| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $57M | $71M | $50M | -19.1% | 14.5% |
| Op. Income | $47M | $48M | $27M | -2.5% | 74.7% |
| Gross Margin | 119.8% | 80.2% | 58.0% | 39.6pp | 61.9pp |
| Net Margin | 43.9% | 33.2% | 49.5% | 10.8pp | -5.5pp |
| EPS (Diluted) | $0.24 | $0.22 | $0.24 | 9.1% | 0.0% |
| Free Cash Flow | $205M | $16M | -$45M | 1141.3% | 552.9% |
| Item | Amount |
|---|---|
| REVENUE | $57M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $69M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | -$12M |
| SG&A Expenses | -$12M |
| Other Expenses | -$29M |
| Operating Expenses | -$41M |
| Cost & Expenses | $11M |
| OPERATING INCOME | $47M |
| Interest Income | $88M |
| Interest Expense | $21M |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | $27M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $25M |
| D&A | $2M |
| EBIT | $21M |
| EBITDA | $23M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $57M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $69M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | -$12M |
| SG&A Expenses | -$12M |
| Other Expenses | -$29M |
| Operating Expenses | -$41M |
| Cost & Expenses | $11M |
| OPERATING INCOME | $47M |
| Interest Income | $88M |
| Interest Expense | $21M |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | $27M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $25M |
| D&A | $2M |
| EBIT | $21M |
| EBITDA | $23M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $25M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $174M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | $205M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | -$188M |
| Common Stock Repurchased | -$4M |
| Common Dividends Paid | -$27M |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$221M |
| FREE CASH FLOW | $205M |
| Net Change in Cash | -$16M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $67M |
| Short-Term Investments | $0 |
| Net Receivables | $41M |
| Inventory | $0 |
| Other Current Assets | $55M |
| TOTAL CURRENT ASSETS | $164M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $10M |
| TOTAL NON-CURRENT ASSETS | $2.5B |
| TOTAL ASSETS | $2.6B |
| Account Payables | $7M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $183.0K |
| TOTAL CURRENT LIABILITIES | $42M |
| Long-Term Debt | $1.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $1.4B |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $104.0K |
| Additional Paid-In Capital | $1.9B |
| Retained Earnings | -$702M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.2B |
| TOTAL LIABILITIES & EQUITY | $2.6B |
| Total Debt | $1.4B |
| Net Debt | $1.4B |
