0001213900-26-050223
SEC filingRevenue grew 28.6% to $16.5M, but operating income collapsed to -$9.6M and net cash from operations turned negative at -$7.4M — driven by non-revenue-linked expense growth that outpaced top-line expansion.
Operating income fell to -$9.6 million from +$64.4 thousand — a swing of over $9.6 million — with no supported breakdown of contributing expense categories in the authoritative packet. Similarly, net cash provided by operating activities reversed to -$7.4 million from +$1.6 million. While capital expenditures were minimal ($5,524), free cash flow matched operating cash flow at -$7.4 million. Neither the XBRL data nor the business context packet provides auditable support for the drivers behind this sharp deterioration — such as whether it reflects timing differences, non-cash accruals, or structural cost changes. The absence of explanatory detail limits assessment of sustainability or reversibility.
Diluted EPS declined to -$5.04 from $0.00. This reflects both the magnitude of the net loss (-$9.5 million) and the reduction in weighted-average diluted shares outstanding following the 25:1 reverse stock split executed in FY2025 — a capital structure change that alters per-share metrics without affecting underlying economic performance.