| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $267M | $306M | $241M | -12.6% | 11.1% |
| Op. Income | -$16M | $12M | -$10M | -235.8% | -71.6% |
| Gross Margin | 2.2% | 11.4% | 4.5% | -9.2pp | -2.3pp |
| Net Margin | -5.3% | 2.6% | -8.9% | -8.0pp | 3.5pp |
| EPS (Diluted) | $-0.34 | $0.19 | $-0.50 | -278.9% | 32.0% |
| Free Cash Flow | -$37M | -$6M | -$1M | -481.3% | -2761.5% |
| Item | Amount |
|---|---|
| REVENUE | $267M |
| Cost of Revenue | $261M |
| GROSS PROFIT | $6M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $22M |
| Other Expenses | $0 |
| Operating Expenses | $22M |
| Cost & Expenses | $284M |
| OPERATING INCOME | -$16M |
| Interest Income | $1M |
| Interest Expense | $600.0K |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | -$21M |
| Income Tax Expense | -$6M |
| Net Income from Continuing Ops | -$14M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$14M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$14M |
| D&A | $15M |
| EBIT | -$20M |
| EBITDA | -$5M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$14M |
| Depreciation & Amortization | $15M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $3M |
| Other Non-Cash Items | $8M |
| Change in Working Capital | -$16M |
| OPERATING CASH FLOW | -$2M |
| Capital Expenditure | -$35M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $4M |
| NET CASH FROM INVESTING | -$31M |
| Net Debt Issuance | -$400.0K |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | -$37M |
| Net Change in Cash | -$35M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $157M |
| Short-Term Investments | $0 |
| Net Receivables | $126M |
| Inventory | $243M |
| Other Current Assets | $27M |
| TOTAL CURRENT ASSETS | $553M |
| PP&E (Net) | $577M |
| Goodwill | $0 |
| Intangible Assets | $3M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $587M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $151M |
| Short-Term Debt | $5M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $159M |
| TOTAL CURRENT LIABILITIES | $315M |
| Long-Term Debt | $10M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $17M |
| Other Non-Current Liabilities | $112M |
| TOTAL NON-CURRENT LIABILITIES | $139M |
| TOTAL LIABILITIES | $454M |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$54M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $5M |
| Other Equity | $734M |
| TOTAL STOCKHOLDERS' EQUITY | $686M |
| Minority Interest | $0 |
| TOTAL EQUITY | $686M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $15M |
| Net Debt | -$142M |
