| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $130M | $165M | $75M | -21.3% | 73.4% |
| Op. Income | -$32M | $25M | -$61M | -230.1% | 46.6% |
| Gross Margin | 84.0% | 99.0% | 96.6% | -15.0pp | -12.5pp |
| Net Margin | -17.0% | 15.6% | -80.6% | -32.5pp | 63.6pp |
| EPS (Diluted) | $-0.24 | $0.25 | $-0.73 | -196.0% | 67.1% |
| Free Cash Flow | $61M | $14M | -$45M | 330.6% | 234.8% |
| Item | Amount |
|---|---|
| REVENUE | $130M |
| Cost of Revenue | $21M |
| GROSS PROFIT | $109M |
| R&D Expenses | $58M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $102M |
| Other Expenses | -$18M |
| Operating Expenses | $141M |
| Cost & Expenses | $162M |
| OPERATING INCOME | -$32M |
| Interest Income | $3M |
| Interest Expense | $2M |
| Other Income/Expenses | $11M |
| INCOME BEFORE TAX | -$21M |
| Income Tax Expense | $921.0K |
| Net Income from Continuing Ops | -$22M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$22M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$22M |
| D&A | $18M |
| EBIT | -$19M |
| EBITDA | -$632.0K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$22M |
| Depreciation & Amortization | $18M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $12M |
| Change in Working Capital | $53M |
| OPERATING CASH FLOW | $61M |
| Capital Expenditure | $375.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$168M |
| Sales/Maturities of Investments | $82M |
| Other Investing Activities | -$470.0K |
| NET CASH FROM INVESTING | -$105M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$525.0K |
| NET CASH FROM FINANCING | $27M |
| FREE CASH FLOW | $61M |
| Net Change in Cash | -$18M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $93M |
| Short-Term Investments | $230M |
| Net Receivables | $81M |
| Inventory | $6M |
| Other Current Assets | $27M |
| TOTAL CURRENT ASSETS | $438M |
| PP&E (Net) | $15M |
| Goodwill | $753.0K |
| Intangible Assets | $113M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $39M |
| TOTAL NON-CURRENT ASSETS | $168M |
| TOTAL ASSETS | $605M |
| Account Payables | $25M |
| Short-Term Debt | $6M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $88M |
| TOTAL CURRENT LIABILITIES | $160M |
| Long-Term Debt | $323M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$4M |
| TOTAL NON-CURRENT LIABILITIES | $330M |
| TOTAL LIABILITIES | $490M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $1.6B |
| Retained Earnings | -$1.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $115M |
| Minority Interest | $0 |
| TOTAL EQUITY | $115M |
| TOTAL LIABILITIES & EQUITY | $605M |
| Total Debt | $340M |
| Net Debt | $247M |
