| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $675M | $555M | $305M | 21.7% | 120.9% |
| Op. Income | $346M | $177M | $164M | 95.3% | 110.6% |
| Gross Margin | 53.7% | 55.1% | 49.0% | -1.4pp | 4.7pp |
| Net Margin | 31.9% | 48.1% | 12.4% | -16.3pp | 19.5pp |
| EPS (Diluted) | $0.33 | $0.41 | $0.09 | -19.5% | 249.6% |
| Free Cash Flow | $313M | $189M | $16M | 66.0% | 1849.0% |
| Item | Amount |
|---|---|
| REVENUE | $675M |
| Cost of Revenue | $313M |
| GROSS PROFIT | $362M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $15M |
| SG&A Expenses | $15M |
| Other Expenses | $1M |
| Operating Expenses | $17M |
| Cost & Expenses | $330M |
| OPERATING INCOME | $346M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | -$18M |
| INCOME BEFORE TAX | $328M |
| Income Tax Expense | $113M |
| Net Income from Continuing Ops | $215M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $215M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $215M |
| D&A | $80M |
| EBIT | $346M |
| EBITDA | $426M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $675M |
| Cost of Revenue | $313M |
| GROSS PROFIT | $362M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $15M |
| SG&A Expenses | $15M |
| Other Expenses | $1M |
| Operating Expenses | $17M |
| Cost & Expenses | $330M |
| OPERATING INCOME | $346M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | -$18M |
| INCOME BEFORE TAX | $328M |
| Income Tax Expense | $113M |
| Net Income from Continuing Ops | $215M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $215M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $215M |
| D&A | $80M |
| EBIT | $346M |
| EBITDA | $426M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $215M |
| Depreciation & Amortization | $80M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $14M |
| Other Non-Cash Items | $8M |
| Change in Working Capital | $57M |
| OPERATING CASH FLOW | $375M |
| Capital Expenditure | -$61M |
| Acquisitions (Net) | $9.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$73.0K |
| NET CASH FROM INVESTING | -$61M |
| Net Debt Issuance | -$23M |
| Common Stock Repurchased | -$2M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$332.0K |
| NET CASH FROM FINANCING | -$26M |
| FREE CASH FLOW | $313M |
| Net Change in Cash | $287M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $554M |
| Short-Term Investments | $0 |
| Net Receivables | $68M |
| Inventory | $163M |
| Other Current Assets | $834.0K |
| TOTAL CURRENT ASSETS | $786M |
| PP&E (Net) | $2.7B |
| Goodwill | $626M |
| Intangible Assets | $0 |
| Long-Term Investments | $29M |
| Tax Assets | $141M |
| Other Non-Current Assets | -$29M |
| TOTAL NON-CURRENT ASSETS | $3.5B |
| TOTAL ASSETS | $4.7B |
| Account Payables | $149M |
| Short-Term Debt | $29M |
| Deferred Revenue | $683.0K |
| Other Current Liabilities | $56M |
| TOTAL CURRENT LIABILITIES | $393M |
| Long-Term Debt | $297M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $323M |
| Other Non-Current Liabilities | $330M |
| TOTAL NON-CURRENT LIABILITIES | $989M |
| TOTAL LIABILITIES | $1.4B |
| Common Stock | $6M |
| Additional Paid-In Capital | $5.8B |
| Retained Earnings | -$2.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.3B |
| TOTAL LIABILITIES & EQUITY | $4.7B |
| Total Debt | $365M |
| Net Debt | -$188M |
