| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $56M | $34M | $62M | 62.2% | -9.9% |
| Op. Income | -$32M | -$43M | -$24M | 25.4% | -32.6% |
| Gross Margin | 24.4% | 18.7% | 48.6% | 5.6pp | -24.2pp |
| Net Margin | -104.9% | -150.8% | -69.9% | 45.9pp | -35.0pp |
| EPS (Diluted) | $-0.68 | $-0.61 | $-0.61 | -11.5% | -11.5% |
| Free Cash Flow | -$30M | -$21M | $7M | -41.3% | -551.6% |
| Item | Amount |
|---|---|
| REVENUE | $56M |
| Cost of Revenue | $42M |
| GROSS PROFIT | $14M |
| R&D Expenses | $30M |
| Selling & Marketing | $10M |
| General & Administrative | $9M |
| SG&A Expenses | $19M |
| Other Expenses | -$3M |
| Operating Expenses | $46M |
| Cost & Expenses | $88M |
| OPERATING INCOME | -$32M |
| Interest Income | -$81.8K |
| Interest Expense | $29M |
| Other Income/Expenses | -$27M |
| INCOME BEFORE TAX | -$60M |
| Income Tax Expense | -$1M |
| Net Income from Continuing Ops | -$58M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$58M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$58M |
| D&A | $0 |
| EBIT | -$31M |
| EBITDA | -$31M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$58M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $33M |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$29M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $959.9K |
| NET CASH FROM INVESTING | -$308.7K |
| Net Debt Issuance | $4M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$19M |
| NET CASH FROM FINANCING | -$11M |
| FREE CASH FLOW | -$30M |
| Net Change in Cash | -$40M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $128M |
| Short-Term Investments | $0 |
| Net Receivables | $33M |
| Inventory | $59M |
| Other Current Assets | $41M |
| TOTAL CURRENT ASSETS | $260M |
| PP&E (Net) | $161M |
| Goodwill | $0 |
| Intangible Assets | $26M |
| Long-Term Investments | $0 |
| Tax Assets | $10M |
| Other Non-Current Assets | $9M |
| TOTAL NON-CURRENT ASSETS | $206M |
| TOTAL ASSETS | $466M |
| Account Payables | $11M |
| Short-Term Debt | $21M |
| Deferred Revenue | $505.1K |
| Other Current Liabilities | $48M |
| TOTAL CURRENT LIABILITIES | $109M |
| Long-Term Debt | $189M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $5M |
| Other Non-Current Liabilities | $10M |
| TOTAL NON-CURRENT LIABILITIES | $233M |
| TOTAL LIABILITIES | $342M |
| Common Stock | $30M |
| Additional Paid-In Capital | $790M |
| Retained Earnings | -$794M |
| Treasury Stock | -$754.1K |
| Accum. Other Comp. Income | $48M |
| Other Equity | $51M |
| TOTAL STOCKHOLDERS' EQUITY | $124M |
| Minority Interest | $0 |
| TOTAL EQUITY | $124M |
| TOTAL LIABILITIES & EQUITY | $466M |
| Total Debt | $242M |
| Net Debt | $114M |
