| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $225M | $221M | $237M | 2.0% | -4.8% |
| Op. Income | -$8M | $12M | $18M | -165.6% | -144.8% |
| Gross Margin | 30.8% | 39.4% | 47.9% | -8.6pp | -17.2pp |
| Net Margin | -271.5% | -5.0% | -2.3% | -266.6pp | -269.2pp |
| EPS (Diluted) | $-2.82 | $-0.05 | $-0.03 | -5484.2% | -11180.0% |
| Free Cash Flow | $406.0K | -$14M | $2M | 103.0% | -83.1% |
| Item | Amount |
|---|---|
| REVENUE | $225M |
| Cost of Revenue | $156M |
| GROSS PROFIT | $69M |
| R&D Expenses | $6M |
| Selling & Marketing | $47M |
| General & Administrative | $51M |
| SG&A Expenses | $98M |
| Other Expenses | -$27M |
| Operating Expenses | $77M |
| Cost & Expenses | $233M |
| OPERATING INCOME | -$8M |
| Interest Income | $644.0K |
| Interest Expense | $17M |
| Other Income/Expenses | -$623M |
| INCOME BEFORE TAX | -$631M |
| Income Tax Expense | -$19M |
| Net Income from Continuing Ops | -$612M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$612M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$612M |
| D&A | $30M |
| EBIT | -$614M |
| EBITDA | -$584M |
| EPS | -$3 |
| EPS Diluted | -$3 |
| Item | Amount |
|---|---|
| Net Income | -$612M |
| Depreciation & Amortization | $36M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | -$25M |
| Other Non-Cash Items | $598M |
| Change in Working Capital | $15M |
| OPERATING CASH FLOW | $17M |
| Capital Expenditure | -$16M |
| Acquisitions (Net) | $207.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$16M |
| Net Debt Issuance | -$73.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$4M |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | $406.0K |
| Net Change in Cash | $1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $129M |
| Short-Term Investments | $0 |
| Net Receivables | $153M |
| Inventory | $191M |
| Other Current Assets | $104M |
| TOTAL CURRENT ASSETS | $577M |
| PP&E (Net) | $512M |
| Goodwill | $1.1B |
| Intangible Assets | $1.4B |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | -$120M |
| TOTAL NON-CURRENT ASSETS | $2.9B |
| TOTAL ASSETS | $3.4B |
| Account Payables | $80M |
| Short-Term Debt | $19M |
| Deferred Revenue | $6M |
| Other Current Liabilities | $56M |
| TOTAL CURRENT LIABILITIES | $174M |
| Long-Term Debt | $875M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $281M |
| Other Non-Current Liabilities | $30M |
| TOTAL NON-CURRENT LIABILITIES | $1.2B |
| TOTAL LIABILITIES | $1.4B |
| Common Stock | $35M |
| Additional Paid-In Capital | $2.6B |
| Retained Earnings | -$536M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$29M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.1B |
| TOTAL LIABILITIES & EQUITY | $3.4B |
| Total Debt | $913M |
| Net Debt | $784M |
