| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $50M | $28M | $29M | 82.8% | 74.7% |
| Op. Income | $23M | $4M | $13M | 528.9% | 80.1% |
| Gross Margin | 59.3% | 34.2% | 56.7% | 25.1pp | 2.6pp |
| Net Margin | 28.4% | 4.3% | 16.1% | 24.0pp | 12.2pp |
| EPS (Diluted) | $0.16 | $0.01 | $0.00 | 1500.0% | Infinity% |
| Free Cash Flow | $19M | $1M | $11M | 1443.4% | 81.3% |
| Item | Amount |
|---|---|
| REVENUE | $50M |
| Cost of Revenue | $21M |
| GROSS PROFIT | $30M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | $3M |
| Operating Expenses | $7M |
| Cost & Expenses | $27M |
| OPERATING INCOME | $23M |
| Interest Income | $348.0K |
| Interest Expense | $327.0K |
| Other Income/Expenses | -$916.0K |
| INCOME BEFORE TAX | $22M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $14M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $14M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $14M |
| D&A | $2M |
| EBIT | $23M |
| EBITDA | $25M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $50M |
| Cost of Revenue | $21M |
| GROSS PROFIT | $30M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | $3M |
| Operating Expenses | $7M |
| Cost & Expenses | $27M |
| OPERATING INCOME | $23M |
| Interest Income | $348.0K |
| Interest Expense | $327.0K |
| Other Income/Expenses | -$916.0K |
| INCOME BEFORE TAX | $22M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $14M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $14M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $14M |
| D&A | $2M |
| EBIT | $23M |
| EBITDA | $25M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $14M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $835.0K |
| Deferred Income Tax | $31.0K |
| Other Non-Cash Items | $4M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $22M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | -$717.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$7M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | $31M |
| FREE CASH FLOW | $19M |
| Net Change in Cash | $50M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $77M |
| Short-Term Investments | $236.0K |
| Net Receivables | $2M |
| Inventory | $29M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $112M |
| PP&E (Net) | $81M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $16M |
| TOTAL NON-CURRENT ASSETS | $97M |
| TOTAL ASSETS | $208M |
| Account Payables | $14M |
| Short-Term Debt | $0 |
| Deferred Revenue | $350.0K |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $29M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $399.0K |
| Deferred Tax Liabilities | $7M |
| Other Non-Current Liabilities | $22M |
| TOTAL NON-CURRENT LIABILITIES | $29M |
| TOTAL LIABILITIES | $58M |
| Common Stock | $162M |
| Additional Paid-In Capital | $17M |
| Retained Earnings | -$31M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $151M |
| Minority Interest | $0 |
| TOTAL EQUITY | $151M |
| TOTAL LIABILITIES & EQUITY | $208M |
| Total Debt | $69.0K |
| Net Debt | -$77M |
