GLADZ reported QQ4 2024 revenue of $17.97 million with gross profit of $2.42 million, but the quarter remained markedly unprofitable on an operating basis. EBITDA stood at −$51.95 million and operating income was −$80.38 million, driven by substantial depreciation and amortization totaling $52.7 million that offset the modest gross margin. Net income came in at −$62.70 million with earnings per share of −$0.65. Revenue declined 23.5% year over year and 38.1% quarter over quarter, while gross margin compressed to about 19.0%. The strong cash outflow from non-cash charges and balance sheet leverage underscore ongoing earnings quality concerns, despite a positive net cash flow from operating activities of $11.56 million (per the cash flow statement), and a modest cash balance of $2.30 million at period end.