| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $224M | $199M | $89M | 12.6% | 150.5% |
| Op. Income | $834.0K | $246M | -$66M | -99.7% | 101.3% |
| Gross Margin | 33.3% | 46.4% | 8.2% | -13.0pp | 25.1pp |
| Net Margin | -0.4% | 129.6% | -69.6% | -130.0pp | 69.2pp |
| EPS (Diluted) | $-0.00 | $0.77 | $-0.25 | -100.6% | 98.2% |
| Free Cash Flow | -$548M | -$152M | -$836M | -259.7% | 34.4% |
| Item | Amount |
|---|---|
| REVENUE | $224M |
| Cost of Revenue | $149M |
| GROSS PROFIT | $75M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $18M |
| SG&A Expenses | $18M |
| Other Expenses | $56M |
| Operating Expenses | $74M |
| Cost & Expenses | $223M |
| OPERATING INCOME | $834.0K |
| Interest Income | $280.0K |
| Interest Expense | $5M |
| Other Income/Expenses | $13M |
| INCOME BEFORE TAX | $14M |
| Income Tax Expense | $15M |
| Net Income from Continuing Ops | -$925.0K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$925.0K |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1M |
| D&A | $108M |
| EBIT | $19M |
| EBITDA | $127M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$925.0K |
| Depreciation & Amortization | $108M |
| Stock-Based Compensation | $35M |
| Deferred Income Tax | $15M |
| Other Non-Cash Items | -$299M |
| Change in Working Capital | $22M |
| OPERATING CASH FLOW | -$119M |
| Capital Expenditure | -$429M |
| Acquisitions (Net) | -$35M |
| Purchases of Investments | -$78M |
| Sales/Maturities of Investments | $260M |
| Other Investing Activities | $417M |
| NET CASH FROM INVESTING | $135M |
| Net Debt Issuance | -$458.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$8M |
| FREE CASH FLOW | -$548M |
| Net Change in Cash | $8M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $43M |
| Short-Term Investments | $967M |
| Net Receivables | $295M |
| Inventory | $0 |
| Other Current Assets | $16M |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $1.5B |
| Goodwill | $132M |
| Intangible Assets | $6M |
| Long-Term Investments | $223M |
| Tax Assets | $0 |
| Other Non-Current Assets | $23M |
| TOTAL NON-CURRENT ASSETS | $1.9B |
| TOTAL ASSETS | $3.2B |
| Account Payables | $15M |
| Short-Term Debt | $177M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $6M |
| TOTAL CURRENT LIABILITIES | $316M |
| Long-Term Debt | $645M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $45M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $693M |
| TOTAL LIABILITIES | $1.0B |
| Common Stock | $296.0K |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | -$126M |
| Treasury Stock | -$145M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.2B |
| TOTAL LIABILITIES & EQUITY | $3.2B |
| Total Debt | $824M |
| Net Debt | $781M |
