| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $31M | $31M | $29M | 0.4% | 5.6% |
| Op. Income | $9M | $20M | $8M | -53.8% | 13.8% |
| Gross Margin | 10.7% | 80.8% | 81.3% | -70.1pp | -70.6pp |
| Net Margin | 46.6% | 5.3% | 6.3% | 41.3pp | 40.4pp |
| EPS (Diluted) | $0.51 | $0.03 | $0.04 | 1445.5% | 1123.0% |
| Free Cash Flow | $29M | $8M | $11M | 285.7% | 180.7% |
| Item | Amount |
|---|---|
| REVENUE | $31M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $3M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $11M |
| SG&A Expenses | $11M |
| Other Expenses | -$17M |
| Operating Expenses | -$6M |
| Cost & Expenses | $22M |
| OPERATING INCOME | $9M |
| Interest Income | $267.0K |
| Interest Expense | $9M |
| Other Income/Expenses | $5M |
| INCOME BEFORE TAX | $14M |
| Income Tax Expense | $23.0K |
| Net Income from Continuing Ops | $14M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $14M |
| Net Income Deductions | $744.0K |
| BOTTOM LINE NET INCOME | $14M |
| D&A | $11M |
| EBIT | $23M |
| EBITDA | $34M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $31M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $3M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $11M |
| SG&A Expenses | $11M |
| Other Expenses | -$17M |
| Operating Expenses | -$6M |
| Cost & Expenses | $22M |
| OPERATING INCOME | $9M |
| Interest Income | $267.0K |
| Interest Expense | $9M |
| Other Income/Expenses | $5M |
| INCOME BEFORE TAX | $14M |
| Income Tax Expense | $23.0K |
| Net Income from Continuing Ops | $14M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $14M |
| Net Income Deductions | $744.0K |
| BOTTOM LINE NET INCOME | $14M |
| D&A | $11M |
| EBIT | $23M |
| EBITDA | $34M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $14M |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | -$2M |
| Deferred Income Tax | $23.0K |
| Other Non-Cash Items | -$8M |
| Change in Working Capital | $1M |
| OPERATING CASH FLOW | $16M |
| Capital Expenditure | $14M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | -$4M |
| Other Investing Activities | -$10M |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | -$44M |
| Common Stock Repurchased | $2M |
| Common Dividends Paid | -$14M |
| Other Financing Activities | $44M |
| NET CASH FROM FINANCING | -$12M |
| FREE CASH FLOW | $29M |
| Net Change in Cash | -$43.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3M |
| Short-Term Investments | $0 |
| Net Receivables | $37M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $41M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $1.0B |
| Long-Term Investments | $930M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$1.0B |
| TOTAL NON-CURRENT ASSETS | $950M |
| TOTAL ASSETS | $991M |
| Account Payables | $15M |
| Short-Term Debt | $258M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$273M |
| TOTAL CURRENT LIABILITIES | $198.0K |
| Long-Term Debt | $274M |
| Deferred Revenue NC | $6M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $18M |
| TOTAL NON-CURRENT LIABILITIES | $561M |
| TOTAL LIABILITIES | $561M |
| Common Stock | $285.0K |
| Additional Paid-In Capital | $717M |
| Retained Earnings | -$295M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $429M |
| Minority Interest | $0 |
| TOTAL EQUITY | $429M |
| TOTAL LIABILITIES & EQUITY | $991M |
| Total Debt | $536M |
| Net Debt | $533M |
