| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $44M | $40M | $34M | 9.2% | 28.6% |
| Op. Income | -$24M | -$37M | -$15M | 36.1% | -61.6% |
| Gross Margin | 45.5% | 42.6% | 61.9% | 2.9pp | -16.4pp |
| Net Margin | -52.7% | -83.5% | -34.1% | 30.8pp | -18.6pp |
| EPS (Diluted) | $-0.49 | $-0.73 | $-0.30 | 32.9% | -63.3% |
| Free Cash Flow | -$16M | -$42M | -$5M | 61.0% | -246.8% |
| Item | Amount |
|---|---|
| REVENUE | $44M |
| Cost of Revenue | $24M |
| GROSS PROFIT | $20M |
| R&D Expenses | $9M |
| Selling & Marketing | $0 |
| General & Administrative | $35M |
| SG&A Expenses | $35M |
| Other Expenses | -$104.0K |
| Operating Expenses | $44M |
| Cost & Expenses | $68M |
| OPERATING INCOME | -$24M |
| Interest Income | $1M |
| Interest Expense | $0 |
| Other Income/Expenses | $1M |
| INCOME BEFORE TAX | -$23M |
| Income Tax Expense | $345.0K |
| NET INCOME | -$23M |
| D&A | $7M |
| EBIT | -$24M |
| EBITDA | -$17M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$23M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | -$189.0K |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | -$16M |
| Capital Expenditure | $98.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$24M |
| Sales/Maturities of Investments | $32M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $8M |
| Net Debt Issuance | $106.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$436.0K |
| NET CASH FROM FINANCING | -$522.0K |
| FREE CASH FLOW | -$16M |
| Net Change in Cash | -$8M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $30M |
| Short-Term Investments | $88M |
| Net Receivables | $30M |
| Inventory | $55M |
| Other Current Assets | $9M |
| TOTAL CURRENT ASSETS | $212M |
| PP&E (Net) | $40M |
| Goodwill | $26M |
| Intangible Assets | $132M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $207M |
| TOTAL ASSETS | $419M |
| Account Payables | $14M |
| Short-Term Debt | $0 |
| Deferred Revenue | $21M |
| Other Current Liabilities | $31M |
| TOTAL CURRENT LIABILITIES | $75M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $6M |
| Deferred Tax Liabilities | $32M |
| Other Non-Current Liabilities | $13M |
| TOTAL NON-CURRENT LIABILITIES | $80M |
| TOTAL LIABILITIES | $123M |
| Common Stock | $47.0K |
| Additional Paid-In Capital | $874M |
| Retained Earnings | -$577M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$723.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $296M |
| Minority Interest | $0 |
| TOTAL EQUITY | $296M |
| TOTAL LIABILITIES & EQUITY | $419M |
| Total Debt | $37M |
| Net Debt | $7M |
