| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $51M | $50M | $45M | 1.9% | 13.5% |
| Op. Income | $17M | $13M | $13M | 35.2% | 36.3% |
| Gross Margin | 79.3% | 68.5% | 66.0% | 10.8pp | 13.3pp |
| Net Margin | 25.5% | 19.5% | 23.2% | 6.0pp | 2.2pp |
| EPS (Diluted) | $0.97 | $0.72 | $0.72 | 34.7% | 34.7% |
| Free Cash Flow | $13M | $15M | $22M | -13.0% | -41.6% |
| Item | Amount |
|---|---|
| REVENUE | $51M |
| Cost of Revenue | $10M |
| GROSS PROFIT | $40M |
| R&D Expenses | $0 |
| Selling & Marketing | $370.0K |
| General & Administrative | $23M |
| SG&A Expenses | $24M |
| Other Expenses | -$677.0K |
| Operating Expenses | $23M |
| Cost & Expenses | $33M |
| OPERATING INCOME | $17M |
| Interest Income | $43M |
| Interest Expense | $11M |
| Other Income/Expenses | -$31.0K |
| INCOME BEFORE TAX | $17M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $13M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $13M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $13M |
| D&A | $0 |
| EBIT | $17M |
| EBITDA | $17M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $51M |
| Cost of Revenue | $10M |
| GROSS PROFIT | $40M |
| R&D Expenses | $0 |
| Selling & Marketing | $370.0K |
| General & Administrative | $23M |
| SG&A Expenses | $24M |
| Other Expenses | -$677.0K |
| Operating Expenses | $23M |
| Cost & Expenses | $33M |
| OPERATING INCOME | $17M |
| Interest Income | $43M |
| Interest Expense | $11M |
| Other Income/Expenses | -$31.0K |
| INCOME BEFORE TAX | $17M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $13M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $13M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $13M |
| D&A | $0 |
| EBIT | $17M |
| EBITDA | $17M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $13M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$6M |
| Change in Working Capital | $7M |
| OPERATING CASH FLOW | $14M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$80M |
| NET CASH FROM INVESTING | -$80M |
| Net Debt Issuance | $173M |
| Common Stock Repurchased | -$8M |
| Common Dividends Paid | -$3M |
| Other Financing Activities | -$56M |
| NET CASH FROM FINANCING | $106M |
| FREE CASH FLOW | $13M |
| Net Change in Cash | $37M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $136M |
| Short-Term Investments | $916M |
| Net Receivables | $14M |
| Inventory | $0 |
| Other Current Assets | -$14M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $15M |
| Goodwill | $27M |
| Intangible Assets | $52.0K |
| Long-Term Investments | $3.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$3.1B |
| TOTAL NON-CURRENT ASSETS | $15M |
| TOTAL ASSETS | $3.8B |
| Account Payables | $0 |
| Short-Term Debt | $131M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.7B |
| TOTAL CURRENT LIABILITIES | $1.9B |
| Long-Term Debt | $388M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3.1B |
| TOTAL NON-CURRENT LIABILITIES | $3.5B |
| TOTAL LIABILITIES | $3.5B |
| Common Stock | $103M |
| Additional Paid-In Capital | $5M |
| Retained Earnings | $280M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$23M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $365M |
| Minority Interest | $0 |
| TOTAL EQUITY | $365M |
| TOTAL LIABILITIES & EQUITY | $3.8B |
| Total Debt | $519M |
| Net Debt | $383M |
