| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $46M | $20M | $19M | 129.6% | 144.7% |
| Op. Income | $10M | -$6M | -$9M | 260.6% | 212.7% |
| Gross Margin | 153.5% | 59.4% | 100.0% | 94.1pp | 53.5pp |
| Net Margin | 133.0% | 18.1% | -82.8% | 114.9pp | 215.8pp |
| EPS (Diluted) | $1.15 | $0.07 | $-0.31 | 1542.9% | 471.0% |
| Free Cash Flow | -$6M | -$7M | -$1M | 6.7% | -456.0% |
| Item | Amount |
|---|---|
| REVENUE | $46M |
| Cost of Revenue | -$25M |
| GROSS PROFIT | $70M |
| R&D Expenses | $7M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $19M |
| Other Expenses | $34M |
| Operating Expenses | $60M |
| Cost & Expenses | $36M |
| OPERATING INCOME | $10M |
| Interest Income | $0 |
| Interest Expense | $583.0K |
| Other Income/Expenses | $63M |
| INCOME BEFORE TAX | $73M |
| Income Tax Expense | $12M |
| Net Income from Continuing Ops | $61M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $61M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $61M |
| D&A | $2M |
| EBIT | $18M |
| EBITDA | $19M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $46M |
| Cost of Revenue | -$25M |
| GROSS PROFIT | $70M |
| R&D Expenses | $7M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $19M |
| Other Expenses | $34M |
| Operating Expenses | $60M |
| Cost & Expenses | $36M |
| OPERATING INCOME | $10M |
| Interest Income | $0 |
| Interest Expense | $583.0K |
| Other Income/Expenses | $63M |
| INCOME BEFORE TAX | $73M |
| Income Tax Expense | $12M |
| Net Income from Continuing Ops | $61M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $61M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $61M |
| D&A | $2M |
| EBIT | $18M |
| EBITDA | $19M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $61M |
| Depreciation & Amortization | $430.0K |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $30.0K |
| Other Non-Cash Items | -$334M |
| Change in Working Capital | $262M |
| OPERATING CASH FLOW | -$6M |
| Capital Expenditure | -$8.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$65M |
| Sales/Maturities of Investments | $66M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $588.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$2M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$1M |
| FREE CASH FLOW | -$6M |
| Net Change in Cash | -$7M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $168M |
| Short-Term Investments | $148M |
| Net Receivables | $96M |
| Inventory | $0 |
| Other Current Assets | $8M |
| TOTAL CURRENT ASSETS | $418M |
| PP&E (Net) | $30M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $14M |
| Tax Assets | $0 |
| Other Non-Current Assets | $22M |
| TOTAL NON-CURRENT ASSETS | $67M |
| TOTAL ASSETS | $486M |
| Account Payables | $3M |
| Short-Term Debt | $11M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $20M |
| TOTAL CURRENT LIABILITIES | $38M |
| Long-Term Debt | $33M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $86M |
| Other Non-Current Liabilities | $313.0K |
| TOTAL NON-CURRENT LIABILITIES | $151M |
| TOTAL LIABILITIES | $189M |
| Common Stock | $1.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$860M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $61.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $297M |
| Minority Interest | $0 |
| TOTAL EQUITY | $297M |
| TOTAL LIABILITIES & EQUITY | $486M |
| Total Debt | $75M |
| Net Debt | -$92M |
