| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $109M | $103M | $70M | 5.2% | 56.4% |
| Op. Income | -$82M | -$42M | -$19M | -95.0% | -330.0% |
| Gross Margin | 9.6% | 16.3% | 6.6% | -6.6pp | 3.0pp |
| Net Margin | -78.6% | -39.8% | -96.6% | -38.8pp | 18.0pp |
| EPS (Diluted) | $-0.58 | $-0.29 | $-1.38 | -100.0% | 58.0% |
| Free Cash Flow | -$26M | -$28M | $3M | 4.9% | -981.8% |
| Item | Amount |
|---|---|
| REVENUE | $109M |
| Cost of Revenue | $98M |
| GROSS PROFIT | $10M |
| R&D Expenses | $10M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $48M |
| Other Expenses | $35M |
| Operating Expenses | $92M |
| Cost & Expenses | $190M |
| OPERATING INCOME | -$82M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | -$85M |
| Income Tax Expense | $910.0K |
| Net Income from Continuing Ops | -$85M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$85M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$98M |
| D&A | $12M |
| EBIT | -$78M |
| EBITDA | -$66M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$85M |
| Depreciation & Amortization | $12M |
| Stock-Based Compensation | $11M |
| Deferred Income Tax | $910.0K |
| Other Non-Cash Items | $33M |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | -$24M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$6M |
| Net Debt Issuance | -$108M |
| Common Stock Repurchased | -$1.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$627.0K |
| NET CASH FROM FINANCING | $71M |
| FREE CASH FLOW | -$26M |
| Net Change in Cash | $41M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $95M |
| Short-Term Investments | $0 |
| Net Receivables | $81M |
| Inventory | $56M |
| Other Current Assets | $21M |
| TOTAL CURRENT ASSETS | $253M |
| PP&E (Net) | $81M |
| Goodwill | $779M |
| Intangible Assets | $336M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $118.0K |
| TOTAL NON-CURRENT ASSETS | $1.2B |
| TOTAL ASSETS | $1.4B |
| Account Payables | $32M |
| Short-Term Debt | $12M |
| Deferred Revenue | $60M |
| Other Current Liabilities | $51M |
| TOTAL CURRENT LIABILITIES | $156M |
| Long-Term Debt | $188M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $38M |
| Other Non-Current Liabilities | -$24M |
| TOTAL NON-CURRENT LIABILITIES | $234M |
| TOTAL LIABILITIES | $389M |
| Common Stock | $19.0K |
| Additional Paid-In Capital | $1.7B |
| Retained Earnings | -$622M |
| Treasury Stock | -$7M |
| Accum. Other Comp. Income | $10M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $231M |
| Net Debt | $136M |
