| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $258M | $236M | — | 9.3% | — |
| Op. Income | -$116M | -$125M | — | 6.9% | — |
| Gross Margin | 77.4% | 76.2% | — | 1.1pp | — |
| Net Margin | -44.5% | -55.4% | — | 10.9pp | — |
| EPS (Diluted) | $-0.61 | $-0.71 | — | 14.3% | — |
| Free Cash Flow | $78M | $16M | — | 401.1% | — |
| Item | Amount |
|---|---|
| REVENUE | $258M |
| Cost of Revenue | $58M |
| GROSS PROFIT | $200M |
| R&D Expenses | $80M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $236M |
| Other Expenses | $0 |
| Operating Expenses | $316M |
| Cost & Expenses | $374M |
| OPERATING INCOME | -$116M |
| Interest Income | $8M |
| Interest Expense | $10M |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | -$114M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$115M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$115M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$115M |
| D&A | $7M |
| EBIT | -$104M |
| EBITDA | -$96M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$115M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $86M |
| Deferred Income Tax | -$286.0K |
| Other Non-Cash Items | $26M |
| Change in Working Capital | $79M |
| OPERATING CASH FLOW | $84M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$156M |
| Sales/Maturities of Investments | $168M |
| Other Investing Activities | -$3M |
| NET CASH FROM INVESTING | $4M |
| Net Debt Issuance | $475.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $817M |
| NET CASH FROM FINANCING | $2M |
| FREE CASH FLOW | $78M |
| Net Change in Cash | $83M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $186M |
| Short-Term Investments | $519M |
| Net Receivables | $182M |
| Inventory | $4M |
| Other Current Assets | $108M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $53M |
| Goodwill | $100M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $192M |
| TOTAL NON-CURRENT ASSETS | $345M |
| TOTAL ASSETS | $1.4B |
| Account Payables | $10M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $783M |
| TOTAL CURRENT LIABILITIES | $950M |
| Long-Term Debt | $322M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $686M |
| TOTAL NON-CURRENT LIABILITIES | $1.0B |
| TOTAL LIABILITIES | $2.0B |
| Common Stock | $5.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$2.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$8M |
| Other Equity | $2.3B |
| TOTAL STOCKHOLDERS' EQUITY | -$554M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$554M |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $351M |
| Net Debt | $164M |
