| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $69M | $74M | — | -7.0% | — |
| Op. Income | $5M | $4M | — | 11.5% | — |
| Gross Margin | 29.3% | 95.3% | — | -66.0pp | — |
| Net Margin | -133.5% | -34.9% | — | -98.6pp | — |
| EPS (Diluted) | $-6.18 | $-1.74 | — | -255.0% | — |
| Free Cash Flow | -$183M | -$101M | — | -80.4% | — |
| Item | Amount |
|---|---|
| REVENUE | $69M |
| Cost of Revenue | $49M |
| GROSS PROFIT | $20M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $16M |
| SG&A Expenses | $16M |
| Other Expenses | -$1M |
| Operating Expenses | $15M |
| Cost & Expenses | $64M |
| OPERATING INCOME | $5M |
| Interest Income | $5M |
| Interest Expense | $39M |
| Other Income/Expenses | -$362M |
| INCOME BEFORE TAX | -$357M |
| Income Tax Expense | -$40M |
| Net Income from Continuing Ops | -$316M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$92M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$92M |
| D&A | $27M |
| EBIT | $5M |
| EBITDA | $32M |
| EPS | -$6 |
| EPS Diluted | -$6 |
| Item | Amount |
|---|---|
| Net Income | -$92M |
| Depreciation & Amortization | $27M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$43M |
| Other Non-Cash Items | $87M |
| Change in Working Capital | -$1M |
| OPERATING CASH FLOW | -$22M |
| Capital Expenditure | -$161M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$626.5K |
| NET CASH FROM INVESTING | -$162M |
| Net Debt Issuance | $208M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | $207M |
| FREE CASH FLOW | -$183M |
| Net Change in Cash | $13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $361M |
| Short-Term Investments | $11M |
| Net Receivables | $47M |
| Inventory | $1M |
| Other Current Assets | $13M |
| TOTAL CURRENT ASSETS | $444M |
| PP&E (Net) | $2.0B |
| Goodwill | $1.6B |
| Intangible Assets | $323M |
| Long-Term Investments | $5M |
| Tax Assets | $3M |
| Other Non-Current Assets | $446M |
| TOTAL NON-CURRENT ASSETS | $4.4B |
| TOTAL ASSETS | $4.8B |
| Account Payables | $42M |
| Short-Term Debt | $1.7B |
| Deferred Revenue | $33M |
| Other Current Liabilities | $631M |
| TOTAL CURRENT LIABILITIES | $2.4B |
| Long-Term Debt | $842M |
| Deferred Revenue NC | $115M |
| Deferred Tax Liabilities | $67M |
| Other Non-Current Liabilities | $57M |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $3.5B |
| Common Stock | $51M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $242M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $95M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $388M |
| Minority Interest | $905M |
| TOTAL EQUITY | $1.3B |
| TOTAL LIABILITIES & EQUITY | $4.8B |
| Total Debt | $2.6B |
| Net Debt | $2.2B |
