|**Metric**|**Reported (Actual)**|**Analyst Estimate (Consensus)**|**Verdict**|
|:-|:-|:-|:-|
|**Revenue (Q4)**|**$227.7M**|\~$232.2M – $246.0M|**Miss** (Slightly below target)|
|**Adj. EBITDA**|**+$15.0M**|"Slightly Positive" (\~$5M)|**Beat** (Efficiency is high)|
|**Adj. Net Loss**|**-$173.0M**|N/A|High spend due to GPU buying|
|**Exit ARR\***|**\~$911M**|$900M – $1.1B|**Met** (But at the bottom end)|
|**Full Year 2025 Revenue**|**$529.8M**|$500M – $550M (Guide)|**Met** (Dead center of range)|