| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $84M | $86M | $88M | -1.8% | -3.7% |
| Op. Income | -$7M | $2M | -$1M | -377.1% | -523.8% |
| Gross Margin | 37.2% | 37.3% | 37.8% | -0.1pp | -0.5pp |
| Net Margin | -26.9% | -14.6% | -19.4% | -12.3pp | -7.5pp |
| EPS (Diluted) | $-0.92 | $-0.56 | $-0.72 | -64.3% | -27.8% |
| Free Cash Flow | -$2M | $6M | $946.0K | -132.5% | -291.8% |
| Item | Amount |
|---|---|
| REVENUE | $84M |
| Cost of Revenue | $53M |
| GROSS PROFIT | $31M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | $29M |
| Operating Expenses | $38M |
| Cost & Expenses | $91M |
| OPERATING INCOME | -$7M |
| Interest Income | $0 |
| Interest Expense | $18M |
| Other Income/Expenses | -$16M |
| INCOME BEFORE TAX | -$23M |
| Income Tax Expense | $101.0K |
| Net Income from Continuing Ops | -$23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$23M |
| Net Income Deductions | -$3M |
| BOTTOM LINE NET INCOME | -$23M |
| D&A | $18M |
| EBIT | $5M |
| EBITDA | $23M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$23M |
| Depreciation & Amortization | $20M |
| Stock-Based Compensation | -$2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $15M |
| Change in Working Capital | -$440.0K |
| OPERATING CASH FLOW | $10M |
| Capital Expenditure | -$12M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $8M |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | -$612.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $5M |
| NET CASH FROM FINANCING | -$712.0K |
| FREE CASH FLOW | -$2M |
| Net Change in Cash | $6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $108M |
| Short-Term Investments | $0 |
| Net Receivables | $31M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $139M |
| PP&E (Net) | $7M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $46M |
| TOTAL NON-CURRENT ASSETS | $1.6B |
| TOTAL ASSETS | $1.7B |
| Account Payables | $44M |
| Short-Term Debt | $337M |
| Deferred Revenue | $9M |
| Other Current Liabilities | -$54M |
| TOTAL CURRENT LIABILITIES | $337M |
| Long-Term Debt | $722M |
| Deferred Revenue NC | $9M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $11M |
| TOTAL NON-CURRENT LIABILITIES | $771M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $1M |
| Additional Paid-In Capital | $2.5B |
| Retained Earnings | -$1.9B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $6M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $600M |
| Minority Interest | $4M |
| TOTAL EQUITY | $605M |
| TOTAL LIABILITIES & EQUITY | $1.7B |
| Total Debt | $1.1B |
| Net Debt | $979M |
