| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $284M | $176M | $248M | 61.5% | 14.8% |
| Op. Income | $117M | -$105M | $98M | 211.6% | 20.2% |
| Gross Margin | 55.5% | -29.1% | 52.0% | 84.7pp | 3.5pp |
| Net Margin | 39.1% | -54.5% | 39.4% | 93.6pp | -0.3pp |
| EPS (Diluted) | $10.10 | $-8.73 | $8.87 | 215.7% | 13.9% |
| Free Cash Flow | $38M | — | $46M | — | -17.2% |
| Item | Amount |
|---|---|
| REVENUE | $284M |
| Cost of Revenue | $126M |
| GROSS PROFIT | $158M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $51M |
| Other Expenses | -$11M |
| Operating Expenses | $40M |
| Cost & Expenses | $167M |
| OPERATING INCOME | $117M |
| Interest Income | $881.0K |
| Interest Expense | $20M |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | $119M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $111M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $111M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $111M |
| D&A | $3M |
| EBIT | $119M |
| EBITDA | $122M |
| EPS | $10 |
| EPS Diluted | $10 |
| Item | Amount |
|---|---|
| REVENUE | $284M |
| Cost of Revenue | $126M |
| GROSS PROFIT | $158M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $51M |
| Other Expenses | -$11M |
| Operating Expenses | $40M |
| Cost & Expenses | $167M |
| OPERATING INCOME | $117M |
| Interest Income | $881.0K |
| Interest Expense | $20M |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | $119M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $111M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $111M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $111M |
| D&A | $3M |
| EBIT | $119M |
| EBITDA | $122M |
| EPS | $10 |
| EPS Diluted | $10 |
| Item | Amount |
|---|---|
| Net Income | $111M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $7M |
| Deferred Income Tax | $605.0K |
| Other Non-Cash Items | $3M |
| Change in Working Capital | -$85M |
| OPERATING CASH FLOW | $40M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $2M |
| Other Investing Activities | -$230.0K |
| NET CASH FROM INVESTING | $119.0K |
| Net Debt Issuance | -$43.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$48M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$51M |
| FREE CASH FLOW | $38M |
| Net Change in Cash | -$11M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $168M |
| Short-Term Investments | $9M |
| Net Receivables | $212M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $414M |
| PP&E (Net) | $115M |
| Goodwill | $30M |
| Intangible Assets | $2M |
| Long-Term Investments | $2M |
| Tax Assets | $0 |
| Other Non-Current Assets | $303.0K |
| TOTAL NON-CURRENT ASSETS | $149M |
| TOTAL ASSETS | $563M |
| Account Payables | $14M |
| Short-Term Debt | $62M |
| Deferred Revenue | $17M |
| Other Current Liabilities | $3M |
| TOTAL CURRENT LIABILITIES | $224M |
| Long-Term Debt | $288M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $571.0K |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $386M |
| TOTAL LIABILITIES | $611M |
| Common Stock | $11.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$5M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$5M |
| Minority Interest | -$43M |
| TOTAL EQUITY | -$48M |
| TOTAL LIABILITIES & EQUITY | $563M |
| Total Debt | $461M |
| Net Debt | $294M |
