| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $104M | $54M | $61M | 93.6% | 70.0% |
| Op. Income | -$236.0K | -$67M | -$44M | 99.6% | 99.5% |
| Gross Margin | 32.8% | 9.5% | -31.8% | 23.3pp | 64.6pp |
| Net Margin | 9.1% | -78.0% | -36.6% | 87.1pp | 45.7pp |
| EPS (Diluted) | $0.05 | $-0.24 | $-0.14 | 119.7% | 133.8% |
| Free Cash Flow | -$109M | -$93M | -$11M | -18.1% | -877.9% |
| Item | Amount |
|---|---|
| REVENUE | $104M |
| Cost of Revenue | $70M |
| GROSS PROFIT | $34M |
| R&D Expenses | $2M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $32M |
| Other Expenses | $0 |
| Operating Expenses | $34M |
| Cost & Expenses | $104M |
| OPERATING INCOME | -$236.0K |
| Interest Income | $19M |
| Interest Expense | $10M |
| Other Income/Expenses | $11M |
| INCOME BEFORE TAX | $11M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | $9M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $9M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $9M |
| D&A | $25M |
| EBIT | $20M |
| EBITDA | $45M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $9M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | -$904.0K |
| Other Non-Cash Items | $10M |
| Change in Working Capital | -$79M |
| OPERATING CASH FLOW | -$47M |
| Capital Expenditure | -$62M |
| Acquisitions (Net) | $2M |
| Purchases of Investments | -$428M |
| Sales/Maturities of Investments | $563M |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | $73M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$5M |
| NET CASH FROM FINANCING | -$7M |
| FREE CASH FLOW | -$109M |
| Net Change in Cash | $19M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $664M |
| Net Receivables | $147M |
| Inventory | $172M |
| Other Current Assets | $18M |
| TOTAL CURRENT ASSETS | $2.2B |
| PP&E (Net) | $1.4B |
| Goodwill | $0 |
| Intangible Assets | $6M |
| Long-Term Investments | $538.0K |
| Tax Assets | $146M |
| Other Non-Current Assets | $309M |
| TOTAL NON-CURRENT ASSETS | $1.8B |
| TOTAL ASSETS | $4.0B |
| Account Payables | $37M |
| Short-Term Debt | $75M |
| Deferred Revenue | $74M |
| Other Current Liabilities | $90M |
| TOTAL CURRENT LIABILITIES | $299M |
| Long-Term Debt | $960M |
| Deferred Revenue NC | $106M |
| Deferred Tax Liabilities | $197M |
| Other Non-Current Liabilities | $47M |
| TOTAL NON-CURRENT LIABILITIES | $1.3B |
| TOTAL LIABILITIES | $1.6B |
| Common Stock | $19.0K |
| Additional Paid-In Capital | $2.0B |
| Retained Earnings | $234M |
| Treasury Stock | -$227M |
| Accum. Other Comp. Income | $387.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.4B |
| TOTAL LIABILITIES & EQUITY | $4.0B |
| Total Debt | $1.0B |
| Net Debt | -$123M |
