| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $112M | $82M | $77M | 36.3% | 45.8% |
| Op. Income | -$8M | $19M | $26M | -140.9% | -129.0% |
| Gross Margin | 78.5% | 75.4% | 74.5% | 3.1pp | 4.0pp |
| Net Margin | -14.2% | 9.7% | 9.7% | -24.0pp | -23.9pp |
| EPS (Diluted) | $-0.05 | $0.03 | $0.03 | -291.4% | -292.2% |
| Free Cash Flow | -$10M | $22M | $20M | -144.5% | -150.4% |
| Item | Amount |
|---|---|
| REVENUE | $112M |
| Cost of Revenue | $24M |
| GROSS PROFIT | $88M |
| R&D Expenses | $28M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $58M |
| Other Expenses | $10M |
| Operating Expenses | $96M |
| Cost & Expenses | $120M |
| OPERATING INCOME | -$8M |
| Interest Income | $4M |
| Interest Expense | $13M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | -$21M |
| Income Tax Expense | -$5M |
| Net Income from Continuing Ops | -$16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$16M |
| D&A | $5M |
| EBIT | -$8M |
| EBITDA | -$3M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$16M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $7M |
| Deferred Income Tax | -$5M |
| Other Non-Cash Items | $74M |
| Change in Working Capital | -$72M |
| OPERATING CASH FLOW | -$8M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | -$348M |
| Purchases of Investments | -$14M |
| Sales/Maturities of Investments | $71M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$292M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $241M |
| NET CASH FROM FINANCING | $247M |
| FREE CASH FLOW | -$10M |
| Net Change in Cash | -$53M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $75M |
| Short-Term Investments | $96M |
| Net Receivables | $38M |
| Inventory | $35M |
| Other Current Assets | $47M |
| TOTAL CURRENT ASSETS | $292M |
| PP&E (Net) | $82M |
| Goodwill | $68M |
| Intangible Assets | $5M |
| Long-Term Investments | $5M |
| Tax Assets | $0 |
| Other Non-Current Assets | $341M |
| TOTAL NON-CURRENT ASSETS | $501M |
| TOTAL ASSETS | $792M |
| Account Payables | $9M |
| Short-Term Debt | $49M |
| Deferred Revenue | $15M |
| Other Current Liabilities | $97M |
| TOTAL CURRENT LIABILITIES | $171M |
| Long-Term Debt | $320M |
| Deferred Revenue NC | $40M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $208M |
| TOTAL NON-CURRENT LIABILITIES | $672M |
| TOTAL LIABILITIES | $843M |
| Common Stock | $3M |
| Additional Paid-In Capital | $3.1B |
| Retained Earnings | -$3.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $115.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$51M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$51M |
| TOTAL LIABILITIES & EQUITY | $792M |
| Total Debt | $473M |
| Net Debt | $399M |
