| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $128M | $116M | $109M | 9.9% | 17.0% |
| Op. Income | -$69M | -$49M | -$68M | -42.2% | -2.2% |
| Gross Margin | 51.2% | 59.6% | 61.4% | -8.5pp | -10.3pp |
| Net Margin | -39.5% | -31.0% | -74.9% | -8.5pp | 35.4pp |
| EPS (Diluted) | $-0.46 | $-0.33 | $-0.80 | -39.4% | 42.5% |
| Free Cash Flow | -$26M | -$36M | -$74M | 29.1% | 65.2% |
| Item | Amount |
|---|---|
| REVENUE | $128M |
| Cost of Revenue | $62M |
| GROSS PROFIT | $65M |
| R&D Expenses | $62M |
| Selling & Marketing | $0 |
| General & Administrative | $73M |
| SG&A Expenses | $73M |
| Other Expenses | $0 |
| Operating Expenses | $135M |
| Cost & Expenses | $197M |
| OPERATING INCOME | -$69M |
| Interest Income | $7M |
| Interest Expense | $1M |
| Other Income/Expenses | $16M |
| INCOME BEFORE TAX | -$53M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | -$50M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$50M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$50M |
| D&A | $4M |
| EBIT | -$52M |
| EBITDA | -$48M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$50M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $16M |
| Deferred Income Tax | -$3M |
| Other Non-Cash Items | $6M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | -$26M |
| Capital Expenditure | $404.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$10M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$619.0K |
| NET CASH FROM INVESTING | -$11M |
| Net Debt Issuance | -$69M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $77M |
| NET CASH FROM FINANCING | -$430.0K |
| FREE CASH FLOW | -$26M |
| Net Change in Cash | -$38M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $680M |
| Short-Term Investments | $10M |
| Net Receivables | $106M |
| Inventory | $75M |
| Other Current Assets | $149M |
| TOTAL CURRENT ASSETS | $1.0B |
| PP&E (Net) | $67M |
| Goodwill | $0 |
| Intangible Assets | $76M |
| Long-Term Investments | $0 |
| Tax Assets | $3M |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $153M |
| TOTAL ASSETS | $1.2B |
| Account Payables | $142M |
| Short-Term Debt | $211M |
| Deferred Revenue | $27M |
| Other Current Liabilities | $36M |
| TOTAL CURRENT LIABILITIES | $416M |
| Long-Term Debt | $13M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $27M |
| TOTAL NON-CURRENT LIABILITIES | $41M |
| TOTAL LIABILITIES | $457M |
| Common Stock | $7.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$2.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $30M |
| Other Equity | $3.3B |
| TOTAL STOCKHOLDERS' EQUITY | $716M |
| Minority Interest | $0 |
| TOTAL EQUITY | $716M |
| TOTAL LIABILITIES & EQUITY | $1.2B |
| Total Debt | $224M |
| Net Debt | -$455M |
