| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $108M | $76M | $43M | 41.8% | 151.1% |
| Op. Income | $67M | $35M | -$10M | 92.8% | 791.8% |
| Gross Margin | 199.8% | 58.8% | 1.2% | 140.9pp | 198.5pp |
| Net Margin | 45.8% | 19.8% | -50.5% | 26.0pp | 96.4pp |
| EPS (Diluted) | $1.58 | $0.52 | $-0.77 | 203.8% | 305.2% |
| Free Cash Flow | $98M | -$27M | -$67M | 458.1% | 246.4% |
| Item | Amount |
|---|---|
| REVENUE | $108M |
| Cost of Revenue | -$108M |
| GROSS PROFIT | $216M |
| R&D Expenses | $26M |
| Selling & Marketing | $0 |
| General & Administrative | $16M |
| SG&A Expenses | $16M |
| Other Expenses | $108M |
| Operating Expenses | $149M |
| Cost & Expenses | $41M |
| OPERATING INCOME | $67M |
| Interest Income | $3M |
| Interest Expense | $20M |
| Other Income/Expenses | -$17M |
| INCOME BEFORE TAX | $50M |
| Income Tax Expense | $81.0K |
| Net Income from Continuing Ops | $50M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $50M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $50M |
| D&A | $606.0K |
| EBIT | $67M |
| EBITDA | $68M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $108M |
| Cost of Revenue | -$108M |
| GROSS PROFIT | $216M |
| R&D Expenses | $26M |
| Selling & Marketing | $0 |
| General & Administrative | $16M |
| SG&A Expenses | $16M |
| Other Expenses | $108M |
| Operating Expenses | $149M |
| Cost & Expenses | $41M |
| OPERATING INCOME | $67M |
| Interest Income | $3M |
| Interest Expense | $20M |
| Other Income/Expenses | -$17M |
| INCOME BEFORE TAX | $50M |
| Income Tax Expense | $81.0K |
| Net Income from Continuing Ops | $50M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $50M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $50M |
| D&A | $606.0K |
| EBIT | $67M |
| EBITDA | $68M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $50M |
| Depreciation & Amortization | $606.0K |
| Stock-Based Compensation | $9M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $19M |
| Change in Working Capital | $20M |
| OPERATING CASH FLOW | $98M |
| Capital Expenditure | -$1.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $74M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $74M |
| Net Debt Issuance | -$52M |
| Common Stock Repurchased | -$3M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$43M |
| FREE CASH FLOW | $98M |
| Net Change in Cash | $128M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $238M |
| Short-Term Investments | $73M |
| Net Receivables | $34M |
| Inventory | $0 |
| Other Current Assets | $5M |
| TOTAL CURRENT ASSETS | $350M |
| PP&E (Net) | $14M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $256.0K |
| TOTAL NON-CURRENT ASSETS | $14M |
| TOTAL ASSETS | $364M |
| Account Payables | $4M |
| Short-Term Debt | $2M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $33M |
| TOTAL CURRENT LIABILITIES | $39M |
| Long-Term Debt | $277M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $289M |
| TOTAL LIABILITIES | $327M |
| Common Stock | $28.0K |
| Additional Paid-In Capital | $810M |
| Retained Earnings | -$773M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$24.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $37M |
| Minority Interest | $0 |
| TOTAL EQUITY | $37M |
| TOTAL LIABILITIES & EQUITY | $364M |
| Total Debt | $291M |
| Net Debt | $52M |
