| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $96M | $93M | $74M | 3.9% | 29.4% |
| Op. Income | $31M | $26M | $18M | 17.7% | 69.5% |
| Gross Margin | 70.8% | 64.8% | 61.1% | 6.0pp | 9.6pp |
| Net Margin | 23.5% | 22.9% | 19.7% | 0.6pp | 3.7pp |
| EPS (Diluted) | $1.33 | $1.25 | $1.00 | 6.4% | 33.0% |
| Free Cash Flow | -$23M | $35M | $41M | -164.0% | -155.1% |
| Item | Amount |
|---|---|
| REVENUE | $96M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $68M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $999.0K |
| SG&A Expenses | $999.0K |
| Other Expenses | $36M |
| Operating Expenses | $37M |
| Cost & Expenses | $65M |
| OPERATING INCOME | $31M |
| Interest Income | $82M |
| Interest Expense | $28M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | $28M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $23M |
| D&A | $1M |
| EBIT | $31M |
| EBITDA | $33M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $96M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $68M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $999.0K |
| SG&A Expenses | $999.0K |
| Other Expenses | $36M |
| Operating Expenses | $37M |
| Cost & Expenses | $65M |
| OPERATING INCOME | $31M |
| Interest Income | $82M |
| Interest Expense | $28M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | $28M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $23M |
| D&A | $1M |
| EBIT | $31M |
| EBITDA | $33M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $23M |
| Depreciation & Amortization | -$8M |
| Stock-Based Compensation | -$3M |
| Deferred Income Tax | -$414.0K |
| Other Non-Cash Items | $9M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | -$18M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $97M |
| Purchases of Investments | $155M |
| Sales/Maturities of Investments | -$108M |
| Other Investing Activities | -$123M |
| NET CASH FROM INVESTING | $16M |
| Net Debt Issuance | -$167M |
| Common Stock Repurchased | -$153.0K |
| Common Dividends Paid | -$7M |
| Other Financing Activities | $135M |
| NET CASH FROM FINANCING | -$39M |
| FREE CASH FLOW | -$23M |
| Net Change in Cash | -$60M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $97M |
| Short-Term Investments | $930M |
| Net Receivables | $18M |
| Inventory | $0 |
| Other Current Assets | -$18M |
| TOTAL CURRENT ASSETS | $1.0B |
| PP&E (Net) | $0 |
| Goodwill | $152M |
| Intangible Assets | $43M |
| Long-Term Investments | $5.4B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$5.4B |
| TOTAL NON-CURRENT ASSETS | $194M |
| TOTAL ASSETS | $7.0B |
| Account Payables | $0 |
| Short-Term Debt | $582M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $582M |
| Long-Term Debt | $63M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.1B |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $6.3B |
| Common Stock | $216M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $545M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$64M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $697M |
| Minority Interest | $0 |
| TOTAL EQUITY | $697M |
| TOTAL LIABILITIES & EQUITY | $7.0B |
| Total Debt | $644M |
| Net Debt | $547M |
