| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.0B | $994M | $701M | 1.9% | 44.4% |
| Op. Income | -$10M | $8M | -$23M | -233.9% | 54.4% |
| Gross Margin | 10.5% | 12.6% | 12.3% | -2.2pp | -1.8pp |
| Net Margin | -1.1% | 0.4% | -4.4% | -1.5pp | 3.3pp |
| EPS (Diluted) | $-0.05 | $0.02 | $-0.16 | -407.9% | 65.8% |
| Free Cash Flow | -$67M | $161M | -$18M | -141.4% | -270.3% |
| Item | Amount |
|---|---|
| REVENUE | $1.0B |
| Cost of Revenue | $907M |
| GROSS PROFIT | $106M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $126M |
| Other Expenses | -$9M |
| Operating Expenses | $116M |
| Cost & Expenses | $1.0B |
| OPERATING INCOME | -$10M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | -$14M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | -$11M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$11M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$11M |
| D&A | $8M |
| EBIT | -$10M |
| EBITDA | -$3M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$11M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $13M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $899.0K |
| Change in Working Capital | -$61M |
| OPERATING CASH FLOW | -$50M |
| Capital Expenditure | -$16M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$20M |
| Sales/Maturities of Investments | $18M |
| Other Investing Activities | $11M |
| NET CASH FROM INVESTING | -$7M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $15M |
| FREE CASH FLOW | -$67M |
| Net Change in Cash | -$42M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $578M |
| Short-Term Investments | $0 |
| Net Receivables | $253M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $831M |
| PP&E (Net) | $71M |
| Goodwill | $32M |
| Intangible Assets | $5M |
| Long-Term Investments | $28M |
| Tax Assets | $0 |
| Other Non-Current Assets | $98M |
| TOTAL NON-CURRENT ASSETS | $235M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $475M |
| Short-Term Debt | $2M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $477M |
| Long-Term Debt | $323M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $74M |
| TOTAL NON-CURRENT LIABILITIES | $410M |
| TOTAL LIABILITIES | $887M |
| Common Stock | $205.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$1.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $179M |
| Minority Interest | $0 |
| TOTAL EQUITY | $179M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $338M |
| Net Debt | -$240M |
