| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $38M | $27M | $25M | 37.7% | 54.0% |
| Op. Income | -$19M | -$27M | -$28M | 30.2% | 30.9% |
| Gross Margin | 91.3% | 88.1% | 89.9% | 3.2pp | 1.4pp |
| Net Margin | -69.7% | -121.3% | -152.7% | 51.7pp | 83.0pp |
| EPS (Diluted) | $-0.54 | $-0.69 | $-0.80 | 21.7% | 32.5% |
| Free Cash Flow | -$38M | -$42M | -$14M | 9.5% | -179.2% |
| Item | Amount |
|---|---|
| REVENUE | $38M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $35M |
| R&D Expenses | $14M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $39M |
| Other Expenses | $0 |
| Operating Expenses | $54M |
| Cost & Expenses | $57M |
| OPERATING INCOME | -$19M |
| Interest Income | $908.0K |
| Interest Expense | $13M |
| Other Income/Expenses | -$8M |
| INCOME BEFORE TAX | -$27M |
| Income Tax Expense | -$275.0K |
| NET INCOME | -$26M |
| D&A | $679.0K |
| EBIT | -$23M |
| EBITDA | -$22M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$26M |
| Depreciation & Amortization | $679.0K |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | -$18M |
| OPERATING CASH FLOW | -$38M |
| Capital Expenditure | -$17.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$11M |
| Sales/Maturities of Investments | $99M |
| Other Investing Activities | -$60M |
| NET CASH FROM INVESTING | $28M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $33M |
| NET CASH FROM FINANCING | $31M |
| FREE CASH FLOW | -$38M |
| Net Change in Cash | $21M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $111M |
| Short-Term Investments | $10M |
| Net Receivables | $33M |
| Inventory | $16M |
| Other Current Assets | $16M |
| TOTAL CURRENT ASSETS | $186M |
| PP&E (Net) | $9M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $177.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $5M |
| TOTAL NON-CURRENT ASSETS | $14M |
| TOTAL ASSETS | $200M |
| Account Payables | $12M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $34M |
| TOTAL CURRENT LIABILITIES | $46M |
| Long-Term Debt | $122M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $131M |
| TOTAL NON-CURRENT LIABILITIES | $260M |
| TOTAL LIABILITIES | $306M |
| Common Stock | $133.0K |
| Additional Paid-In Capital | $854M |
| Retained Earnings | -$960M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $19.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$105M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$105M |
| TOTAL LIABILITIES & EQUITY | $200M |
| Total Debt | $128M |
| Net Debt | $18M |
