| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $170M | $284M | $142M | -40.1% | 19.6% |
| Op. Income | -$7M | $117M | -$13M | -105.9% | 46.0% |
| Gross Margin | 23.5% | 55.5% | 14.1% | -32.0pp | 9.4pp |
| Net Margin | -1.4% | 39.1% | -6.8% | -40.4pp | 5.5pp |
| EPS (Diluted) | $-0.22 | $10.10 | $-0.88 | -102.2% | 75.0% |
| Free Cash Flow | $77M | $38M | $52M | 102.3% | 47.7% |
| Item | Amount |
|---|---|
| REVENUE | $170M |
| Cost of Revenue | $130M |
| GROSS PROFIT | $40M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $47M |
| Operating Expenses | $47M |
| Cost & Expenses | $177M |
| OPERATING INCOME | -$7M |
| Interest Income | $1M |
| Interest Expense | -$18M |
| Other Income/Expenses | -$191M |
| INCOME BEFORE TAX | -$198M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | -$196M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$2M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$2M |
| D&A | $2M |
| EBIT | -$5M |
| EBITDA | -$11M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$2M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$395.0K |
| Other Non-Cash Items | $15M |
| Change in Working Capital | $68M |
| OPERATING CASH FLOW | $83M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $1M |
| Other Investing Activities | -$313.0K |
| NET CASH FROM INVESTING | -$5M |
| Net Debt Issuance | -$30.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$82M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $105M |
| FREE CASH FLOW | $77M |
| Net Change in Cash | $182M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $250M |
| Short-Term Investments | $8M |
| Net Receivables | $124M |
| Inventory | $0 |
| Other Current Assets | $30M |
| TOTAL CURRENT ASSETS | $412M |
| PP&E (Net) | $118M |
| Goodwill | $30M |
| Intangible Assets | $3M |
| Long-Term Investments | $440.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $153M |
| TOTAL ASSETS | $565M |
| Account Payables | $12M |
| Short-Term Debt | $66M |
| Deferred Revenue | $13M |
| Other Current Liabilities | $59M |
| TOTAL CURRENT LIABILITIES | $196M |
| Long-Term Debt | $288M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $398M |
| TOTAL LIABILITIES | $594M |
| Common Stock | $11.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$135M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$135M |
| Minority Interest | $106M |
| TOTAL EQUITY | -$28M |
| TOTAL LIABILITIES & EQUITY | $565M |
| Total Debt | $460M |
| Net Debt | $210M |
