| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $2.7B | $972M | — | 176.5% | — |
| Op. Income | $26M | $28M | — | -7.2% | — |
| Gross Margin | 3.3% | 10.8% | — | -7.4pp | — |
| Net Margin | 0.4% | 1.4% | — | -1.0pp | — |
| EPS (Diluted) | $0.25 | $0.36 | — | -30.6% | — |
| Free Cash Flow | $22M | $18M | — | 26.5% | — |
| Item | Amount |
|---|---|
| REVENUE | $2.7B |
| Cost of Revenue | $2.6B |
| GROSS PROFIT | $90M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $12M |
| SG&A Expenses | $12M |
| Other Expenses | $52M |
| Operating Expenses | $64M |
| Cost & Expenses | $2.7B |
| OPERATING INCOME | $26M |
| Interest Income | $0 |
| Interest Expense | $67M |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | $15M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $10M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $10M |
| D&A | $5M |
| EBIT | $82M |
| EBITDA | $87M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $2.7B |
| Cost of Revenue | $2.6B |
| GROSS PROFIT | $90M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $12M |
| SG&A Expenses | $12M |
| Other Expenses | $52M |
| Operating Expenses | $64M |
| Cost & Expenses | $2.7B |
| OPERATING INCOME | $26M |
| Interest Income | $0 |
| Interest Expense | $67M |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | $15M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $10M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $10M |
| D&A | $5M |
| EBIT | $82M |
| EBITDA | $87M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $10M |
| Depreciation & Amortization | $20M |
| Stock-Based Compensation | $501.0K |
| Deferred Income Tax | $3M |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | -$981.0K |
| OPERATING CASH FLOW | $29M |
| Capital Expenditure | -$7M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $9M |
| NET CASH FROM INVESTING | $2M |
| Net Debt Issuance | -$14M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$20M |
| Other Financing Activities | -$261.0K |
| NET CASH FROM FINANCING | -$34M |
| FREE CASH FLOW | $22M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3M |
| Short-Term Investments | $0 |
| Net Receivables | $29M |
| Inventory | $60M |
| Other Current Assets | $20M |
| TOTAL CURRENT ASSETS | $111M |
| PP&E (Net) | $669M |
| Goodwill | $99M |
| Intangible Assets | $62M |
| Long-Term Investments | $325.0K |
| Tax Assets | $760.0K |
| Other Non-Current Assets | $22M |
| TOTAL NON-CURRENT ASSETS | $854M |
| TOTAL ASSETS | $965M |
| Account Payables | $63M |
| Short-Term Debt | $38M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $54M |
| TOTAL CURRENT LIABILITIES | $155M |
| Long-Term Debt | $778M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $7M |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $882M |
| TOTAL LIABILITIES | $1.0B |
| Common Stock | -$101M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$72M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$72M |
| TOTAL LIABILITIES & EQUITY | $965M |
| Total Debt | $908M |
| Net Debt | $905M |
