| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $47M | $51M | $26M | -9.1% | 77.4% |
| Op. Income | -$4M | -$2M | -$10M | -45.5% | 63.8% |
| Gross Margin | 35.0% | 39.9% | 40.3% | -5.0pp | -5.3pp |
| Net Margin | -34.9% | -4.1% | -35.4% | -30.8pp | 0.5pp |
| EPS (Diluted) | $-0.22 | $-0.03 | $-0.13 | -633.3% | -69.2% |
| Free Cash Flow | $8M | $7M | -$15M | 20.5% | 153.8% |
| Item | Amount |
|---|---|
| REVENUE | $47M |
| Cost of Revenue | $30M |
| GROSS PROFIT | $16M |
| R&D Expenses | $2M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $18M |
| Other Expenses | -$114.0K |
| Operating Expenses | $20M |
| Cost & Expenses | $50M |
| OPERATING INCOME | -$4M |
| Interest Income | $0 |
| Interest Expense | -$447.0K |
| Other Income/Expenses | -$14M |
| INCOME BEFORE TAX | -$17M |
| Income Tax Expense | -$726.0K |
| Net Income from Continuing Ops | -$16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$16M |
| D&A | $3M |
| EBIT | -$3M |
| EBITDA | $331.0K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$16M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | -$801.0K |
| Other Non-Cash Items | $15M |
| Change in Working Capital | $1M |
| OPERATING CASH FLOW | $8M |
| Capital Expenditure | -$30.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | -$2M |
| Net Debt Issuance | -$484.0K |
| Common Stock Repurchased | -$6M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | -$12M |
| FREE CASH FLOW | $8M |
| Net Change in Cash | -$6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $53M |
| Short-Term Investments | $0 |
| Net Receivables | $17M |
| Inventory | $0 |
| Other Current Assets | $24M |
| TOTAL CURRENT ASSETS | $94M |
| PP&E (Net) | $8M |
| Goodwill | $3M |
| Intangible Assets | $30M |
| Long-Term Investments | $4M |
| Tax Assets | $0 |
| Other Non-Current Assets | $391.0K |
| TOTAL NON-CURRENT ASSETS | $45M |
| TOTAL ASSETS | $140M |
| Account Payables | $4M |
| Short-Term Debt | $2M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $30M |
| TOTAL CURRENT LIABILITIES | $37M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $53.0K |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $7M |
| TOTAL LIABILITIES | $44M |
| Common Stock | $111.0K |
| Additional Paid-In Capital | $460M |
| Retained Earnings | -$364M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$96.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $96M |
| Minority Interest | $0 |
| TOTAL EQUITY | $96M |
| TOTAL LIABILITIES & EQUITY | $140M |
| Total Debt | $8M |
| Net Debt | -$45M |
