| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $234M | $223M | $214M | 4.9% | 9.1% |
| Op. Income | -$10M | -$17M | -$90M | 40.3% | 88.7% |
| Gross Margin | 34.5% | 29.8% | 28.8% | 4.8pp | 5.8pp |
| Net Margin | -8.2% | -29.3% | -42.6% | 21.1pp | 34.4pp |
| EPS (Diluted) | $-0.61 | $-2.20 | $-3.05 | 72.3% | 80.0% |
| Free Cash Flow | -$7M | -$5M | -$23M | -46.2% | 70.3% |
| Item | Amount |
|---|---|
| REVENUE | $234M |
| Cost of Revenue | $153M |
| GROSS PROFIT | $81M |
| R&D Expenses | $5M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $84M |
| Other Expenses | $2M |
| Operating Expenses | $91M |
| Cost & Expenses | $244M |
| OPERATING INCOME | -$10M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | -$17M |
| Income Tax Expense | $2M |
| 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 | $2M |
| EBIT | -$10M |
| EBITDA | -$8M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$19M |
| Depreciation & Amortization | $15M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $5M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | -$6M |
| Capital Expenditure | -$328.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$159M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $172M |
| NET CASH FROM FINANCING | $13M |
| FREE CASH FLOW | -$7M |
| Net Change in Cash | $5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $64M |
| Short-Term Investments | $0 |
| Net Receivables | $104M |
| Inventory | $69M |
| Other Current Assets | $20M |
| TOTAL CURRENT ASSETS | $265M |
| PP&E (Net) | $333M |
| Goodwill | $0 |
| Intangible Assets | $138M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $52M |
| TOTAL NON-CURRENT ASSETS | $522M |
| TOTAL ASSETS | $787M |
| Account Payables | $66M |
| Short-Term Debt | $294M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $77M |
| TOTAL CURRENT LIABILITIES | $557M |
| Long-Term Debt | $183M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $210M |
| TOTAL LIABILITIES | $768M |
| Common Stock | $110.0K |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$225M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $19M |
| Minority Interest | $1M |
| TOTAL EQUITY | $20M |
| TOTAL LIABILITIES & EQUITY | $787M |
| Total Debt | $514M |
| Net Debt | $449M |
