| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $6M | $4M | $5M | 50.4% | 6.6% |
| Op. Income | -$52M | -$51M | -$46M | -2.2% | -13.8% |
| Gross Margin | 38.8% | 89.2% | 88.1% | -50.4pp | -49.3pp |
| Net Margin | -666.1% | -2175.9% | -1403.2% | 1509.8pp | 737.1pp |
| EPS (Diluted) | $-0.59 | $-1.38 | $-1.50 | 57.2% | 60.7% |
| Free Cash Flow | -$77M | -$16M | -$53M | -373.0% | -46.0% |
| Item | Amount |
|---|---|
| REVENUE | $6M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $2M |
| R&D Expenses | $34M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $19M |
| Other Expenses | $2M |
| Operating Expenses | $54M |
| Cost & Expenses | $58M |
| OPERATING INCOME | -$52M |
| Interest Income | $6M |
| Interest Expense | $15M |
| Other Income/Expenses | $11M |
| INCOME BEFORE TAX | -$41M |
| Income Tax Expense | -$4M |
| NET INCOME | -$37M |
| D&A | $3M |
| EBIT | -$52M |
| EBITDA | -$49M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$37M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | -$391.0K |
| Other Non-Cash Items | -$13M |
| Change in Working Capital | -$35M |
| OPERATING CASH FLOW | -$78M |
| Capital Expenditure | $320.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $152M |
| Sales/Maturities of Investments | -$252M |
| Other Investing Activities | -$357M |
| NET CASH FROM INVESTING | -$457M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $389M |
| NET CASH FROM FINANCING | -$4M |
| FREE CASH FLOW | -$77M |
| Net Change in Cash | -$517M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $80M |
| Short-Term Investments | $542M |
| Net Receivables | $13M |
| Inventory | $0 |
| Other Current Assets | $21M |
| TOTAL CURRENT ASSETS | $656M |
| PP&E (Net) | $26M |
| Goodwill | $25M |
| Intangible Assets | $73M |
| Long-Term Investments | $30M |
| Tax Assets | $9M |
| Other Non-Current Assets | $6M |
| TOTAL NON-CURRENT ASSETS | $169M |
| TOTAL ASSETS | $825M |
| Account Payables | $5M |
| Short-Term Debt | $4M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $54M |
| TOTAL CURRENT LIABILITIES | $63M |
| Long-Term Debt | $523M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $8M |
| Other Non-Current Liabilities | $22M |
| TOTAL NON-CURRENT LIABILITIES | $563M |
| TOTAL LIABILITIES | $626M |
| Common Stock | $4M |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$1.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$58M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $199M |
| Minority Interest | $0 |
| TOTAL EQUITY | $199M |
| TOTAL LIABILITIES & EQUITY | $825M |
| Total Debt | $537M |
| Net Debt | $456M |
