margin | 101.7% | 94.2% | 53.6% | 7.5pp | 48.1pp |
| Net Margin | 15.8% | -6.5% | -1315.4% | 22.3pp | 1331.2pp |
| EPS (Diluted) | $0.15 | $-0.04 | $-0.45 | 466.7% | 133.3% |
| Free Cash Flow | $42M | -$11M | -$26M | 495.2% | 264.9% |
| Item | Amount |
|---|---|
| REVENUE | $92M |
| Cost of Revenue | -$2M |
| GROSS PROFIT | $94M |
| R&D Expenses | $17M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $48M |
| Other Expenses | $9M |
| Operating Expenses | $74M |
| Cost & Expenses | $72M |
| OPERATING INCOME | $20M |
| Interest Income | $2M |
| Interest Expense | $7M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $15M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $15M |
| D&A | $321.0K |
| EBIT | $20M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $92M |
| Cost of Revenue | -$2M |
| GROSS PROFIT | $94M |
| R&D Expenses | $17M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $48M |
| Other Expenses | $9M |
| Operating Expenses | $74M |
| Cost & Expenses | $72M |
| OPERATING INCOME | $20M |
| Interest Income | $2M |
| Interest Expense | $7M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $15M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $15M |
| D&A | $321.0K |
| EBIT | $20M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $15M |
| Depreciation & Amortization | $321.0K |
| Stock-Based Compensation | $7M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $9M |
| Change in Working Capital | $13M |
| OPERATING CASH FLOW | $44M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | -$8M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $100.0K |
| NET CASH FROM FINANCING | -$7M |
| FREE CASH FLOW | $42M |
| Net Change in Cash | $33M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $191M |
| Short-Term Investments | $0 |
| Net Receivables | $54M |
| Inventory | $0 |
| Other Current Assets | -$54M |
| TOTAL CURRENT ASSETS | $191M |
| PP&E (Net) | $0 |
| Goodwill | $4M |
| Intangible Assets | $3M |
| Long-Term Investments | $4M |
| Tax Assets | $0 |
| Other Non-Current Assets | $127M |
| TOTAL NON-CURRENT ASSETS | $137M |
| TOTAL ASSETS | $328M |
| Account Payables | $4M |
| Short-Term Debt | $59M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $53M |
| TOTAL CURRENT LIABILITIES | $136M |
| Long-Term Debt | $133M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $8M |
| TOTAL NON-CURRENT LIABILITIES | $147M |
| TOTAL LIABILITIES | $283M |
| Common Stock | $87.0K |
| Additional Paid-In Capital | $671M |
| Retained Earnings | -$626M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $45M |
| Minority Interest | $0 |
| TOTAL EQUITY | $45M |
| TOTAL LIABILITIES & EQUITY | $328M |
| Total Debt | $198M |
| Net Debt | $7M |
