| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $57M | $51M | $42M | 11.6% | 36.9% |
| Op. Income | -$47M | -$53M | -$41M | 10.6% | -14.1% |
| Gross Margin | 91.6% | 89.3% | 90.9% | 2.3pp | 0.7pp |
| Net Margin | -83.0% | -103.1% | -103.5% | 20.2pp | 20.5pp |
| EPS (Diluted) | $-0.73 | $-0.82 | $-0.72 | 11.0% | -1.4% |
| Free Cash Flow | -$26M | -$27M | -$19M | 1.1% | -39.8% |
| Item | Amount |
|---|---|
| REVENUE | $57M |
| Cost of Revenue | $5M |
| GROSS PROFIT | $52M |
| R&D Expenses | $42M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $57M |
| Other Expenses | $0 |
| Operating Expenses | $100M |
| Cost & Expenses | $104M |
| OPERATING INCOME | -$47M |
| Interest Income | $4M |
| Interest Expense | $5M |
| Other Income/Expenses | -$473.0K |
| INCOME BEFORE TAX | -$48M |
| Income Tax Expense | -$31.0K |
| Net Income from Continuing Ops | -$48M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$48M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$49M |
| D&A | $272.0K |
| EBIT | -$43M |
| EBITDA | -$43M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$48M |
| Depreciation & Amortization | $272.0K |
| Stock-Based Compensation | $19M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | -$691.0K |
| OPERATING CASH FLOW | -$25M |
| Capital Expenditure | -$953.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$20M |
| Sales/Maturities of Investments | $52M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $30M |
| Net Debt Issuance | -$5M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $10.0K |
| NET CASH FROM FINANCING | -$3M |
| FREE CASH FLOW | -$26M |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $54M |
| Short-Term Investments | $335M |
| Net Receivables | $26M |
| Inventory | $26M |
| Other Current Assets | $10M |
| TOTAL CURRENT ASSETS | $467M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $5M |
| Long-Term Investments | $522.0K |
| Tax Assets | $998.0K |
| Other Non-Current Assets | $3M |
| TOTAL NON-CURRENT ASSETS | $14M |
| TOTAL ASSETS | $481M |
| Account Payables | $14M |
| Short-Term Debt | $8M |
| Deferred Revenue | $194.0K |
| Other Current Liabilities | $61M |
| TOTAL CURRENT LIABILITIES | $106M |
| Long-Term Debt | $235M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $998.0K |
| Other Non-Current Liabilities | -$3M |
| TOTAL NON-CURRENT LIABILITIES | $236M |
| TOTAL LIABILITIES | $342M |
| Common Stock | $67.0K |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | -$1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$796.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $139M |
| Minority Interest | $0 |
| TOTAL EQUITY | $139M |
| TOTAL LIABILITIES & EQUITY | $481M |
| Total Debt | $246M |
| Net Debt | $192M |
