| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $58M | $50M | $30M | 16.3% | 94.1% |
| Op. Income | -$6M | -$15M | -$59M | 61.2% | 90.0% |
| Gross Margin | 86.7% | 87.5% | 87.1% | -0.8pp | -0.4pp |
| Net Margin | -36.7% | -60.5% | -251.0% | 23.8pp | 214.3pp |
| EPS (Diluted) | $-0.29 | $-0.41 | $-1.05 | 29.3% | 72.4% |
| Free Cash Flow | -$5M | -$14M | -$63M | 65.4% | 92.3% |
| Item | Amount |
|---|---|
| REVENUE | $58M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $50M |
| R&D Expenses | $7M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $48M |
| Other Expenses | $0 |
| Operating Expenses | $56M |
| Cost & Expenses | $64M |
| OPERATING INCOME | -$6M |
| Interest Income | $1M |
| Interest Expense | $120M |
| Other Income/Expenses | -$15M |
| INCOME BEFORE TAX | -$21M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$21M |
| D&A | $128.0K |
| EBIT | $99M |
| EBITDA | $99M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$21M |
| Depreciation & Amortization | $128.0K |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $6M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | -$5M |
| Capital Expenditure | $115.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$229.0K |
| NET CASH FROM INVESTING | -$87.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $276.0K |
| NET CASH FROM FINANCING | -$97.0K |
| FREE CASH FLOW | -$5M |
| Net Change in Cash | -$5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $130M |
| Short-Term Investments | $0 |
| Net Receivables | $78M |
| Inventory | $6M |
| Other Current Assets | $15M |
| TOTAL CURRENT ASSETS | $229M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $27M |
| TOTAL NON-CURRENT ASSETS | $30M |
| TOTAL ASSETS | $259M |
| Account Payables | $5M |
| Short-Term Debt | $648.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $126M |
| TOTAL CURRENT LIABILITIES | $132M |
| Long-Term Debt | $2M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $563M |
| TOTAL NON-CURRENT LIABILITIES | $565M |
| TOTAL LIABILITIES | $697M |
| Common Stock | $6.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$1.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $1.0B |
| TOTAL STOCKHOLDERS' EQUITY | -$438M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$438M |
| TOTAL LIABILITIES & EQUITY | $259M |
| Total Debt | $3M |
| Net Debt | -$127M |
