| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $190M | $188M | $172M | 1.3% | 10.6% |
| Op. Income | -$11M | -$27M | -$18M | 58.8% | 39.5% |
| Gross Margin | 39.8% | 42.8% | 44.9% | -3.0pp | -5.1pp |
| Net Margin | -5.2% | -14.4% | -8.9% | 9.3pp | 3.7pp |
| EPS (Diluted) | $-0.38 | $-1.05 | $-0.60 | 63.8% | 36.7% |
| Free Cash Flow | -$7M | $570.0K | -$2M | -1245.3% | -262.9% |
| Item | Amount |
|---|---|
| REVENUE | $190M |
| Cost of Revenue | $114M |
| GROSS PROFIT | $76M |
| R&D Expenses | $9M |
| Selling & Marketing | $23M |
| General & Administrative | $64M |
| SG&A Expenses | $87M |
| Other Expenses | -$9M |
| Operating Expenses | $87M |
| Cost & Expenses | $201M |
| OPERATING INCOME | -$11M |
| Interest Income | $2M |
| Interest Expense | $599.0K |
| Other Income/Expenses | -$1M |
| INCOME BEFORE TAX | -$12M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | -$10M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$10M |
| D&A | $16M |
| EBIT | -$11M |
| EBITDA | $5M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$10M |
| Depreciation & Amortization | $16M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $10M |
| Change in Working Capital | -$16M |
| OPERATING CASH FLOW | $1M |
| Capital Expenditure | -$8M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | -$6M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $431.0K |
| FREE CASH FLOW | -$7M |
| Net Change in Cash | -$4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $160M |
| Short-Term Investments | $0 |
| Net Receivables | $159M |
| Inventory | $29M |
| Other Current Assets | $29M |
| TOTAL CURRENT ASSETS | $376M |
| PP&E (Net) | $163M |
| Goodwill | $524M |
| Intangible Assets | $287M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $9M |
| TOTAL NON-CURRENT ASSETS | $984M |
| TOTAL ASSETS | $1.4B |
| Account Payables | $23M |
| Short-Term Debt | $5M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $60M |
| TOTAL CURRENT LIABILITIES | $88M |
| Long-Term Debt | $405M |
| Deferred Revenue NC | $386.0K |
| Deferred Tax Liabilities | $18M |
| Other Non-Current Liabilities | -$51M |
| TOTAL NON-CURRENT LIABILITIES | $435M |
| TOTAL LIABILITIES | $523M |
| Common Stock | $129.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$434M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $4.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $837M |
| Minority Interest | $0 |
| TOTAL EQUITY | $837M |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $472M |
| Net Debt | $313M |
