| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $352M | $319M | $235M | 10.5% | 50.2% |
| Op. Income | $12M | -$6M | $3M | 309.2% | 364.1% |
| Gross Margin | 34.2% | 33.2% | 23.9% | 1.0pp | 10.3pp |
| Net Margin | -121.6% | -6.2% | -0.1% | -115.4pp | -121.5pp |
| EPS (Diluted) | $-4.48 | $-0.21 | $-0.00 | -2033.3% | -139900.0% |
| Free Cash Flow | $38M | $13M | $38M | 183.6% | 0.9% |
| Item | Amount |
|---|---|
| REVENUE | $352M |
| Cost of Revenue | $232M |
| GROSS PROFIT | $120M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $103M |
| Other Expenses | $6M |
| Operating Expenses | $109M |
| Cost & Expenses | $340M |
| OPERATING INCOME | $12M |
| Interest Income | $0 |
| Interest Expense | $17M |
| Other Income/Expenses | -$377M |
| INCOME BEFORE TAX | -$365M |
| Income Tax Expense | $63M |
| Net Income from Continuing Ops | -$428M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$428M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$428M |
| D&A | $0 |
| EBIT | $12M |
| EBITDA | $12M |
| EPS | -$4 |
| EPS Diluted | -$4 |
| Item | Amount |
|---|---|
| Net Income | -$428M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $483M |
| Change in Working Capital | -$16M |
| OPERATING CASH FLOW | $38M |
| Capital Expenditure | -$275.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$3M |
| NET CASH FROM INVESTING | -$9M |
| Net Debt Issuance | $94.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$31M |
| NET CASH FROM FINANCING | -$31M |
| FREE CASH FLOW | $38M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $128M |
| Short-Term Investments | $10M |
| Net Receivables | $342M |
| Inventory | $0 |
| Other Current Assets | $49M |
| TOTAL CURRENT ASSETS | $530M |
| PP&E (Net) | $80M |
| Goodwill | $281M |
| Intangible Assets | $377M |
| Long-Term Investments | $0 |
| Tax Assets | $10M |
| Other Non-Current Assets | $50M |
| TOTAL NON-CURRENT ASSETS | $798M |
| TOTAL ASSETS | $1.3B |
| Account Payables | $259M |
| Short-Term Debt | $18M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $208M |
| TOTAL CURRENT LIABILITIES | $484M |
| Long-Term Debt | $605M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $73M |
| Other Non-Current Liabilities | $49M |
| TOTAL NON-CURRENT LIABILITIES | $748M |
| TOTAL LIABILITIES | $1.2B |
| Common Stock | $96.0K |
| Additional Paid-In Capital | $686M |
| Retained Earnings | -$687M |
| Treasury Stock | -$533.0K |
| Accum. Other Comp. Income | $97M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $95M |
| Minority Interest | $0 |
| TOTAL EQUITY | $95M |
| TOTAL LIABILITIES & EQUITY | $1.3B |
| Total Debt | $644M |
| Net Debt | $516M |
