| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $821M | — | $774M | — | 6.1% |
| Op. Income | $48M | — | $103M | — | -54.0% |
| Gross Margin | 11.7% | — | 96.3% | — | -84.6pp |
| Net Margin | -143.3% | — | 4.2% | — | -147.6pp |
| EPS (Diluted) | $-13.02 | — | $0.35 | — | -3820.0% |
| Free Cash Flow | -$179M | — | -$87M | — | -106.8% |
| Item | Amount |
|---|---|
| REVENUE | $821M |
| Cost of Revenue | $725M |
| GROSS PROFIT | $96M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $48M |
| SG&A Expenses | $48M |
| Other Expenses | $0 |
| Operating Expenses | $48M |
| Cost & Expenses | $774M |
| OPERATING INCOME | $48M |
| Interest Income | $0 |
| Interest Expense | $38M |
| Other Income/Expenses | -$1.2B |
| INCOME BEFORE TAX | -$1.2B |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | -$1.2B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$1.2B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1.2B |
| D&A | $46M |
| EBIT | -$1.1B |
| EBITDA | -$1.1B |
| EPS | -$13 |
| EPS Diluted | -$13 |
| Item | Amount |
|---|---|
| Net Income | -$1.2B |
| Depreciation & Amortization | $46M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | $1.0B |
| Change in Working Capital | $33M |
| OPERATING CASH FLOW | -$86M |
| Capital Expenditure | -$93M |
| Acquisitions (Net) | $9M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $55.0K |
| NET CASH FROM INVESTING | -$84M |
| Net Debt Issuance | $190M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$5M |
| NET CASH FROM FINANCING | $185M |
| FREE CASH FLOW | -$179M |
| Net Change in Cash | $15M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $133M |
| Short-Term Investments | $0 |
| Net Receivables | $545M |
| Inventory | $6M |
| Other Current Assets | $83M |
| TOTAL CURRENT ASSETS | $814M |
| PP&E (Net) | $3.2B |
| Goodwill | $1.3B |
| Intangible Assets | $97M |
| Long-Term Investments | $22M |
| Tax Assets | $3M |
| Other Non-Current Assets | $51M |
| TOTAL NON-CURRENT ASSETS | $4.7B |
| TOTAL ASSETS | $5.5B |
| Account Payables | $150M |
| Short-Term Debt | $51M |
| Deferred Revenue | $3M |
| Other Current Liabilities | $133M |
| TOTAL CURRENT LIABILITIES | $525M |
| Long-Term Debt | $2.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $67M |
| Other Non-Current Liabilities | $191M |
| TOTAL NON-CURRENT LIABILITIES | $2.9B |
| TOTAL LIABILITIES | $3.4B |
| Common Stock | $905.0K |
| Additional Paid-In Capital | $2.7B |
| Retained Earnings | -$766M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.9B |
| Minority Interest | $192M |
| TOTAL EQUITY | $2.1B |
| TOTAL LIABILITIES & EQUITY | $5.5B |
| Total Debt | $2.7B |
| Net Debt | $2.5B |
