| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $30M | $10M | $4M | 198.2% | 629.3% |
| Op. Income | -$23M | -$16M | -$9M | -50.4% | -173.8% |
| Gross Margin | 42.3% | 25.8% | 21.4% | 16.5pp | 20.9pp |
| Net Margin | -331.0% | -74.0% | -250.3% | -257.0pp | -80.7pp |
| EPS (Diluted) | $-0.46 | $-0.03 | $-0.14 | -1260.9% | -228.6% |
| Free Cash Flow | -$13M | -$11M | -$8M | -16.7% | -59.0% |
| Item | Amount |
|---|---|
| REVENUE | $30M |
| Cost of Revenue | $17M |
| GROSS PROFIT | $13M |
| R&D Expenses | $9M |
| Selling & Marketing | $5M |
| General & Administrative | $22M |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $36M |
| Cost & Expenses | $53M |
| OPERATING INCOME | -$23M |
| Interest Income | $7M |
| Interest Expense | $702.2K |
| Other Income/Expenses | -$78M |
| INCOME BEFORE TAX | -$101M |
| Income Tax Expense | $180.5K |
| Net Income from Continuing Ops | -$101M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$100M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$101M |
| D&A | $3M |
| EBIT | -$23M |
| EBITDA | -$20M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$100M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $7M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $84M |
| Change in Working Capital | -$7M |
| OPERATING CASH FLOW | -$13M |
| Capital Expenditure | -$281.7K |
| Acquisitions (Net) | -$200M |
| Purchases of Investments | -$39M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$241M |
| Net Debt Issuance | $194.6K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$192.7K |
| NET CASH FROM FINANCING | $414M |
| FREE CASH FLOW | -$13M |
| Net Change in Cash | $161M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $594M |
| Short-Term Investments | $22M |
| Net Receivables | $22M |
| Inventory | $22M |
| Other Current Assets | $25M |
| TOTAL CURRENT ASSETS | $686M |
| PP&E (Net) | $10M |
| Goodwill | $255M |
| Intangible Assets | $137M |
| Long-Term Investments | $36M |
| Tax Assets | $0 |
| Other Non-Current Assets | $12M |
| TOTAL NON-CURRENT ASSETS | $450M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $14M |
| Short-Term Debt | $9M |
| Deferred Revenue | $8M |
| Other Current Liabilities | $111M |
| TOTAL CURRENT LIABILITIES | $142M |
| Long-Term Debt | $4M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $15M |
| Other Non-Current Liabilities | $501M |
| TOTAL NON-CURRENT LIABILITIES | $519M |
| TOTAL LIABILITIES | $661M |
| Common Stock | $38.0K |
| Additional Paid-In Capital | $805M |
| Retained Earnings | -$368M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $329.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $437M |
| Minority Interest | $37M |
| TOTAL EQUITY | $475M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $12M |
| Net Debt | -$582M |
