| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $438.0K | $351.0K | $0 | 24.8% | — |
| Op. Income | -$19M | -$22M | -$29M | 13.8% | 32.8% |
| Gross Margin | 3251.8% | -3704.0% | — | 6955.8pp | — |
| Net Margin | -3501.1% | 2337.3% | — | -5838.5pp | — |
| EPS (Diluted) | $-1.76 | $0.94 | $-1.81 | -287.2% | 2.8% |
| Free Cash Flow | -$15M | $2M | -$39M | -770.6% | 62.2% |
| Item | Amount |
|---|---|
| REVENUE | $438.0K |
| Cost of Revenue | -$14M |
| GROSS PROFIT | $14M |
| R&D Expenses | $12M |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | $14M |
| Operating Expenses | $34M |
| Cost & Expenses | $20M |
| OPERATING INCOME | -$19M |
| Interest Income | $445.0K |
| Interest Expense | $0 |
| Other Income/Expenses | $4M |
| 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 | $2M |
| EBIT | -$19M |
| EBITDA | -$17M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$15M |
| Depreciation & Amortization | $954.0K |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | -$6M |
| OPERATING CASH FLOW | -$15M |
| Capital Expenditure | -$29.0K |
| Acquisitions (Net) | $210.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $181.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $13M |
| FREE CASH FLOW | -$15M |
| Net Change in Cash | -$2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $46M |
| Short-Term Investments | $0 |
| Net Receivables | $360.0K |
| Inventory | $0 |
| Other Current Assets | $3M |
| TOTAL CURRENT ASSETS | $49M |
| PP&E (Net) | $80M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $9M |
| Tax Assets | $0 |
| Other Non-Current Assets | $31.0K |
| TOTAL NON-CURRENT ASSETS | $89M |
| TOTAL ASSETS | $138M |
| Account Payables | $2M |
| Short-Term Debt | $10M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $5M |
| TOTAL CURRENT LIABILITIES | $19M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2M |
| TOTAL NON-CURRENT LIABILITIES | $75M |
| TOTAL LIABILITIES | $94M |
| Common Stock | $10.0K |
| Additional Paid-In Capital | $1.0B |
| Retained Earnings | -$972M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $44M |
| Minority Interest | $0 |
| TOTAL EQUITY | $44M |
| TOTAL LIABILITIES & EQUITY | $138M |
| Total Debt | $83M |
| Net Debt | $37M |
