| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $183M | $87M | $119M | 109.1% | 53.3% |
| Op. Income | $117M | $32M | $62M | 262.4% | 87.8% |
| Gross Margin | 92.2% | 83.2% | 87.9% | 9.0pp | 4.4pp |
| Net Margin | 40.4% | 10.1% | 30.2% | 30.3pp | 10.1pp |
| EPS (Diluted) | $0.65 | $0.08 | $0.32 | 712.5% | 103.1% |
| Free Cash Flow | $59M | $17M | $95M | 248.7% | -37.4% |
| Item | Amount |
|---|---|
| REVENUE | $183M |
| Cost of Revenue | $14M |
| GROSS PROFIT | $168M |
| R&D Expenses | $19M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $33M |
| Other Expenses | $0 |
| Operating Expenses | $52M |
| Cost & Expenses | $66M |
| OPERATING INCOME | $117M |
| Interest Income | $0 |
| Interest Expense | $9M |
| Other Income/Expenses | -$16M |
| INCOME BEFORE TAX | $101M |
| Income Tax Expense | $27M |
| Net Income from Continuing Ops | $74M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $74M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $74M |
| D&A | $15M |
| EBIT | $110M |
| EBITDA | $125M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $183M |
| Cost of Revenue | $14M |
| GROSS PROFIT | $168M |
| R&D Expenses | $19M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $33M |
| Other Expenses | $0 |
| Operating Expenses | $52M |
| Cost & Expenses | $66M |
| OPERATING INCOME | $117M |
| Interest Income | $0 |
| Interest Expense | $9M |
| Other Income/Expenses | -$16M |
| INCOME BEFORE TAX | $101M |
| Income Tax Expense | $27M |
| Net Income from Continuing Ops | $74M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $74M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $74M |
| D&A | $15M |
| EBIT | $110M |
| EBITDA | $125M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $74M |
| Depreciation & Amortization | $15M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $31M |
| Other Non-Cash Items | $10M |
| Change in Working Capital | -$70M |
| OPERATING CASH FLOW | $60M |
| Capital Expenditure | -$590.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$11M |
| Sales/Maturities of Investments | $7M |
| Other Investing Activities | -$850.0K |
| NET CASH FROM INVESTING | -$6M |
| Net Debt Issuance | -$21M |
| Common Stock Repurchased | -$12M |
| Common Dividends Paid | -$5M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$37M |
| FREE CASH FLOW | $59M |
| Net Change in Cash | $17M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $73M |
| Short-Term Investments | $64M |
| Net Receivables | $158M |
| Inventory | $0 |
| Other Current Assets | $9M |
| TOTAL CURRENT ASSETS | $304M |
| PP&E (Net) | $14M |
| Goodwill | $314M |
| Intangible Assets | $303M |
| Long-Term Investments | $49M |
| Tax Assets | $0 |
| Other Non-Current Assets | $54M |
| TOTAL NON-CURRENT ASSETS | $735M |
| TOTAL ASSETS | $1.0B |
| Account Payables | $5M |
| Short-Term Debt | $21M |
| Deferred Revenue | $20M |
| Other Current Liabilities | $34M |
| TOTAL CURRENT LIABILITIES | $80M |
| Long-Term Debt | $406M |
| Deferred Revenue NC | $50M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $14M |
| TOTAL NON-CURRENT LIABILITIES | $479M |
| TOTAL LIABILITIES | $559M |
| Common Stock | $128.0K |
| Additional Paid-In Capital | $686M |
| Retained Earnings | $92M |
| Treasury Stock | -$298M |
| Accum. Other Comp. Income | $60.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $481M |
| Minority Interest | $0 |
| TOTAL EQUITY | $481M |
| TOTAL LIABILITIES & EQUITY | $1.0B |
| Total Debt | $436M |
| Net Debt | $363M |
