| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3M | $2M | $1M | 45.5% | 79.1% |
| Op. Income | -$24M | -$28M | -$36M | 13.9% | 33.6% |
| Gross Margin | 66.4% | 80.1% | 78.9% | -13.8pp | -12.6pp |
| Net Margin | -931.7% | -1689.2% | -2776.9% | 757.6pp | 1845.3pp |
| EPS (Diluted) | $-0.22 | $-0.69 | $-6.00 | 68.1% | 96.3% |
| Free Cash Flow | -$16M | -$28M | -$33M | 44.2% | 53.0% |
| Item | Amount |
|---|---|
| REVENUE | $3M |
| Cost of Revenue | $864.0K |
| GROSS PROFIT | $2M |
| R&D Expenses | $19M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $7M |
| Other Expenses | $0 |
| Operating Expenses | $26M |
| Cost & Expenses | $26M |
| OPERATING INCOME | -$24M |
| Interest Income | $2M |
| Interest Expense | $2M |
| Other Income/Expenses | -$226.0K |
| INCOME BEFORE TAX | -$24M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$24M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$24M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$24M |
| D&A | $223.0K |
| EBIT | -$38M |
| EBITDA | -$38M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$24M |
| Depreciation & Amortization | $223.0K |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $386.0K |
| Change in Working Capital | $6M |
| OPERATING CASH FLOW | -$16M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$2M |
| Sales/Maturities of Investments | $19M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $17M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $98.0K |
| NET CASH FROM FINANCING | $146M |
| FREE CASH FLOW | -$16M |
| Net Change in Cash | $147M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $217M |
| Short-Term Investments | $36M |
| Net Receivables | $573.0K |
| Inventory | $4M |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $262M |
| PP&E (Net) | $2M |
| Goodwill | $17M |
| Intangible Assets | $9M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $692.0K |
| TOTAL NON-CURRENT ASSETS | $29M |
| TOTAL ASSETS | $290M |
| Account Payables | $6M |
| Short-Term Debt | $0 |
| Deferred Revenue | $464.0K |
| Other Current Liabilities | $4M |
| TOTAL CURRENT LIABILITIES | $26M |
| Long-Term Debt | $76M |
| Deferred Revenue NC | $621.0K |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2M |
| TOTAL NON-CURRENT LIABILITIES | $78M |
| TOTAL LIABILITIES | $104M |
| Common Stock | $91.0K |
| Additional Paid-In Capital | $781M |
| Retained Earnings | -$595M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$109.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $186M |
| Minority Interest | $0 |
| TOTAL EQUITY | $186M |
| TOTAL LIABILITIES & EQUITY | $290M |
| Total Debt | $77M |
| Net Debt | -$140M |
