| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $34M | $26M | $12M | 30.9% | 183.4% |
| Op. Income | $9M | $4M | -$15M | 124.8% | 160.4% |
| Gross Margin | 84.6% | 94.0% | 88.7% | -9.5pp | -4.1pp |
| Net Margin | 35.6% | -2.1% | -296.8% | 37.7pp | 332.4pp |
| EPS (Diluted) | $0.20 | $-0.01 | $-0.67 | 2161.9% | 129.9% |
| Free Cash Flow | $6M | $4M | -$16M | 33.5% | 134.1% |
| Item | Amount |
|---|---|
| REVENUE | $34M |
| Cost of Revenue | $5M |
| GROSS PROFIT | $29M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $20M |
| Other Expenses | $0 |
| Operating Expenses | $23M |
| Cost & Expenses | $25M |
| OPERATING INCOME | $9M |
| Interest Income | $0 |
| Interest Expense | $2M |
| Other Income/Expenses | $3M |
| INCOME BEFORE TAX | $13M |
| Income Tax Expense | $501.0K |
| Net Income from Continuing Ops | $12M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $12M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $12M |
| D&A | $362.0K |
| EBIT | $9M |
| EBITDA | $10M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $34M |
| Cost of Revenue | $5M |
| GROSS PROFIT | $29M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $20M |
| Other Expenses | $0 |
| Operating Expenses | $23M |
| Cost & Expenses | $25M |
| OPERATING INCOME | $9M |
| Interest Income | $0 |
| Interest Expense | $2M |
| Other Income/Expenses | $3M |
| INCOME BEFORE TAX | $13M |
| Income Tax Expense | $501.0K |
| Net Income from Continuing Ops | $12M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $12M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $12M |
| D&A | $362.0K |
| EBIT | $9M |
| EBITDA | $10M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $12M |
| Depreciation & Amortization | $362.0K |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$1M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | $6M |
| Capital Expenditure | $31.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$87M |
| Sales/Maturities of Investments | $88M |
| Other Investing Activities | -$141.0K |
| NET CASH FROM INVESTING | $227.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $3M |
| FREE CASH FLOW | $6M |
| Net Change in Cash | $8M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $62M |
| Short-Term Investments | $129M |
| Net Receivables | $23M |
| Inventory | $2M |
| Other Current Assets | $7M |
| TOTAL CURRENT ASSETS | $223M |
| PP&E (Net) | $2M |
| Goodwill | $5M |
| Intangible Assets | $6M |
| Long-Term Investments | $48M |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $62M |
| TOTAL ASSETS | $285M |
| Account Payables | $2M |
| Short-Term Debt | $419.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $23M |
| TOTAL CURRENT LIABILITIES | $39M |
| Long-Term Debt | $62M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $28M |
| TOTAL NON-CURRENT LIABILITIES | $91M |
| TOTAL LIABILITIES | $130M |
| Common Stock | $6.0K |
| Additional Paid-In Capital | $588M |
| Retained Earnings | -$422M |
| Treasury Stock | -$11M |
| Accum. Other Comp. Income | -$764.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $155M |
| Minority Interest | $0 |
| TOTAL EQUITY | $155M |
| TOTAL LIABILITIES & EQUITY | $285M |
| Total Debt | $63M |
| Net Debt | $800.0K |
