| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $153M | $180M | $143M | -15.2% | 7.2% |
| Op. Income | -$127M | $80M | $188M | -259.0% | -167.6% |
| Gross Margin | 30.8% | 39.3% | 37.5% | -8.5pp | -6.7pp |
| Net Margin | -452.0% | 58.0% | 95.7% | -509.9pp | -547.7pp |
| EPS (Diluted) | $-1.88 | $0.26 | $0.43 | -823.1% | -537.2% |
| Free Cash Flow | -$188M | -$246M | -$853M | 23.5% | 78.0% |
| Item | Amount |
|---|---|
| REVENUE | $153M |
| Cost of Revenue | $106M |
| GROSS PROFIT | $47M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $82M |
| Other Expenses | $93M |
| Operating Expenses | $174M |
| Cost & Expenses | $280M |
| OPERATING INCOME | -$127M |
| Interest Income | $3M |
| Interest Expense | $8M |
| Other Income/Expenses | -$566M |
| INCOME BEFORE TAX | -$693M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | -$691M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$691M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$691M |
| D&A | $103M |
| EBIT | -$686M |
| EBITDA | -$583M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$691M |
| Depreciation & Amortization | $103M |
| Stock-Based Compensation | $33M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $463M |
| Change in Working Capital | -$14M |
| OPERATING CASH FLOW | -$106M |
| Capital Expenditure | -$82M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $80M |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $2M |
| NET CASH FROM FINANCING | $11M |
| FREE CASH FLOW | -$188M |
| Net Change in Cash | -$97M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $234M |
| Short-Term Investments | $0 |
| Net Receivables | $30M |
| Inventory | $0 |
| Other Current Assets | $185M |
| TOTAL CURRENT ASSETS | $449M |
| PP&E (Net) | $1.6B |
| Goodwill | $122M |
| Intangible Assets | $30M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.8B |
| TOTAL NON-CURRENT ASSETS | $3.5B |
| TOTAL ASSETS | $3.9B |
| Account Payables | $23M |
| Short-Term Debt | $260M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $186M |
| TOTAL CURRENT LIABILITIES | $470M |
| Long-Term Debt | $20M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $589M |
| TOTAL NON-CURRENT LIABILITIES | $609M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $4.2B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.9B |
| TOTAL LIABILITIES & EQUITY | $3.9B |
| Total Debt | $280M |
| Net Debt | $46M |
