| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $165M | $211M | $213M | -22.0% | -22.7% |
| Op. Income | -$82M | $3M | -$162M | -2806.4% | 49.7% |
| Gross Margin | 90.1% | 45.1% | 92.4% | 45.0pp | -2.3pp |
| Net Margin | -82.0% | 7.5% | -30.9% | -89.5pp | -51.0pp |
| EPS (Diluted) | $-1.67 | $0.20 | $-0.85 | -935.0% | -96.5% |
| Free Cash Flow | -$37M | -$70M | -$37M | 47.5% | -0.4% |
| Item | Amount |
|---|---|
| REVENUE | $165M |
| Cost of Revenue | $16M |
| GROSS PROFIT | $148M |
| R&D Expenses | $133M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $100M |
| Other Expenses | -$4M |
| Operating Expenses | $230M |
| Cost & Expenses | $246M |
| OPERATING INCOME | -$82M |
| Interest Income | $0 |
| Interest Expense | $55M |
| Other Income/Expenses | -$57M |
| INCOME BEFORE TAX | -$139M |
| Income Tax Expense | -$4M |
| Net Income from Continuing Ops | -$135M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$135M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$135M |
| D&A | $13M |
| EBIT | -$84M |
| EBITDA | -$71M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$135M |
| Depreciation & Amortization | $13M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $1.0K |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $91M |
| OPERATING CASH FLOW | -$34M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$319M |
| Sales/Maturities of Investments | $391M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $34M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $240M |
| NET CASH FROM FINANCING | $303M |
| FREE CASH FLOW | -$37M |
| Net Change in Cash | $312M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $985M |
| Short-Term Investments | $961M |
| Net Receivables | $182M |
| Inventory | $80M |
| Other Current Assets | $67M |
| TOTAL CURRENT ASSETS | $2.3B |
| PP&E (Net) | $135M |
| Goodwill | $82M |
| Intangible Assets | $389M |
| Long-Term Investments | $14M |
| Tax Assets | $12M |
| Other Non-Current Assets | $5M |
| TOTAL NON-CURRENT ASSETS | $637M |
| TOTAL ASSETS | $2.9B |
| Account Payables | $45M |
| Short-Term Debt | $302M |
| Deferred Revenue | $2M |
| Other Current Liabilities | $540M |
| TOTAL CURRENT LIABILITIES | $968M |
| Long-Term Debt | $94M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $12M |
| Other Non-Current Liabilities | $1.9B |
| TOTAL NON-CURRENT LIABILITIES | $2.1B |
| TOTAL LIABILITIES | $3.1B |
| Common Stock | $80.0K |
| Additional Paid-In Capital | $2.7B |
| Retained Earnings | -$3.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $11M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$205M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$205M |
| TOTAL LIABILITIES & EQUITY | $2.9B |
| Total Debt | $492M |
| Net Debt | -$492M |
