| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $15M | $13M | $6M | 14.7% | 144.3% |
| Op. Income | -$30M | -$31M | -$38M | 2.2% | 21.8% |
| Gross Margin | 73.5% | 100.0% | 100.0% | -26.5pp | -26.5pp |
| Net Margin | -178.8% | -208.7% | -549.3% | 29.9pp | 370.5pp |
| EPS (Diluted) | $-0.47 | $-0.47 | $-0.59 | 0.0% | 20.3% |
| Free Cash Flow | -$31M | -$31M | -$15M | 1.2% | -110.4% |
| Item | Amount |
|---|---|
| REVENUE | $15M |
| Cost of Revenue | $1M |
| GROSS PROFIT | $11M |
| R&D Expenses | $36M |
| Selling & Marketing | $0 |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | -$4M |
| Operating Expenses | $41M |
| Cost & Expenses | $45M |
| OPERATING INCOME | -$30M |
| Interest Income | $2M |
| Interest Expense | $0 |
| Other Income/Expenses | $3M |
| INCOME BEFORE TAX | -$27M |
| Income Tax Expense | $9.0K |
| Net Income from Continuing Ops | -$27M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$27M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$27M |
| D&A | $1M |
| EBIT | -$30M |
| EBITDA | -$29M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$27M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $326.0K |
| Change in Working Capital | -$8M |
| OPERATING CASH FLOW | -$30M |
| Capital Expenditure | -$626.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$13M |
| Sales/Maturities of Investments | $61M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $47M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $136.0K |
| FREE CASH FLOW | -$31M |
| Net Change in Cash | $17M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $65M |
| Short-Term Investments | $131M |
| Net Receivables | $2M |
| Inventory | $0 |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $203M |
| PP&E (Net) | $42M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $50M |
| TOTAL ASSETS | $252M |
| Account Payables | $5M |
| Short-Term Debt | $8M |
| Deferred Revenue | $2M |
| Other Current Liabilities | $12M |
| TOTAL CURRENT LIABILITIES | $27M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $30M |
| TOTAL LIABILITIES | $56M |
| Common Stock | $59.0K |
| Additional Paid-In Capital | $642M |
| Retained Earnings | -$446M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $32.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $196M |
| Minority Interest | $0 |
| TOTAL EQUITY | $196M |
| TOTAL LIABILITIES & EQUITY | $252M |
| Total Debt | $36M |
| Net Debt | -$29M |
