| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $152M | $119M | $66M | 27.8% | 128.4% |
| Op. Income | -$8M | -$15M | -$24M | 45.1% | 67.3% |
| Gross Margin | 92.8% | 79.3% | 92.6% | 13.5pp | 0.2pp |
| Net Margin | -5.5% | -10.6% | -34.8% | 5.1pp | 29.3pp |
| EPS (Diluted) | $-0.20 | $-0.30 | $-0.60 | 33.3% | 66.7% |
| Free Cash Flow | $13M | $16M | -$27M | -20.6% | 147.6% |
| Item | Amount |
|---|---|
| REVENUE | $152M |
| Cost of Revenue | $11M |
| GROSS PROFIT | $141M |
| R&D Expenses | $18M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $131M |
| Other Expenses | $0 |
| Operating Expenses | $149M |
| Cost & Expenses | $160M |
| OPERATING INCOME | -$8M |
| Interest Income | $4M |
| Interest Expense | $2M |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | -$6M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | -$8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$8M |
| D&A | $443.0K |
| EBIT | -$4M |
| EBITDA | -$4M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$8M |
| Depreciation & Amortization | $443.0K |
| Stock-Based Compensation | $14M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$629.0K |
| Change in Working Capital | $14M |
| OPERATING CASH FLOW | $19M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$36M |
| Sales/Maturities of Investments | $92M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $49M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $2M |
| FREE CASH FLOW | $13M |
| Net Change in Cash | $71M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $184M |
| Short-Term Investments | $234M |
| Net Receivables | $87M |
| Inventory | $4M |
| Other Current Assets | $560.0K |
| TOTAL CURRENT ASSETS | $523M |
| PP&E (Net) | $22M |
| Goodwill | $0 |
| Intangible Assets | $7M |
| Long-Term Investments | $4M |
| Tax Assets | $0 |
| Other Non-Current Assets | $6M |
| TOTAL NON-CURRENT ASSETS | $39M |
| TOTAL ASSETS | $562M |
| Account Payables | $16M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $117M |
| TOTAL CURRENT LIABILITIES | $136M |
| Long-Term Debt | $83M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$11M |
| TOTAL NON-CURRENT LIABILITIES | $83M |
| TOTAL LIABILITIES | $219M |
| Common Stock | $6.0K |
| Additional Paid-In Capital | $770M |
| Retained Earnings | -$427M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $381.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $343M |
| Minority Interest | $0 |
| TOTAL EQUITY | $343M |
| TOTAL LIABILITIES & EQUITY | $562M |
| Total Debt | $94M |
| Net Debt | -$90M |
