| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $225M | — | $69M | — | 225.8% |
| Op. Income | $109M | — | -$521M | — | 121.0% |
| Gross Margin | 4.7% | — | 7.4% | — | -2.7pp |
| Net Margin | 31.4% | — | -770.7% | — | 802.1pp |
| EPS (Diluted) | $0.26 | — | $-3.22 | — | 108.1% |
| Free Cash Flow | -$650M | — | -$373M | — | -74.1% |
| Item | Amount |
|---|---|
| REVENUE | $225M |
| Cost of Revenue | $214M |
| GROSS PROFIT | $11M |
| R&D Expenses | $35M |
| Selling & Marketing | $2M |
| General & Administrative | $29M |
| SG&A Expenses | $31M |
| Other Expenses | -$165M |
| Operating Expenses | -$99M |
| Cost & Expenses | $115M |
| OPERATING INCOME | $109M |
| Interest Income | $0 |
| Interest Expense | $36M |
| Other Income/Expenses | -$36M |
| INCOME BEFORE TAX | $73M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $71M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $71M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $71M |
| D&A | $41M |
| EBIT | $109M |
| EBITDA | $151M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $225M |
| Cost of Revenue | $214M |
| GROSS PROFIT | $11M |
| R&D Expenses | $35M |
| Selling & Marketing | $2M |
| General & Administrative | $29M |
| SG&A Expenses | $31M |
| Other Expenses | -$165M |
| Operating Expenses | -$99M |
| Cost & Expenses | $115M |
| OPERATING INCOME | $109M |
| Interest Income | $0 |
| Interest Expense | $36M |
| Other Income/Expenses | -$36M |
| INCOME BEFORE TAX | $73M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $71M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $71M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $71M |
| D&A | $41M |
| EBIT | $109M |
| EBITDA | $151M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $71M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$670M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | -$600M |
| Capital Expenditure | -$51M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $149M |
| NET CASH FROM INVESTING | $98M |
| Net Debt Issuance | $383M |
| Common Stock Repurchased | -$35M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $106M |
| NET CASH FROM FINANCING | $454M |
| FREE CASH FLOW | -$650M |
| Net Change in Cash | -$47M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $172M |
| Short-Term Investments | $5M |
| Net Receivables | $177M |
| Inventory | $252M |
| Other Current Assets | $781M |
| TOTAL CURRENT ASSETS | $1.4B |
| PP&E (Net) | $525M |
| Goodwill | $36M |
| Intangible Assets | $93M |
| Long-Term Investments | $107M |
| Tax Assets | $11M |
| Other Non-Current Assets | $645M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $2.8B |
| Account Payables | $120M |
| Short-Term Debt | $763M |
| Deferred Revenue | $64M |
| Other Current Liabilities | $560M |
| TOTAL CURRENT LIABILITIES | $1.5B |
| Long-Term Debt | $336M |
| Deferred Revenue NC | $63M |
| Deferred Tax Liabilities | $14M |
| Other Non-Current Liabilities | -$87M |
| TOTAL NON-CURRENT LIABILITIES | $416M |
| TOTAL LIABILITIES | $1.9B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$583M |
| Treasury Stock | -$326M |
| Accum. Other Comp. Income | $1.8B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $868M |
| Minority Interest | $0 |
| TOTAL EQUITY | $868M |
| TOTAL LIABILITIES & EQUITY | $2.8B |
| Total Debt | $1.2B |
| Net Debt | $1.0B |
