| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | -$430M | $132M | $141M | -425.5% | -403.9% |
| Op. Income | -$6M | -$1M | $4M | -394.1% | -264.5% |
| Gross Margin | 11.2% | 8.9% | 12.3% | 2.3pp | -1.0pp |
| Net Margin | 4.5% | -11.1% | -6.3% | 15.6pp | 10.7pp |
| EPS (Diluted) | $-0.47 | $-0.35 | $-0.22 | -34.3% | -113.6% |
| Free Cash Flow | -$5M | -$13M | $12M | 64.2% | -140.8% |
| Item | Amount |
|---|---|
| REVENUE | -$430M |
| Cost of Revenue | -$381M |
| GROSS PROFIT | -$48M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $20M |
| SG&A Expenses | $20M |
| Other Expenses | $0 |
| Operating Expenses | $20M |
| Cost & Expenses | $375M |
| OPERATING INCOME | -$6M |
| Interest Income | -$111.0K |
| Interest Expense | $14M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | -$19M |
| Income Tax Expense | $115.0K |
| Net Income from Continuing Ops | -$19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$19M |
| D&A | -$37M |
| EBIT | -$9M |
| EBITDA | -$43M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$19M |
| Depreciation & Amortization | $9M |
| Stock-Based Compensation | $455.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $8M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | -$2M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | -$432.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $6M |
| NET CASH FROM FINANCING | $6M |
| FREE CASH FLOW | -$5M |
| Net Change in Cash | $3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $18M |
| Short-Term Investments | $0 |
| Net Receivables | $76M |
| Inventory | $57M |
| Other Current Assets | $18M |
| TOTAL CURRENT ASSETS | $169M |
| PP&E (Net) | $98M |
| Goodwill | $0 |
| Intangible Assets | $63M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $9M |
| TOTAL NON-CURRENT ASSETS | $171M |
| TOTAL ASSETS | $339M |
| Account Payables | $44M |
| Short-Term Debt | $20M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $72M |
| TOTAL CURRENT LIABILITIES | $91M |
| Long-Term Debt | $363M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $87.0K |
| TOTAL NON-CURRENT LIABILITIES | $363M |
| TOTAL LIABILITIES | $454M |
| Common Stock | $433.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$919M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$5M |
| Other Equity | $808M |
| TOTAL STOCKHOLDERS' EQUITY | -$115M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$115M |
| TOTAL LIABILITIES & EQUITY | $339M |
| Total Debt | $383M |
| Net Debt | $364M |
