| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $22M | $41M | — | -46.8% | — |
| Op. Income | -$12M | -$6M | — | -102.5% | — |
| Gross Margin | -10.6% | 18.6% | — | -29.2pp | — |
| Net Margin | -74.1% | -21.2% | — | -53.0pp | — |
| EPS (Diluted) | $-0.68 | $-0.37 | — | -83.8% | — |
| Free Cash Flow | -$4M | -$5M | — | 15.4% | — |
| Item | Amount |
|---|---|
| REVENUE | $22M |
| Cost of Revenue | $24M |
| GROSS PROFIT | -$2M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $9M |
| Other Expenses | $449.0K |
| Operating Expenses | $10M |
| Cost & Expenses | $34M |
| OPERATING INCOME | -$12M |
| Interest Income | $0 |
| Interest Expense | $694.0K |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | -$14M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | -$16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$16M |
| D&A | $245.0K |
| EBIT | -$14M |
| EBITDA | -$13M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$16M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $2.0K |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | -$273.0K |
| Change in Working Capital | $11M |
| OPERATING CASH FLOW | -$2M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $2M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $474.0K |
| Net Debt Issuance | -$3M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$3M |
| FREE CASH FLOW | -$4M |
| Net Change in Cash | -$5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3M |
| Short-Term Investments | $0 |
| Net Receivables | $27M |
| Inventory | $0 |
| Other Current Assets | $1M |
| TOTAL CURRENT ASSETS | $31M |
| PP&E (Net) | $8M |
| Goodwill | $856.0K |
| Intangible Assets | $709.0K |
| Long-Term Investments | $0 |
| Tax Assets | $18.0K |
| Other Non-Current Assets | $3M |
| TOTAL NON-CURRENT ASSETS | $13M |
| TOTAL ASSETS | $44M |
| Account Payables | $9M |
| Short-Term Debt | $21M |
| Deferred Revenue | $1M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $38M |
| Long-Term Debt | $1M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $34.0K |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $6M |
| TOTAL LIABILITIES | $43M |
| Common Stock | $241.0K |
| Additional Paid-In Capital | $20M |
| Retained Earnings | -$17M |
| Treasury Stock | -$1M |
| Accum. Other Comp. Income | -$1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $622.0K |
| Minority Interest | $0 |
| TOTAL EQUITY | $622.0K |
| TOTAL LIABILITIES & EQUITY | $44M |
| Total Debt | $27M |
| Net Debt | $24M |
