| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $396M | $228M | $307M | 74.1% | 28.9% |
| Op. Income | $37M | $12M | $500.0K | 205.0% | 7220.0% |
| Gross Margin | 16.0% | 16.9% | 11.2% | -0.9pp | 4.8pp |
| Net Margin | 4.7% | -3.2% | -7.7% | 7.9pp | 12.4pp |
| EPS (Diluted) | $0.43 | $-0.17 | $-0.57 | 352.9% | 175.4% |
| Free Cash Flow | -$60M | -$23M | -$26M | -162.3% | -130.9% |
| Item | Amount |
|---|---|
| REVENUE | $396M |
| Cost of Revenue | $333M |
| GROSS PROFIT | $63M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $27M |
| Cost & Expenses | $360M |
| OPERATING INCOME | $37M |
| Interest Income | $300.0K |
| Interest Expense | $18M |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | $16M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $26M |
| EBIT | $35M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $396M |
| Cost of Revenue | $333M |
| GROSS PROFIT | $63M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $27M |
| Cost & Expenses | $360M |
| OPERATING INCOME | $37M |
| Interest Income | $300.0K |
| Interest Expense | $18M |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | $16M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $26M |
| EBIT | $35M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $19M |
| Depreciation & Amortization | $26M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $5M |
| Other Non-Cash Items | $5M |
| Change in Working Capital | -$94M |
| OPERATING CASH FLOW | -$37M |
| Capital Expenditure | -$23M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$500.0K |
| NET CASH FROM INVESTING | -$23M |
| Net Debt Issuance | $51M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$4M |
| NET CASH FROM FINANCING | $47M |
| FREE CASH FLOW | -$60M |
| Net Change in Cash | -$13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $47M |
| Short-Term Investments | $0 |
| Net Receivables | $279M |
| Inventory | $258M |
| Other Current Assets | $49M |
| TOTAL CURRENT ASSETS | $632M |
| PP&E (Net) | $766M |
| Goodwill | $6M |
| Intangible Assets | $24M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $99M |
| TOTAL NON-CURRENT ASSETS | $895M |
| TOTAL ASSETS | $1.5B |
| Account Payables | $101M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $244M |
| Long-Term Debt | $884M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $59M |
| Other Non-Current Liabilities | $73M |
| TOTAL NON-CURRENT LIABILITIES | $1.0B |
| TOTAL LIABILITIES | $1.3B |
| Common Stock | $400.0K |
| Additional Paid-In Capital | $432M |
| Retained Earnings | -$59M |
| Treasury Stock | -$12M |
| Accum. Other Comp. Income | -$101M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $261M |
| Minority Interest | $0 |
| TOTAL EQUITY | $261M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $897M |
| Net Debt | $850M |
