| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $128M | $121M | $171M | 5.8% | -25.1% |
| Op. Income | -$16M | -$14M | $6M | -7.8% | -345.7% |
| Gross Margin | -7.9% | 1.4% | 20.4% | -9.3pp | -28.3pp |
| Net Margin | -11.5% | -11.0% | 2.3% | -0.5pp | -13.7pp |
| EPS (Diluted) | $-0.18 | $-0.16 | $0.04 | -12.7% | -520.9% |
| Free Cash Flow | -$31M | -$18M | $6M | -76.8% | -610.2% |
| Item | Amount |
|---|---|
| REVENUE | $128M |
| Cost of Revenue | $138M |
| GROSS PROFIT | -$10M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $21M |
| Other Expenses | -$15M |
| Operating Expenses | $5M |
| Cost & Expenses | $144M |
| OPERATING INCOME | -$16M |
| Interest Income | $0 |
| Interest Expense | $506.0K |
| Other Income/Expenses | -$174.0K |
| INCOME BEFORE TAX | -$16M |
| Income Tax Expense | -$1M |
| 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 | $16M |
| EBIT | -$15M |
| EBITDA | $1M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$15M |
| Depreciation & Amortization | $17M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | $876.0K |
| Change in Working Capital | -$24M |
| OPERATING CASH FLOW | -$18M |
| Capital Expenditure | -$13M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$15M |
| NET CASH FROM INVESTING | -$28M |
| Net Debt Issuance | $339M |
| Common Stock Repurchased | -$3M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$14M |
| NET CASH FROM FINANCING | $292M |
| FREE CASH FLOW | -$31M |
| Net Change in Cash | $247M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $440M |
| Short-Term Investments | $0 |
| Net Receivables | $54M |
| Inventory | $87M |
| Other Current Assets | $16M |
| TOTAL CURRENT ASSETS | $598M |
| PP&E (Net) | $528M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $15M |
| TOTAL NON-CURRENT ASSETS | $543M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $42M |
| Short-Term Debt | $7M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $61M |
| TOTAL CURRENT LIABILITIES | $110M |
| Long-Term Debt | $10M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $44M |
| Other Non-Current Liabilities | $493M |
| TOTAL NON-CURRENT LIABILITIES | $548M |
| TOTAL LIABILITIES | $657M |
| Common Stock | $551.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$311.0K |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $483M |
| TOTAL STOCKHOLDERS' EQUITY | $484M |
| Minority Interest | $0 |
| TOTAL EQUITY | $484M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $18M |
| Net Debt | -$423M |
