📋 Highlights
- Strong FY 2025 Performance Revenue reached $109.4 million vs. $32.2 million in Q4, with adjusted EBITDA of $24.3 million ($12 million in Q4).
- Conservative 2026 Guidance Revenue expected between $109–114 million, adjusted EBITDA of $21–25 million, reflecting market spending caution.
- Gross Margin Fluctuations Q4 2025 gross margin surged to 74.8% (vs. 68.1% in 2024), but 2026 guidance anticipates a drop to mid-60s.
- Robust Cash Position Cash and investments grew to $23.4 million (Dec 2025) from $13.4 million (Dec 2024), with $18.7 million operating cash flow in 2025.