| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $44M | $52M | $49M | -15.0% | -8.5% |
| Op. Income | -$13M | -$10M | -$17M | -30.7% | 26.7% |
| Gross Margin | 3.1% | 42.3% | 13.5% | -39.2pp | -10.4pp |
| Net Margin | -74.0% | -20.4% | -39.6% | -53.6pp | -34.4pp |
| EPS (Diluted) | $-1.01 | $-0.33 | $-0.59 | -208.9% | -70.9% |
| Item | Amount |
|---|---|
| REVENUE | $44M |
| Cost of Revenue | $43M |
| GROSS PROFIT | $1M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $14M |
| Other Expenses | $281.0K |
| Operating Expenses | $14M |
| Cost & Expenses | $57M |
| OPERATING INCOME | -$13M |
| Interest Income | $93.4K |
| Interest Expense | $578.8K |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | -$33M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$33M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$33M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$33M |
| D&A | $4M |
| EBIT | -$13M |
| EBITDA | -$9M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Cash & Equivalents | $19M |
| Short-Term Investments | $0 |
| Net Receivables | $3M |
| Inventory | $5M |
| Other Current Assets | $21M |
| TOTAL CURRENT ASSETS | $48M |
| PP&E (Net) | $100M |
| Goodwill | $12M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $13M |
| TOTAL NON-CURRENT ASSETS | $124M |
| TOTAL ASSETS | $172M |
| Account Payables | $29M |
| Short-Term Debt | $84M |
| Deferred Revenue | $5M |
| Other Current Liabilities | $28M |
| TOTAL CURRENT LIABILITIES | $147M |
| Long-Term Debt | $169M |
| Deferred Revenue NC | $1M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $206M |
| TOTAL LIABILITIES | $353M |
| Common Stock | $1.5K |
| Additional Paid-In Capital | $266M |
| Retained Earnings | -$454M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $6M |
| Other Equity | $2 |
| TOTAL STOCKHOLDERS' EQUITY | -$182M |
| Minority Interest | $957.8K |
| TOTAL EQUITY | -$181M |
| TOTAL LIABILITIES & EQUITY | $172M |
| Total Debt | $288M |
| Net Debt | $269M |
