| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $122M | $128M | $120M | -4.6% | 1.1% |
| Op. Income | -$19M | -$13M | -$17M | -51.4% | -12.4% |
| Gross Margin | 1.3% | 7.0% | 63.3% | -5.7pp | -62.1pp |
| Net Margin | -22.3% | -56.1% | -19.4% | 33.8pp | -2.9pp |
| EPS (Diluted) | $-0.18 | $-0.48 | $-0.16 | 62.5% | -12.5% |
| Free Cash Flow | $15M | $5M | -$18M | 221.9% | 182.6% |
| Item | Amount |
|---|---|
| REVENUE | $122M |
| Cost of Revenue | $120M |
| GROSS PROFIT | $2M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $21M |
| Other Expenses | $0 |
| Operating Expenses | $21M |
| Cost & Expenses | $141M |
| OPERATING INCOME | -$19M |
| Interest Income | $0 |
| Interest Expense | $9M |
| Other Income/Expenses | -$6M |
| INCOME BEFORE TAX | -$25M |
| Income Tax Expense | $2M |
| 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 | $37M |
| EBIT | -$19M |
| EBITDA | $18M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$27M |
| Depreciation & Amortization | $37M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | $4M |
| Change in Working Capital | $10M |
| OPERATING CASH FLOW | $25M |
| Capital Expenditure | -$10M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $927.0K |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$9M |
| Net Debt Issuance | $10M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$1M |
| Other Financing Activities | -$10M |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | $15M |
| Net Change in Cash | $14M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $141M |
| Short-Term Investments | $0 |
| Net Receivables | $84M |
| Inventory | $0 |
| Other Current Assets | $15M |
| TOTAL CURRENT ASSETS | $239M |
| PP&E (Net) | $662M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $24M |
| Tax Assets | $35.0K |
| Other Non-Current Assets | $30M |
| TOTAL NON-CURRENT ASSETS | $717M |
| TOTAL ASSETS | $956M |
| Account Payables | $98M |
| Short-Term Debt | $8M |
| Deferred Revenue | $59M |
| Other Current Liabilities | $68M |
| TOTAL CURRENT LIABILITIES | $234M |
| Long-Term Debt | $342M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $579M |
| TOTAL NON-CURRENT LIABILITIES | $921M |
| TOTAL LIABILITIES | $1.2B |
| Common Stock | $2.0K |
| Additional Paid-In Capital | $605M |
| Retained Earnings | -$780M |
| Treasury Stock | -$24M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$200M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$200M |
| TOTAL LIABILITIES & EQUITY | $956M |
| Total Debt | $351M |
| Net Debt | $210M |
