| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $174M | $167M | $161M | 4.3% | 8.1% |
| Op. Income | -$40M | -$36M | -$63M | -12.1% | 36.2% |
| Gross Margin | 75.8% | 73.2% | 79.2% | 2.6pp | -3.4pp |
| Net Margin | -14.1% | -22.3% | -40.9% | 8.2pp | 26.8pp |
| EPS (Diluted) | $-0.22 | $-0.33 | $-0.61 | 33.3% | 63.9% |
| Free Cash Flow | -$23M | $15M | -$12M | -253.5% | -84.8% |
| Item | Amount |
|---|---|
| REVENUE | $174M |
| Cost of Revenue | $42M |
| GROSS PROFIT | $132M |
| R&D Expenses | $61M |
| Selling & Marketing | $69M |
| General & Administrative | $43M |
| SG&A Expenses | $112M |
| Other Expenses | $0 |
| Operating Expenses | $173M |
| Cost & Expenses | $215M |
| OPERATING INCOME | -$40M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$561.0K |
| INCOME BEFORE TAX | -$41M |
| Income Tax Expense | -$16M |
| Net Income from Continuing Ops | -$24M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$24M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$24M |
| D&A | $7M |
| EBIT | -$41M |
| EBITDA | -$34M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$24M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $17M |
| Change in Working Capital | -$15M |
| OPERATING CASH FLOW | -$18M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$219M |
| Sales/Maturities of Investments | $560M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $336M |
| Net Debt Issuance | -$561M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$146.0K |
| NET CASH FROM FINANCING | -$559M |
| FREE CASH FLOW | -$23M |
| Net Change in Cash | -$241M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $103M |
| Short-Term Investments | $354M |
| Net Receivables | $115M |
| Inventory | $0 |
| Other Current Assets | $74M |
| TOTAL CURRENT ASSETS | $647M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $158M |
| TOTAL NON-CURRENT ASSETS | $158M |
| TOTAL ASSETS | $804M |
| Account Payables | $122M |
| Short-Term Debt | $12M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $89M |
| TOTAL CURRENT LIABILITIES | $223M |
| Long-Term Debt | $237M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$38M |
| TOTAL NON-CURRENT LIABILITIES | $241M |
| TOTAL LIABILITIES | $464M |
| Common Stock | $0 |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$1.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $340M |
| Minority Interest | $0 |
| TOTAL EQUITY | $340M |
| TOTAL LIABILITIES & EQUITY | $804M |
| Total Debt | $290M |
| Net Debt | $187M |
