| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $12M | $10M | $15M | 20.2% | -21.4% |
| Op. Income | -$34M | -$48M | -$65M | 30.5% | 48.4% |
| Gross Margin | 86.1% | 100.0% | 100.0% | -13.9pp | -13.9pp |
| Net Margin | -401.5% | -586.6% | -489.2% | 185.1pp | 87.7pp |
| EPS (Diluted) | $-5.45 | $-6.70 | $-8.80 | 18.7% | 38.1% |
| Free Cash Flow | -$27M | -$38M | -$73M | 30.8% | 63.4% |
| Item | Amount |
|---|---|
| REVENUE | $12M |
| Cost of Revenue | $2M |
| GROSS PROFIT | $10M |
| R&D Expenses | $37M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $7M |
| Other Expenses | $0 |
| Operating Expenses | $44M |
| Cost & Expenses | $45M |
| OPERATING INCOME | -$34M |
| Interest Income | $2M |
| Interest Expense | $10M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | -$47M |
| Income Tax Expense | -$82.0K |
| Net Income from Continuing Ops | -$47M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$47M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$47M |
| D&A | $2M |
| EBIT | -$34M |
| EBITDA | -$32M |
| EPS | -$5 |
| EPS Diluted | -$5 |
| Item | Amount |
|---|---|
| Net Income | -$47M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $12M |
| Change in Working Capital | $5M |
| OPERATING CASH FLOW | -$26M |
| Capital Expenditure | -$184.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$4M |
| Sales/Maturities of Investments | $23M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $19M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$67.0K |
| NET CASH FROM FINANCING | -$64.0K |
| FREE CASH FLOW | -$27M |
| Net Change in Cash | -$8M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $58M |
| Short-Term Investments | $83M |
| Net Receivables | $4M |
| Inventory | $0 |
| Other Current Assets | $6M |
| TOTAL CURRENT ASSETS | $151M |
| PP&E (Net) | $22M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $858.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $495.0K |
| TOTAL NON-CURRENT ASSETS | $23M |
| TOTAL ASSETS | $174M |
| Account Payables | $8M |
| Short-Term Debt | $8M |
| Deferred Revenue | $11M |
| Other Current Liabilities | $35M |
| TOTAL CURRENT LIABILITIES | $75M |
| Long-Term Debt | $220M |
| Deferred Revenue NC | $2M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2M |
| TOTAL NON-CURRENT LIABILITIES | $231M |
| TOTAL LIABILITIES | $306M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $845M |
| Retained Earnings | -$978M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $19.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$132M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$132M |
| TOTAL LIABILITIES & EQUITY | $174M |
| Total Debt | $235M |
| Net Debt | $177M |
