| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $68M | $46M | $8M | 49.3% | 791.7% |
| Op. Income | -$63M | -$57M | -$96M | -8.9% | 35.1% |
| Gross Margin | 102.3% | 86.1% | 100.0% | 16.2pp | 2.3pp |
| Net Margin | -99.3% | -132.4% | -1226.2% | 33.0pp | 1126.8pp |
| EPS (Diluted) | $-0.78 | $-0.70 | $-1.10 | -11.4% | 29.1% |
| Free Cash Flow | -$70M | -$71M | -$57M | 1.6% | -21.2% |
| Item | Amount |
|---|---|
| REVENUE | $68M |
| Cost of Revenue | -$2M |
| GROSS PROFIT | $70M |
| R&D Expenses | $79M |
| Selling & Marketing | $0 |
| General & Administrative | $50M |
| SG&A Expenses | $50M |
| Other Expenses | $4M |
| Operating Expenses | $133M |
| Cost & Expenses | $131M |
| OPERATING INCOME | -$63M |
| Interest Income | $10M |
| Interest Expense | $53M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | -$68M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$68M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$68M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$68M |
| D&A | $3.0K |
| EBIT | -$15M |
| EBITDA | -$15M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$68M |
| Depreciation & Amortization | $3.0K |
| Stock-Based Compensation | $11M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$973.0K |
| Change in Working Capital | -$12M |
| OPERATING CASH FLOW | -$69M |
| Capital Expenditure | -$56.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$63M |
| Sales/Maturities of Investments | $145M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $82M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $6M |
| FREE CASH FLOW | -$70M |
| Net Change in Cash | $18M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $135M |
| Short-Term Investments | $259M |
| Net Receivables | $38M |
| Inventory | $33M |
| Other Current Assets | $63M |
| TOTAL CURRENT ASSETS | $528M |
| PP&E (Net) | $2M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $102.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $2M |
| TOTAL ASSETS | $530M |
| Account Payables | $17M |
| Short-Term Debt | $472.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $103M |
| TOTAL CURRENT LIABILITIES | $120M |
| Long-Term Debt | $345M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$1M |
| TOTAL NON-CURRENT LIABILITIES | $345M |
| TOTAL LIABILITIES | $465M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$1.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $452.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $65M |
| Minority Interest | $0 |
| TOTAL EQUITY | $65M |
| TOTAL LIABILITIES & EQUITY | $530M |
| Total Debt | $346M |
| Net Debt | $212M |
