| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $263M | $283M | $228M | -7.1% | 15.2% |
| Op. Income | -$130M | -$50M | -$118M | -158.6% | -10.3% |
| Gross Margin | 47.8% | 53.5% | 38.7% | -5.7pp | 9.1pp |
| Net Margin | -38.5% | 53.7% | -46.2% | -92.3pp | 7.6pp |
| EPS (Diluted) | $-2.80 | $3.39 | $-2.95 | -182.6% | 5.1% |
| Free Cash Flow | $111M | -$74M | $16M | 250.4% | 611.8% |
| Item | Amount |
|---|---|
| REVENUE | $263M |
| Cost of Revenue | $137M |
| GROSS PROFIT | $126M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $100M |
| Other Expenses | $156M |
| Operating Expenses | $255M |
| Cost & Expenses | $392M |
| OPERATING INCOME | -$130M |
| Interest Income | $3M |
| Interest Expense | $9M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | -$137M |
| Income Tax Expense | -$36M |
| Net Income from Continuing Ops | -$101M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$101M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$101M |
| D&A | $84M |
| EBIT | -$127M |
| EBITDA | -$43M |
| EPS | -$3 |
| EPS Diluted | -$3 |
| Item | Amount |
|---|---|
| Net Income | -$101M |
| Depreciation & Amortization | $84M |
| Stock-Based Compensation | $9M |
| Deferred Income Tax | -$35M |
| Other Non-Cash Items | $79M |
| Change in Working Capital | $80M |
| OPERATING CASH FLOW | $116M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$64.0K |
| NET CASH FROM INVESTING | -$5M |
| Net Debt Issuance | -$15M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$66M |
| NET CASH FROM FINANCING | -$81M |
| FREE CASH FLOW | $111M |
| Net Change in Cash | $29M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $385M |
| Short-Term Investments | $0 |
| Net Receivables | $196M |
| Inventory | $13M |
| Other Current Assets | $40M |
| TOTAL CURRENT ASSETS | $666M |
| PP&E (Net) | $2.9B |
| Goodwill | $345M |
| Intangible Assets | $23M |
| Long-Term Investments | $37M |
| Tax Assets | $0 |
| Other Non-Current Assets | $204M |
| TOTAL NON-CURRENT ASSETS | $3.5B |
| TOTAL ASSETS | $4.1B |
| Account Payables | $31M |
| Short-Term Debt | $89M |
| Deferred Revenue | $159M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $697M |
| Long-Term Debt | $786M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $215M |
| Other Non-Current Liabilities | $175M |
| TOTAL NON-CURRENT LIABILITIES | $1.3B |
| TOTAL LIABILITIES | $2.0B |
| Common Stock | $364.0K |
| Additional Paid-In Capital | $2.5B |
| Retained Earnings | -$251M |
| Treasury Stock | -$50M |
| Accum. Other Comp. Income | -$280.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.2B |
| TOTAL LIABILITIES & EQUITY | $4.1B |
| Total Debt | $1.0B |
| Net Debt | $616M |
