| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $193M | $162M | $108M | 19.1% | 78.0% |
| Op. Income | $50M | $29M | $30M | 72.0% | 68.6% |
| Gross Margin | 80.2% | 82.6% | 85.8% | -2.4pp | -5.6pp |
| Net Margin | 12.0% | 241.7% | 21.6% | -229.8pp | -9.6pp |
| EPS (Diluted) | $0.14 | $2.43 | $0.15 | -94.2% | -6.7% |
| Free Cash Flow | $20M | -$23M | -$26M | 184.3% | 176.4% |
| Item | Amount |
|---|---|
| REVENUE | $193M |
| Cost of Revenue | $38M |
| GROSS PROFIT | $154M |
| R&D Expenses | $41M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $63M |
| Other Expenses | $0 |
| Operating Expenses | $104M |
| Cost & Expenses | $142M |
| OPERATING INCOME | $50M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $45M |
| Income Tax Expense | $22M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $23M |
| D&A | $67.0K |
| EBIT | $52M |
| EBITDA | $52M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $193M |
| Cost of Revenue | $38M |
| GROSS PROFIT | $154M |
| R&D Expenses | $41M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $63M |
| Other Expenses | $0 |
| Operating Expenses | $104M |
| Cost & Expenses | $142M |
| OPERATING INCOME | $50M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $45M |
| Income Tax Expense | $22M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $23M |
| D&A | $67.0K |
| EBIT | $52M |
| EBITDA | $52M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $23M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $16M |
| Deferred Income Tax | $19M |
| Other Non-Cash Items | -$635.0K |
| Change in Working Capital | -$45M |
| OPERATING CASH FLOW | $20M |
| Capital Expenditure | -$67.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$240M |
| Sales/Maturities of Investments | $210M |
| Other Investing Activities | $14M |
| NET CASH FROM INVESTING | -$16M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $1M |
| FREE CASH FLOW | $20M |
| Net Change in Cash | $5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $79M |
| Short-Term Investments | $63M |
| Net Receivables | $306M |
| Inventory | $126M |
| Other Current Assets | $58M |
| TOTAL CURRENT ASSETS | $631M |
| PP&E (Net) | $6M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $59M |
| Tax Assets | $348M |
| Other Non-Current Assets | $19M |
| TOTAL NON-CURRENT ASSETS | $432M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $108M |
| Short-Term Debt | $1M |
| Deferred Revenue | $21M |
| Other Current Liabilities | $24M |
| TOTAL CURRENT LIABILITIES | $154M |
| Long-Term Debt | $253M |
| Deferred Revenue NC | $9M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$7M |
| TOTAL NON-CURRENT LIABILITIES | $261M |
| TOTAL LIABILITIES | $415M |
| Common Stock | $159.0K |
| Additional Paid-In Capital | $1.8B |
| Retained Earnings | -$1.1B |
| Treasury Stock | -$100M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $648M |
| Minority Interest | $0 |
| TOTAL EQUITY | $648M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $261M |
| Net Debt | $182M |
