| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $88M | $70M | $89M | 26.4% | -0.2% |
| Op. Income | -$1M | -$3M | -$22M | 67.6% | 94.8% |
| Gross Margin | 55.2% | 45.8% | 46.5% | 9.4pp | 8.7pp |
| Net Margin | -1.3% | -24.1% | 53.0% | 22.9pp | -54.3pp |
| EPS (Diluted) | $-0.00 | $-0.02 | $0.10 | 93.5% | -101.3% |
| Free Cash Flow | -$2M | -$6M | -$26M | 69.8% | 92.5% |
| Item | Amount |
|---|---|
| REVENUE | $88M |
| Cost of Revenue | $40M |
| GROSS PROFIT | $49M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $50M |
| Other Expenses | $0 |
| Operating Expenses | $50M |
| Cost & Expenses | $90M |
| OPERATING INCOME | -$1M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$1M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1M |
| D&A | $0 |
| EBIT | -$1M |
| EBITDA | -$1M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$2M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $1M |
| Other Non-Cash Items | -$22M |
| Change in Working Capital | $14M |
| OPERATING CASH FLOW | -$2M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $1M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $1M |
| Net Debt Issuance | -$23M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $24M |
| NET CASH FROM FINANCING | $5M |
| FREE CASH FLOW | -$2M |
| Net Change in Cash | $5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $10M |
| Short-Term Investments | $0 |
| Net Receivables | $82M |
| Inventory | $4M |
| Other Current Assets | $17M |
| TOTAL CURRENT ASSETS | $113M |
| PP&E (Net) | $9M |
| Goodwill | $63M |
| Intangible Assets | $51M |
| Long-Term Investments | $4M |
| Tax Assets | $0 |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $128M |
| TOTAL ASSETS | $241M |
| Account Payables | $26M |
| Short-Term Debt | $29M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $99M |
| TOTAL CURRENT LIABILITIES | $155M |
| Long-Term Debt | $155M |
| Deferred Revenue NC | $794.0K |
| Deferred Tax Liabilities | $1M |
| Other Non-Current Liabilities | $15M |
| TOTAL NON-CURRENT LIABILITIES | $177M |
| TOTAL LIABILITIES | $331M |
| Common Stock | $16.0K |
| Additional Paid-In Capital | $366M |
| Retained Earnings | -$457M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $165.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$90M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$90M |
| TOTAL LIABILITIES & EQUITY | $241M |
| Total Debt | $188M |
| Net Debt | $179M |
