| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $94M | $53M | — | 77.3% | — |
| Op. Income | $17M | -$16M | — | 203.0% | — |
| Gross Margin | 33.3% | 60.0% | — | -26.7pp | — |
| Net Margin | -88.4% | -43.2% | — | -45.2pp | — |
| EPS (Diluted) | $-35.04 | $-14.07 | — | -149.0% | — |
| Free Cash Flow | $4M | $18M | — | -77.6% | — |
| Item | Amount |
|---|---|
| REVENUE | $94M |
| Cost of Revenue | $63M |
| GROSS PROFIT | $31M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $50M |
| Other Expenses | $2M |
| Operating Expenses | $52M |
| Cost & Expenses | $77M |
| OPERATING INCOME | $17M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | -$100M |
| INCOME BEFORE TAX | -$84M |
| Income Tax Expense | -$646.0K |
| Net Income from Continuing Ops | -$83M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$83M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$61M |
| D&A | $6M |
| EBIT | $19M |
| EBITDA | $25M |
| EPS | -$35 |
| EPS Diluted | -$35 |
| Item | Amount |
|---|---|
| Net Income | -$83M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | -$646.0K |
| Other Non-Cash Items | $86M |
| Change in Working Capital | -$5M |
| OPERATING CASH FLOW | $6M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$2M |
| Net Debt Issuance | -$3M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $2M |
| NET CASH FROM FINANCING | -$230.0K |
| FREE CASH FLOW | $4M |
| Net Change in Cash | $4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $20M |
| Short-Term Investments | $0 |
| Net Receivables | $30M |
| Inventory | $82M |
| Other Current Assets | $9M |
| TOTAL CURRENT ASSETS | $140M |
| PP&E (Net) | $31M |
| Goodwill | $73M |
| Intangible Assets | $100M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $16M |
| TOTAL NON-CURRENT ASSETS | $220M |
| TOTAL ASSETS | $360M |
| Account Payables | $13M |
| Short-Term Debt | $2M |
| Deferred Revenue | $2M |
| Other Current Liabilities | $31M |
| TOTAL CURRENT LIABILITIES | $47M |
| Long-Term Debt | $240M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $7M |
| Other Non-Current Liabilities | $677.0K |
| TOTAL NON-CURRENT LIABILITIES | $262M |
| TOTAL LIABILITIES | $309M |
| Common Stock | $3.0K |
| Additional Paid-In Capital | $377M |
| Retained Earnings | -$330M |
| Treasury Stock | -$1M |
| Accum. Other Comp. Income | -$274.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $46M |
| Minority Interest | $5M |
| TOTAL EQUITY | $51M |
| TOTAL LIABILITIES & EQUITY | $360M |
| Total Debt | $256M |
| Net Debt | $236M |
