| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $92M | $88M | $76M | 4.7% | 20.0% |
| Op. Income | -$2M | -$16M | -$8M | 90.7% | 80.5% |
| Gross Margin | 176.2% | 14.7% | 22.5% | 161.5pp | 153.7pp |
| Net Margin | -1.5% | 87.3% | -17.5% | -88.9pp | 16.0pp |
| EPS (Diluted) | $-0.04 | $13.65 | $-3.55 | -100.3% | 98.8% |
| Free Cash Flow | -$40M | -$2M | -$8M | -1722.7% | -407.6% |
| Item | Amount |
|---|---|
| REVENUE | $92M |
| Cost of Revenue | -$70M |
| GROSS PROFIT | $162M |
| R&D Expenses | $0 |
| Selling & Marketing | $5M |
| General & Administrative | $21M |
| SG&A Expenses | $25M |
| Other Expenses | $138M |
| Operating Expenses | $163M |
| Cost & Expenses | $93M |
| OPERATING INCOME | -$2M |
| Interest Income | $0 |
| Interest Expense | $100.0K |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$2M |
| Income Tax Expense | -$300.0K |
| Net Income from Continuing Ops | -$1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$200.0K |
| NET INCOME | -$1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1M |
| D&A | -$97M |
| EBIT | -$32M |
| EBITDA | -$129M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$1M |
| Depreciation & Amortization | $37M |
| Stock-Based Compensation | $400.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$10M |
| Change in Working Capital | -$19M |
| OPERATING CASH FLOW | $7M |
| Capital Expenditure | -$47M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $41M |
| NET CASH FROM INVESTING | -$7M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | -$400.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $900.0K |
| NET CASH FROM FINANCING | -$800.0K |
| FREE CASH FLOW | -$40M |
| Net Change in Cash | -$300.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $50M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $16M |
| TOTAL CURRENT ASSETS | $67M |
| PP&E (Net) | $53M |
| Goodwill | $0 |
| Intangible Assets | $2M |
| Long-Term Investments | $4M |
| Tax Assets | $0 |
| Other Non-Current Assets | $95M |
| TOTAL NON-CURRENT ASSETS | $154M |
| TOTAL ASSETS | $221M |
| Account Payables | $10M |
| Short-Term Debt | $400.0K |
| Deferred Revenue | $12M |
| Other Current Liabilities | $35M |
| TOTAL CURRENT LIABILITIES | $63M |
| Long-Term Debt | $157M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2M |
| TOTAL NON-CURRENT LIABILITIES | $194M |
| TOTAL LIABILITIES | $257M |
| Common Stock | $0 |
| Additional Paid-In Capital | $1.1B |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$36M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$36M |
| TOTAL LIABILITIES & EQUITY | $221M |
| Total Debt | $198M |
| Net Debt | $148M |
