| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $339M | — | $229M | — | 48.3% |
| Op. Income | -$26M | — | -$10M | — | -165.3% |
| Gross Margin | 3.2% | — | 16.6% | — | -13.4pp |
| Net Margin | -6.6% | — | -10.7% | — | 4.1pp |
| EPS (Diluted) | $-0.23 | — | $-0.26 | — | 11.5% |
| Free Cash Flow | $28M | — | -$15M | — | 279.8% |
| Item | Amount |
|---|---|
| REVENUE | $339M |
| Cost of Revenue | $329M |
| GROSS PROFIT | $11M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $44M |
| Other Expenses | -$7M |
| Operating Expenses | $37M |
| Cost & Expenses | $366M |
| OPERATING INCOME | -$26M |
| Interest Income | $0 |
| Interest Expense | $16M |
| Other Income/Expenses | $219.0K |
| INCOME BEFORE TAX | -$26M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | -$23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$22M |
| D&A | $15M |
| EBIT | $32M |
| EBITDA | $47M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$23M |
| Depreciation & Amortization | $15M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | -$4M |
| Other Non-Cash Items | $8M |
| Change in Working Capital | $38M |
| OPERATING CASH FLOW | $37M |
| Capital Expenditure | -$9M |
| Acquisitions (Net) | -$2M |
| Purchases of Investments | $3M |
| Sales/Maturities of Investments | -$500.0K |
| Other Investing Activities | $5M |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | -$14M |
| Common Stock Repurchased | -$2M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $4M |
| NET CASH FROM FINANCING | -$10M |
| FREE CASH FLOW | $28M |
| Net Change in Cash | $23M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $50M |
| Short-Term Investments | $0 |
| Net Receivables | $95M |
| Inventory | $200M |
| Other Current Assets | $52M |
| TOTAL CURRENT ASSETS | $396M |
| PP&E (Net) | $544M |
| Goodwill | $116M |
| Intangible Assets | $107M |
| Long-Term Investments | $8M |
| Tax Assets | $0 |
| Other Non-Current Assets | $74M |
| TOTAL NON-CURRENT ASSETS | $848M |
| TOTAL ASSETS | $1.2B |
| Account Payables | $91M |
| Short-Term Debt | $107M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $216M |
| TOTAL CURRENT LIABILITIES | $414M |
| Long-Term Debt | $422M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $10M |
| Other Non-Current Liabilities | $865.0K |
| TOTAL NON-CURRENT LIABILITIES | $491M |
| TOTAL LIABILITIES | $973M |
| Common Stock | $969.0K |
| Additional Paid-In Capital | $545M |
| Retained Earnings | -$534M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$13M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $272M |
| Minority Interest | $0 |
| TOTAL EQUITY | $272M |
| TOTAL LIABILITIES & EQUITY | $1.2B |
| Total Debt | $202M |
| Net Debt | $152M |
