| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $149M | $133M | $99M | 12.0% | 49.8% |
| Op. Income | -$5M | $3M | -$24M | -275.5% | 81.1% |
| Gross Margin | 81.0% | 80.8% | 77.1% | 0.2pp | 3.9pp |
| Net Margin | -3.8% | 2.2% | -23.9% | -6.0pp | 20.1pp |
| EPS (Diluted) | $-0.12 | $0.05 | $-0.49 | -335.3% | 75.5% |
| Free Cash Flow | $5M | $39M | -$5M | -86.2% | 207.4% |
| Item | Amount |
|---|---|
| REVENUE | $149M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $121M |
| R&D Expenses | $51M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $74M |
| Other Expenses | $0 |
| Operating Expenses | $125M |
| Cost & Expenses | $153M |
| OPERATING INCOME | -$5M |
| Interest Income | $3M |
| Interest Expense | $4M |
| Other Income/Expenses | -$396.0K |
| INCOME BEFORE TAX | -$5M |
| Income Tax Expense | $767.0K |
| Net Income from Continuing Ops | -$6M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$6M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$6M |
| D&A | $6M |
| EBIT | -$1M |
| EBITDA | $5M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$6M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $19M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $704.0K |
| Change in Working Capital | -$14M |
| OPERATING CASH FLOW | $6M |
| Capital Expenditure | -$600.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$12M |
| Sales/Maturities of Investments | $13M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $1M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $9M |
| FREE CASH FLOW | $5M |
| Net Change in Cash | $16M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $297M |
| Short-Term Investments | $87M |
| Net Receivables | $123M |
| Inventory | $25M |
| Other Current Assets | $18M |
| TOTAL CURRENT ASSETS | $550M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $261M |
| Long-Term Investments | $8M |
| Tax Assets | $0 |
| Other Non-Current Assets | $24M |
| TOTAL NON-CURRENT ASSETS | $293M |
| TOTAL ASSETS | $843M |
| Account Payables | $10M |
| Short-Term Debt | $2M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $147M |
| TOTAL CURRENT LIABILITIES | $206M |
| Long-Term Debt | $310M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5M |
| TOTAL NON-CURRENT LIABILITIES | $322M |
| TOTAL LIABILITIES | $528M |
| Common Stock | $5.0K |
| Additional Paid-In Capital | $982M |
| Retained Earnings | -$668M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $351.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $315M |
| Minority Interest | $0 |
| TOTAL EQUITY | $315M |
| TOTAL LIABILITIES & EQUITY | $843M |
| Total Debt | $319M |
| Net Debt | $23M |
