| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $197M | $185M | $201M | 6.3% | -1.8% |
| Op. Income | -$582M | -$195M | -$119M | -199.0% | -387.1% |
| Gross Margin | -13.0% | -12.1% | 1.1% | -0.9pp | -14.1pp |
| Net Margin | -339.7% | -154.0% | -87.1% | -185.8pp | -252.6pp |
| EPS (Diluted) | $-12.90 | $-5.58 | $-4.17 | -131.2% | -209.4% |
| Free Cash Flow | -$456M | -$364M | -$884M | -25.1% | 48.4% |
| Item | Amount |
|---|---|
| REVENUE | $197M |
| Cost of Revenue | $223M |
| GROSS PROFIT | -$26M |
| R&D Expenses | $38M |
| Selling & Marketing | $0 |
| General & Administrative | $92M |
| SG&A Expenses | $92M |
| Other Expenses | $426M |
| Operating Expenses | $556M |
| Cost & Expenses | $779M |
| OPERATING INCOME | -$582M |
| Interest Income | $9M |
| Interest Expense | $85M |
| Other Income/Expenses | -$98M |
| INCOME BEFORE TAX | -$679M |
| Income Tax Expense | -$10M |
| Net Income from Continuing Ops | -$669M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$669M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$669M |
| D&A | $60M |
| EBIT | -$595M |
| EBITDA | -$534M |
| EPS | -$13 |
| EPS Diluted | -$13 |
| Item | Amount |
|---|---|
| Net Income | -$669M |
| Depreciation & Amortization | $60M |
| Stock-Based Compensation | $11M |
| Deferred Income Tax | -$10M |
| Other Non-Cash Items | $402M |
| Change in Working Capital | -$36M |
| OPERATING CASH FLOW | -$243M |
| Capital Expenditure | -$213M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$148M |
| Sales/Maturities of Investments | $261M |
| Other Investing Activities | $85M |
| NET CASH FROM INVESTING | -$14M |
| Net Debt Issuance | -$100.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$8M |
| NET CASH FROM FINANCING | -$8M |
| FREE CASH FLOW | -$456M |
| Net Change in Cash | -$263M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $467M |
| Short-Term Investments | $590M |
| Net Receivables | $885M |
| Inventory | $451M |
| Other Current Assets | $43M |
| TOTAL CURRENT ASSETS | $2.5B |
| PP&E (Net) | $3.9B |
| Goodwill | $0 |
| Intangible Assets | $24M |
| Long-Term Investments | $0 |
| Tax Assets | $1M |
| Other Non-Current Assets | $371M |
| TOTAL NON-CURRENT ASSETS | $4.3B |
| TOTAL ASSETS | $6.9B |
| Account Payables | $31M |
| Short-Term Debt | $6.5B |
| Deferred Revenue | $50M |
| Other Current Liabilities | $221M |
| TOTAL CURRENT LIABILITIES | $7.1B |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $500.0K |
| Other Non-Current Liabilities | $203M |
| TOTAL NON-CURRENT LIABILITIES | $212M |
| TOTAL LIABILITIES | $7.3B |
| Common Stock | $200.0K |
| Additional Paid-In Capital | $4.1B |
| Retained Earnings | -$4.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$447M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$447M |
| TOTAL LIABILITIES & EQUITY | $6.9B |
| Total Debt | $6.5B |
| Net Debt | $6.1B |
