| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $11M | $8M | $8M | 43.9% | 37.3% |
| Op. Income | -$12M | -$11M | -$10M | -7.4% | -19.4% |
| Gross Margin | 10.7% | 29.0% | 11.9% | -18.3pp | -1.2pp |
| Net Margin | -110.8% | -146.8% | -117.6% | 36.0pp | 6.8pp |
| EPS (Diluted) | $-0.28 | $-0.25 | $-0.22 | -12.0% | -27.3% |
| Free Cash Flow | -$2M | -$9M | -$10M | 73.0% | 75.4% |
| Item | Amount |
|---|---|
| REVENUE | $11M |
| Cost of Revenue | $10M |
| GROSS PROFIT | $1M |
| R&D Expenses | $3M |
| Selling & Marketing | $3M |
| General & Administrative | $5M |
| SG&A Expenses | $9M |
| Other Expenses | $2M |
| Operating Expenses | $13M |
| Cost & Expenses | $23M |
| OPERATING INCOME | -$12M |
| Interest Income | $457.0K |
| Interest Expense | $809.0K |
| Other Income/Expenses | -$272.0K |
| INCOME BEFORE TAX | -$12M |
| Income Tax Expense | $14.0K |
| Net Income from Continuing Ops | -$12M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$12M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$12M |
| D&A | $790.0K |
| EBIT | -$12M |
| EBITDA | -$12M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$12M |
| Depreciation & Amortization | $790.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | $7M |
| OPERATING CASH FLOW | -$2M |
| Capital Expenditure | -$92.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$4M |
| Sales/Maturities of Investments | $8M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $4M |
| Net Debt Issuance | -$886.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$435.0K |
| FREE CASH FLOW | -$2M |
| Net Change in Cash | $1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $20M |
| Short-Term Investments | $18M |
| Net Receivables | $3M |
| Inventory | $18M |
| Other Current Assets | $2M |
| TOTAL CURRENT ASSETS | $61M |
| PP&E (Net) | $13M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $603.0K |
| TOTAL NON-CURRENT ASSETS | $14M |
| TOTAL ASSETS | $75M |
| Account Payables | $4M |
| Short-Term Debt | $1M |
| Deferred Revenue | $5M |
| Other Current Liabilities | $8M |
| TOTAL CURRENT LIABILITIES | $18M |
| Long-Term Debt | $19M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $583.0K |
| TOTAL NON-CURRENT LIABILITIES | $23M |
| TOTAL LIABILITIES | $42M |
| Common Stock | $445.0K |
| Additional Paid-In Capital | $555M |
| Retained Earnings | -$522M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $11.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $33M |
| Minority Interest | $0 |
| TOTAL EQUITY | $33M |
| TOTAL LIABILITIES & EQUITY | $75M |
| Total Debt | $24M |
| Net Debt | $4M |
