| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $147M | $70M | $88M | 108.9% | 66.6% |
| Op. Income | $21M | -$178M | -$131M | 111.8% | 116.0% |
| Gross Margin | 82.9% | 69.5% | 58.5% | 13.4pp | 24.4pp |
| Net Margin | 11.9% | -287.3% | -91.8% | 299.2pp | 103.7pp |
| EPS (Diluted) | $0.11 | $-1.25 | $-0.51 | 108.8% | 121.6% |
| Free Cash Flow | -$42M | $106M | -$175M | -139.3% | 76.3% |
| Item | Amount |
|---|---|
| REVENUE | $147M |
| Cost of Revenue | $25M |
| GROSS PROFIT | $122M |
| R&D Expenses | $74M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $101M |
| Cost & Expenses | $126M |
| OPERATING INCOME | $21M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | $18M |
| Income Tax Expense | $376.0K |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $5M |
| EBIT | $24M |
| EBITDA | $29M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $147M |
| Cost of Revenue | $25M |
| GROSS PROFIT | $122M |
| R&D Expenses | $74M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $101M |
| Cost & Expenses | $126M |
| OPERATING INCOME | $21M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | $18M |
| Income Tax Expense | $376.0K |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $5M |
| EBIT | $24M |
| EBITDA | $29M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $18M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $8M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $4M |
| Change in Working Capital | -$74M |
| OPERATING CASH FLOW | -$39M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$96M |
| Sales/Maturities of Investments | $99M |
| Other Investing Activities | $19M |
| NET CASH FROM INVESTING | $20M |
| Net Debt Issuance | -$6M |
| Common Stock Repurchased | -$330.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$7M |
| FREE CASH FLOW | -$42M |
| Net Change in Cash | -$27M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $241M |
| Short-Term Investments | $494M |
| Net Receivables | $106M |
| Inventory | $12M |
| Other Current Assets | $125M |
| TOTAL CURRENT ASSETS | $978M |
| PP&E (Net) | $68M |
| Goodwill | $113M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $17M |
| TOTAL NON-CURRENT ASSETS | $198M |
| TOTAL ASSETS | $1.2B |
| Account Payables | $25M |
| Short-Term Debt | $3M |
| Deferred Revenue | $140M |
| Other Current Liabilities | $293M |
| TOTAL CURRENT LIABILITIES | $460M |
| Long-Term Debt | $246M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $598M |
| TOTAL NON-CURRENT LIABILITIES | $844M |
| TOTAL LIABILITIES | $1.3B |
| Common Stock | $2M |
| Additional Paid-In Capital | $4.5B |
| Retained Earnings | -$4.6B |
| Treasury Stock | -$103M |
| Accum. Other Comp. Income | $2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$128M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$128M |
| TOTAL LIABILITIES & EQUITY | $1.2B |
| Total Debt | $249M |
| Net Debt | $8M |
