| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $329M | $339M | $409M | -3.0% | -19.4% |
| Op. Income | -$39M | $4M | $7M | -1072.6% | -628.6% |
| Gross Margin | 20.4% | 30.9% | 26.3% | -10.5pp | -5.9pp |
| Net Margin | -13.5% | -1.3% | -2.0% | -12.3pp | -11.6pp |
| EPS (Diluted) | $-2.01 | $-0.19 | $-0.63 | -957.9% | -219.0% |
| Free Cash Flow | $72M | -$3M | $121M | 2227.5% | -40.4% |
| Item | Amount |
|---|---|
| REVENUE | $329M |
| Cost of Revenue | $262M |
| GROSS PROFIT | $67M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $106M |
| Other Expenses | $0 |
| Operating Expenses | $106M |
| Cost & Expenses | $368M |
| OPERATING INCOME | -$39M |
| Interest Income | $16.0K |
| Interest Expense | $7M |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | -$49M |
| Income Tax Expense | -$5M |
| Net Income from Continuing Ops | -$45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$45M |
| D&A | $10M |
| EBIT | -$39M |
| EBITDA | -$29M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$45M |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$581.0K |
| Other Non-Cash Items | $22M |
| Change in Working Capital | $88M |
| OPERATING CASH FLOW | $75M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$74M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$74M |
| FREE CASH FLOW | $72M |
| Net Change in Cash | -$2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $5M |
| Short-Term Investments | $0 |
| Net Receivables | $26M |
| Inventory | $325M |
| Other Current Assets | $41M |
| TOTAL CURRENT ASSETS | $398M |
| PP&E (Net) | $246M |
| Goodwill | $0 |
| Intangible Assets | $13M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $13M |
| TOTAL NON-CURRENT ASSETS | $272M |
| TOTAL ASSETS | $670M |
| Account Payables | $108M |
| Short-Term Debt | $188M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $88M |
| TOTAL CURRENT LIABILITIES | $388M |
| Long-Term Debt | $205M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $11M |
| TOTAL NON-CURRENT LIABILITIES | $337M |
| TOTAL LIABILITIES | $724M |
| Common Stock | $2M |
| Additional Paid-In Capital | $243M |
| Retained Earnings | -$281M |
| Treasury Stock | -$68.0K |
| Accum. Other Comp. Income | -$18M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$54M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$54M |
| TOTAL LIABILITIES & EQUITY | $670M |
| Total Debt | $514M |
| Net Debt | $508M |
