| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $14M | $8M | $13M | 72.0% | 2.2% |
| Op. Income | -$83M | -$91M | -$65M | 9.1% | -28.5% |
| Gross Margin | 65.9% | 36.7% | -406.1% | 29.2pp | 471.9pp |
| Net Margin | -576.1% | -1094.8% | -440.7% | 518.6pp | -135.4pp |
| EPS (Diluted) | $-0.82 | $-1.03 | $-0.75 | 20.4% | -9.3% |
| Free Cash Flow | -$73M | -$60M | -$51M | -21.4% | -43.5% |
| Item | Amount |
|---|---|
| REVENUE | $14M |
| Cost of Revenue | $5M |
| GROSS PROFIT | $9M |
| R&D Expenses | $81M |
| Selling & Marketing | $0 |
| General & Administrative | $14M |
| SG&A Expenses | $14M |
| Other Expenses | -$3M |
| Operating Expenses | $92M |
| Cost & Expenses | $97M |
| OPERATING INCOME | -$83M |
| Interest Income | $5M |
| Interest Expense | $0 |
| Other Income/Expenses | $5M |
| INCOME BEFORE TAX | -$78M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$78M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$78M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$78M |
| D&A | $9M |
| EBIT | -$78M |
| EBITDA | -$69M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$78M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $7M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | -$68M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$174M |
| Sales/Maturities of Investments | $180M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $346.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $236M |
| FREE CASH FLOW | -$73M |
| Net Change in Cash | $169M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $247M |
| Short-Term Investments | $346M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $14M |
| TOTAL CURRENT ASSETS | $607M |
| PP&E (Net) | $73M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $81M |
| TOTAL ASSETS | $688M |
| Account Payables | $11M |
| Short-Term Debt | $0 |
| Deferred Revenue | $18M |
| Other Current Liabilities | $24M |
| TOTAL CURRENT LIABILITIES | $86M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $10M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $63M |
| TOTAL LIABILITIES | $149M |
| Common Stock | $102.0K |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | -$1.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $105.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $539M |
| Minority Interest | $0 |
| TOTAL EQUITY | $539M |
| TOTAL LIABILITIES & EQUITY | $688M |
| Total Debt | $56M |
| Net Debt | -$191M |
