| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $60M | $73M | $72M | -17.7% | -16.5% |
| Op. Income | -$13M | -$4M | -$14M | -241.0% | 4.7% |
| Gross Margin | 38.0% | 43.8% | 38.2% | -5.8pp | -0.2pp |
| Net Margin | -15.6% | -98.5% | -26.5% | 82.9pp | 10.9pp |
| EPS (Diluted) | $-1.85 | $-14.56 | $-3.95 | 87.3% | 53.2% |
| Free Cash Flow | -$4M | -$4M | $10M | 8.4% | -140.0% |
| Item | Amount |
|---|---|
| REVENUE | $60M |
| Cost of Revenue | $37M |
| GROSS PROFIT | $23M |
| R&D Expenses | $7M |
| Selling & Marketing | $13M |
| General & Administrative | $15M |
| SG&A Expenses | $28M |
| Other Expenses | $1M |
| Operating Expenses | $36M |
| Cost & Expenses | $73M |
| OPERATING INCOME | -$13M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | -$9M |
| Income Tax Expense | $146.0K |
| Net Income from Continuing Ops | -$9M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$9M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$9M |
| D&A | $1M |
| EBIT | -$2M |
| EBITDA | -$1M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$9M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $452.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | $6M |
| OPERATING CASH FLOW | -$3M |
| Capital Expenditure | -$623.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$623.0K |
| Net Debt Issuance | -$16M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $16M |
| NET CASH FROM FINANCING | -$109.0K |
| FREE CASH FLOW | -$4M |
| Net Change in Cash | -$4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $16M |
| Short-Term Investments | $0 |
| Net Receivables | $53M |
| Inventory | $22M |
| Other Current Assets | $9M |
| TOTAL CURRENT ASSETS | $103M |
| PP&E (Net) | $20M |
| Goodwill | $13M |
| Intangible Assets | $281.0K |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $19M |
| TOTAL NON-CURRENT ASSETS | $53M |
| TOTAL ASSETS | $155M |
| Account Payables | $31M |
| Short-Term Debt | $123M |
| Deferred Revenue | $75M |
| Other Current Liabilities | $13M |
| TOTAL CURRENT LIABILITIES | $258M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $39M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $14M |
| TOTAL NON-CURRENT LIABILITIES | $62M |
| TOTAL LIABILITIES | $320M |
| Common Stock | $70.0K |
| Additional Paid-In Capital | $780M |
| Retained Earnings | -$942M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$164M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$164M |
| TOTAL LIABILITIES & EQUITY | $155M |
| Total Debt | $133M |
| Net Debt | $116M |
