| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $310M | $137M | $161M | 126.4% | 92.6% |
| Op. Income | $111M | -$72M | $27M | 254.1% | 316.4% |
| Gross Margin | 69.7% | -25.1% | 56.6% | 94.8pp | 13.0pp |
| Net Margin | 17.2% | -36.7% | 12.2% | 54.0pp | 5.0pp |
| EPS (Diluted) | $0.64 | $-0.55 | $0.23 | 217.4% | 178.3% |
| Free Cash Flow | $0 | $12M | $42M | -100.0% | -100.0% |
| Item | Amount |
|---|---|
| REVENUE | $310M |
| Cost of Revenue | $72M |
| GROSS PROFIT | $216M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $72M |
| SG&A Expenses | $74M |
| Other Expenses | $24M |
| Operating Expenses | $98M |
| Cost & Expenses | $234M |
| OPERATING INCOME | $111M |
| Interest Income | $317M |
| Interest Expense | $128M |
| Other Income/Expenses | -$36M |
| INCOME BEFORE TAX | $75M |
| Income Tax Expense | $22M |
| Net Income from Continuing Ops | $53M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $53M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $53M |
| D&A | $0 |
| EBIT | $118M |
| EBITDA | $75M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $310M |
| Cost of Revenue | $72M |
| GROSS PROFIT | $216M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $72M |
| SG&A Expenses | $74M |
| Other Expenses | $24M |
| Operating Expenses | $98M |
| Cost & Expenses | $234M |
| OPERATING INCOME | $111M |
| Interest Income | $317M |
| Interest Expense | $128M |
| Other Income/Expenses | -$36M |
| INCOME BEFORE TAX | $75M |
| Income Tax Expense | $22M |
| Net Income from Continuing Ops | $53M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $53M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $53M |
| D&A | $0 |
| EBIT | $118M |
| EBITDA | $75M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $53M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$53M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | $0 |
| 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 | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $0 |
| FREE CASH FLOW | $0 |
| Net Change in Cash | -$1.2B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2.0B |
| Short-Term Investments | $1.7B |
| Net Receivables | $78M |
| Inventory | $0 |
| Other Current Assets | -$78M |
| TOTAL CURRENT ASSETS | $3.7B |
| PP&E (Net) | $246M |
| Goodwill | $352M |
| Intangible Assets | $190M |
| Long-Term Investments | $17.8B |
| Tax Assets | $151M |
| Other Non-Current Assets | $776M |
| TOTAL NON-CURRENT ASSETS | $19.5B |
| TOTAL ASSETS | $23.2B |
| Account Payables | $0 |
| Short-Term Debt | $122M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $122M |
| Long-Term Debt | $788M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $19.8B |
| TOTAL NON-CURRENT LIABILITIES | $20.7B |
| TOTAL LIABILITIES | $20.7B |
| Common Stock | $896.0K |
| Additional Paid-In Capital | $2.2B |
| Retained Earnings | $486M |
| Treasury Stock | -$143M |
| Accum. Other Comp. Income | -$20M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.5B |
| TOTAL LIABILITIES & EQUITY | $23.2B |
| Total Debt | $879M |
| Net Debt | -$1.2B |
