| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $30M | $30M | $21M | 2.0% | 43.0% |
| Op. Income | -$58M | -$52M | -$51M | -10.0% | -12.2% |
| Gross Margin | 80.5% | -107.9% | 70.2% | 188.4pp | 10.2pp |
| Net Margin | -221.3% | -208.3% | -241.3% | -13.0pp | 19.9pp |
| EPS (Diluted) | $-1.30 | $-1.20 | $-1.01 | -8.3% | -28.7% |
| Free Cash Flow | -$53M | -$56M | -$33M | 6.5% | -61.4% |
| Item | Amount |
|---|---|
| REVENUE | $30M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $24M |
| R&D Expenses | $60M |
| Selling & Marketing | $0 |
| General & Administrative | $22M |
| SG&A Expenses | $22M |
| Other Expenses | $54.0K |
| Operating Expenses | $82M |
| Cost & Expenses | $88M |
| OPERATING INCOME | -$58M |
| Interest Income | $3M |
| Interest Expense | $12M |
| Other Income/Expenses | -$10M |
| INCOME BEFORE TAX | -$67M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$67M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$67M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$67M |
| D&A | $4M |
| EBIT | -$67M |
| EBITDA | -$63M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$67M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $8M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $4M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | -$52M |
| Capital Expenditure | -$508.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$63M |
| Sales/Maturities of Investments | $101M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $38M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $135M |
| NET CASH FROM FINANCING | -$10M |
| FREE CASH FLOW | -$53M |
| Net Change in Cash | -$24M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $34M |
| Short-Term Investments | $196M |
| Net Receivables | $26M |
| Inventory | $0 |
| Other Current Assets | $25M |
| TOTAL CURRENT ASSETS | $281M |
| PP&E (Net) | $152M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $15M |
| Tax Assets | $0 |
| Other Non-Current Assets | $5M |
| TOTAL NON-CURRENT ASSETS | $172M |
| TOTAL ASSETS | $453M |
| Account Payables | $21M |
| Short-Term Debt | $48M |
| Deferred Revenue | $10M |
| Other Current Liabilities | $38M |
| TOTAL CURRENT LIABILITIES | $118M |
| Long-Term Debt | $147M |
| Deferred Revenue NC | $19M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $638.0K |
| TOTAL NON-CURRENT LIABILITIES | $232M |
| TOTAL LIABILITIES | $350M |
| Common Stock | $5.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$687.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $103M |
| Minority Interest | $0 |
| TOTAL EQUITY | $103M |
| TOTAL LIABILITIES & EQUITY | $453M |
| Total Debt | $261M |
| Net Debt | $226M |
