| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $99M | $99M | $93M | 0.1% | 6.0% |
| Op. Income | -$569.0K | -$10M | -$30M | 94.1% | 98.1% |
| Gross Margin | 9.8% | 35.4% | 23.3% | -25.6pp | -13.5pp |
| Net Margin | -22.3% | -23.4% | -45.6% | 1.0pp | 23.3pp |
| EPS (Diluted) | $-1.98 | $-2.08 | $-3.87 | 4.8% | 48.8% |
| Free Cash Flow | -$7M | -$2M | -$16M | -200.6% | 57.7% |
| Item | Amount |
|---|---|
| REVENUE | $99M |
| Cost of Revenue | $89M |
| GROSS PROFIT | $10M |
| R&D Expenses | $0 |
| Selling & Marketing | $14M |
| General & Administrative | $14M |
| SG&A Expenses | $28M |
| Other Expenses | -$18M |
| Operating Expenses | $10M |
| Cost & Expenses | $99M |
| OPERATING INCOME | -$569.0K |
| Interest Income | $406.0K |
| Interest Expense | $15M |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | -$20M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | -$22M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$22M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$22M |
| D&A | $11M |
| EBIT | -$6M |
| EBITDA | $2M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$22M |
| Depreciation & Amortization | $13M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $5M |
| Change in Working Capital | -$902.0K |
| OPERATING CASH FLOW | -$3M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $454.0K |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $0 |
| FREE CASH FLOW | -$7M |
| Net Change in Cash | -$7M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $47M |
| Short-Term Investments | $0 |
| Net Receivables | $24M |
| Inventory | $0 |
| Other Current Assets | $102M |
| TOTAL CURRENT ASSETS | $203M |
| PP&E (Net) | $345M |
| Goodwill | $130M |
| Intangible Assets | $20M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $32M |
| TOTAL NON-CURRENT ASSETS | $528M |
| TOTAL ASSETS | $731M |
| Account Payables | $35M |
| Short-Term Debt | $137M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $152M |
| TOTAL CURRENT LIABILITIES | $330M |
| Long-Term Debt | $481M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $26M |
| TOTAL NON-CURRENT LIABILITIES | $565M |
| TOTAL LIABILITIES | $895M |
| Common Stock | $38M |
| Additional Paid-In Capital | $24M |
| Retained Earnings | -$226M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$57.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$164M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$164M |
| TOTAL LIABILITIES & EQUITY | $731M |
| Total Debt | $682M |
| Net Debt | $635M |
