| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $28M | $33M | $87M | -13.6% | -67.6% |
| Op. Income | -$41M | -$53M | $47M | 22.0% | -187.9% |
| Gross Margin | 88.6% | 74.8% | 95.5% | 13.8pp | -6.9pp |
| Net Margin | -147.1% | -157.4% | 57.7% | 10.3pp | -204.8pp |
| EPS (Diluted) | $-0.42 | $-0.52 | $0.51 | 19.2% | -182.4% |
| Free Cash Flow | -$43M | -$47M | $42M | 8.0% | -204.3% |
| Item | Amount |
|---|---|
| REVENUE | $28M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $25M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $60M |
| Other Expenses | $3M |
| Operating Expenses | $66M |
| Cost & Expenses | $70M |
| OPERATING INCOME | -$41M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $61.0K |
| INCOME BEFORE TAX | -$41M |
| Income Tax Expense | -$80.0K |
| Net Income from Continuing Ops | -$41M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$41M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$41M |
| D&A | $417.0K |
| EBIT | -$41M |
| EBITDA | -$41M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$41M |
| Depreciation & Amortization | -$2M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $1M |
| Change in Working Capital | -$7M |
| OPERATING CASH FLOW | -$43M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$49M |
| Sales/Maturities of Investments | $75M |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | $24M |
| Net Debt Issuance | -$732.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $83.0K |
| NET CASH FROM FINANCING | $1M |
| FREE CASH FLOW | -$43M |
| Net Change in Cash | -$18M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $41M |
| Short-Term Investments | $204M |
| Net Receivables | $25M |
| Inventory | $8M |
| Other Current Assets | $6M |
| TOTAL CURRENT ASSETS | $285M |
| PP&E (Net) | $2M |
| Goodwill | $0 |
| Intangible Assets | $14M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $26M |
| TOTAL NON-CURRENT ASSETS | $43M |
| TOTAL ASSETS | $328M |
| Account Payables | $6M |
| Short-Term Debt | $588.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $33M |
| TOTAL CURRENT LIABILITIES | $39M |
| Long-Term Debt | $96M |
| Deferred Revenue NC | $1M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $77M |
| TOTAL NON-CURRENT LIABILITIES | $174M |
| TOTAL LIABILITIES | $213M |
| Common Stock | $10.0K |
| Additional Paid-In Capital | $409M |
| Retained Earnings | -$295M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $125.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $114M |
| Minority Interest | $0 |
| TOTAL EQUITY | $114M |
| TOTAL LIABILITIES & EQUITY | $328M |
| Total Debt | $97M |
| Net Debt | $56M |
