| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.5B | — | $133M | — | 1033.4% |
| Op. Income | $171M | — | $40M | — | 330.0% |
| Gross Margin | 107.4% | — | 61.2% | — | 46.1pp |
| Net Margin | 2.3% | — | 23.5% | — | -21.1pp |
| EPS (Diluted) | $1.75 | — | $1.42 | — | 23.2% |
| Free Cash Flow | $264M | — | $121M | — | 117.8% |
| Item | Amount |
|---|---|
| REVENUE | $1.5B |
| Cost of Revenue | -$111M |
| GROSS PROFIT | $1.6B |
| R&D Expenses | $0 |
| Selling & Marketing | -$194M |
| General & Administrative | -$47M |
| SG&A Expenses | -$241M |
| Other Expenses | $1.4B |
| Operating Expenses | $1.2B |
| Cost & Expenses | $1.2B |
| OPERATING INCOME | $171M |
| Interest Income | $538M |
| Interest Expense | $125M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $46M |
| Income Tax Expense | $12M |
| Net Income from Continuing Ops | $35M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $35M |
| Net Income Deductions | $2M |
| BOTTOM LINE NET INCOME | $41M |
| D&A | $31.0K |
| EBIT | $348M |
| EBITDA | $348M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $1.5B |
| Cost of Revenue | -$111M |
| GROSS PROFIT | $1.6B |
| R&D Expenses | $0 |
| Selling & Marketing | -$194M |
| General & Administrative | -$47M |
| SG&A Expenses | -$241M |
| Other Expenses | $1.4B |
| Operating Expenses | $1.2B |
| Cost & Expenses | $1.2B |
| OPERATING INCOME | $171M |
| Interest Income | $538M |
| Interest Expense | $125M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $46M |
| Income Tax Expense | $12M |
| Net Income from Continuing Ops | $35M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $35M |
| Net Income Deductions | $2M |
| BOTTOM LINE NET INCOME | $41M |
| D&A | $31.0K |
| EBIT | $348M |
| EBITDA | $348M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $35M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $11M |
| Other Non-Cash Items | $389M |
| Change in Working Capital | -$175M |
| OPERATING CASH FLOW | $266M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | -$73M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$412M |
| NET CASH FROM INVESTING | -$485M |
| Net Debt Issuance | $477M |
| Common Stock Repurchased | -$16M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $190.0K |
| NET CASH FROM FINANCING | $460M |
| FREE CASH FLOW | $264M |
| Net Change in Cash | $241M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $767M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $767M |
| PP&E (Net) | $15M |
| Goodwill | $0 |
| Intangible Assets | $30M |
| Long-Term Investments | $6.7B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$6.7B |
| TOTAL NON-CURRENT ASSETS | $45M |
| TOTAL ASSETS | $7.6B |
| Account Payables | $285M |
| Short-Term Debt | $80M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $5.5B |
| TOTAL CURRENT LIABILITIES | $6.0B |
| Long-Term Debt | $6.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $437M |
| TOTAL NON-CURRENT LIABILITIES | $6.9B |
| TOTAL LIABILITIES | $7.0B |
| Common Stock | $0 |
| Additional Paid-In Capital | $102M |
| Retained Earnings | $506M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $649M |
| Minority Interest | -$5M |
| TOTAL EQUITY | $644M |
| TOTAL LIABILITIES & EQUITY | $7.6B |
| Total Debt | $6.5B |
| Net Debt | $5.8B |
