| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1M | — | $837.7K | — | 69.1% |
| Op. Income | -$935.9K | — | -$1M | — | 12.8% |
| Gross Margin | 43.8% | — | 72.5% | — | -28.7pp |
| Net Margin | -68.0% | — | -121.5% | — | 53.5pp |
| EPS (Diluted) | $-0.32 | — | $-0.34 | — | 5.9% |
| Free Cash Flow | -$433.1K | — | -$2M | — | 71.4% |
| Item | Amount |
|---|---|
| REVENUE | $1M |
| Cost of Revenue | $796.3K |
| GROSS PROFIT | $620.2K |
| R&D Expenses | $142.5K |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $1M |
| Other Expenses | $0 |
| Operating Expenses | $2M |
| Cost & Expenses | $2M |
| OPERATING INCOME | -$935.9K |
| Interest Income | $0 |
| Interest Expense | $3.5K |
| Other Income/Expenses | -$27.8K |
| INCOME BEFORE TAX | -$963.7K |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$963.7K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$963.7K |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$963.7K |
| D&A | $10.2K |
| EBIT | -$960.2K |
| EBITDA | -$950.1K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$963.7K |
| Depreciation & Amortization | $10.2K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $17.2K |
| Change in Working Capital | $297.4K |
| OPERATING CASH FLOW | -$639.0K |
| Capital Expenditure | $205.9K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $6.0K |
| Other Investing Activities | $1.2K |
| NET CASH FROM INVESTING | $3.9K |
| Net Debt Issuance | -$60.6K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$60.6K |
| FREE CASH FLOW | -$433.1K |
| Net Change in Cash | -$663.2K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $733.9K |
| Short-Term Investments | $1.1K |
| Net Receivables | $185.3K |
| Inventory | $0 |
| Other Current Assets | $21.8K |
| TOTAL CURRENT ASSETS | $1M |
| PP&E (Net) | $30.9K |
| Goodwill | $0 |
| Intangible Assets | $74.7K |
| Long-Term Investments | $221.4K |
| Tax Assets | $14.0K |
| Other Non-Current Assets | $4.6K |
| TOTAL NON-CURRENT ASSETS | $345.6K |
| TOTAL ASSETS | $1M |
| Account Payables | $85.6K |
| Short-Term Debt | $126.4K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $144.9K |
| TOTAL CURRENT LIABILITIES | $580.9K |
| Long-Term Debt | $238.1K |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $14.0K |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $252.1K |
| TOTAL LIABILITIES | $832.9K |
| Common Stock | $351.6K |
| Additional Paid-In Capital | $16M |
| Retained Earnings | -$15M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $520.5K |
| Minority Interest | $0 |
| TOTAL EQUITY | $520.5K |
| TOTAL LIABILITIES & EQUITY | $1M |
| Total Debt | $364.5K |
| Net Debt | -$369.4K |
