| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $207M | $160M | $165M | 29.4% | 25.5% |
| Op. Income | -$114M | -$171M | -$122M | 33.3% | 6.8% |
| Gross Margin | 86.0% | 82.5% | 89.8% | 3.5pp | -3.8pp |
| Net Margin | -62.3% | -112.8% | -80.9% | 50.5pp | 18.6pp |
| EPS (Diluted) | $-1.29 | $-1.81 | $-1.39 | 28.7% | 7.2% |
| Free Cash Flow | -$101M | -$93M | -$80M | -8.7% | -25.7% |
| Item | Amount |
|---|---|
| REVENUE | $207M |
| Cost of Revenue | $29M |
| GROSS PROFIT | $178M |
| R&D Expenses | $203M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $89M |
| Other Expenses | $0 |
| Operating Expenses | $292M |
| Cost & Expenses | $321M |
| OPERATING INCOME | -$114M |
| Interest Income | $7M |
| Interest Expense | $19M |
| Other Income/Expenses | -$14M |
| INCOME BEFORE TAX | -$128M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$129M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$129M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$129M |
| D&A | $9M |
| EBIT | -$114M |
| EBITDA | -$105M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$129M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $38M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$9M |
| Change in Working Capital | $588.0K |
| OPERATING CASH FLOW | -$100M |
| Capital Expenditure | -$938.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$72M |
| NET CASH FROM INVESTING | -$72M |
| Net Debt Issuance | $392M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $394M |
| FREE CASH FLOW | -$101M |
| Net Change in Cash | $222M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $434M |
| Short-Term Investments | $259M |
| Net Receivables | $159M |
| Inventory | $52M |
| Other Current Assets | $47M |
| TOTAL CURRENT ASSETS | $951M |
| PP&E (Net) | $267M |
| Goodwill | $44M |
| Intangible Assets | $176M |
| Long-Term Investments | $59M |
| Tax Assets | $0 |
| Other Non-Current Assets | $35M |
| TOTAL NON-CURRENT ASSETS | $581M |
| TOTAL ASSETS | $1.5B |
| Account Payables | $31M |
| Short-Term Debt | $81M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $183M |
| TOTAL CURRENT LIABILITIES | $384M |
| Long-Term Debt | $1.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $30M |
| Other Non-Current Liabilities | -$4M |
| TOTAL NON-CURRENT LIABILITIES | $1.2B |
| TOTAL LIABILITIES | $1.6B |
| Common Stock | $0 |
| Additional Paid-In Capital | $4.5B |
| Retained Earnings | -$4.5B |
| Treasury Stock | -$8M |
| Accum. Other Comp. Income | $9M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$80M |
| Minority Interest | $7M |
| TOTAL EQUITY | -$73M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $1.3B |
| Net Debt | $842M |
