| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $136M | $101M | $89M | 35.2% | 52.7% |
| Op. Income | $26M | $4M | $6M | 586.7% | 368.9% |
| Gross Margin | -40.1% | 52.6% | 33.6% | -92.7pp | -73.7pp |
| Net Margin | -20.7% | 4.3% | 11.4% | -25.0pp | -32.2pp |
| EPS (Diluted) | $-0.56 | $0.08 | $0.26 | -805.3% | -315.4% |
| Free Cash Flow | $38M | -$207M | $37M | 118.5% | 2.0% |
| Item | Amount |
|---|---|
| REVENUE | $136M |
| Cost of Revenue | $191M |
| GROSS PROFIT | -$55M |
| R&D Expenses | $0 |
| Selling & Marketing | -$91.0K |
| General & Administrative | $5M |
| SG&A Expenses | $5M |
| Other Expenses | -$85M |
| Operating Expenses | -$81M |
| Cost & Expenses | $111M |
| OPERATING INCOME | $26M |
| Interest Income | $215.0K |
| Interest Expense | $28M |
| Other Income/Expenses | -$54M |
| INCOME BEFORE TAX | -$28M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$28M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$28M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$28M |
| D&A | $22M |
| EBIT | -$704.0K |
| EBITDA | $21M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$28M |
| Depreciation & Amortization | $30M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $30M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | $32M |
| Capital Expenditure | $6M |
| Acquisitions (Net) | $18.0K |
| Purchases of Investments | -$36M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$30M |
| Net Debt Issuance | $20M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$19M |
| Other Financing Activities | $688.0K |
| NET CASH FROM FINANCING | $1M |
| FREE CASH FLOW | $38M |
| Net Change in Cash | $4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $9M |
| Short-Term Investments | $0 |
| Net Receivables | $52M |
| Inventory | $0 |
| Other Current Assets | $34M |
| TOTAL CURRENT ASSETS | $95M |
| PP&E (Net) | $2.4B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | -$1.2B |
| TOTAL NON-CURRENT ASSETS | $1.3B |
| TOTAL ASSETS | $1.4B |
| Account Payables | $28M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $126M |
| TOTAL CURRENT LIABILITIES | $154M |
| Long-Term Debt | $291M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $291M |
| TOTAL LIABILITIES | $445M |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $910M |
| TOTAL STOCKHOLDERS' EQUITY | $910M |
| Minority Interest | $0 |
| TOTAL EQUITY | $910M |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $291M |
| Net Debt | $282M |
