| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $770M | $740M | $435M | 4.1% | 76.9% |
| Op. Income | $57M | $81M | $794.0K | -30.2% | 7025.2% |
| Gross Margin | 19.0% | 22.0% | 14.1% | -3.0pp | 4.9pp |
| Net Margin | 17.3% | 29.0% | 0.7% | -11.7pp | 16.6pp |
| EPS (Diluted) | $0.55 | $0.92 | $0.04 | -40.2% | 1191.1% |
| Free Cash Flow | $265M | -$26M | — | 1105.5% | — |
| Item | Amount |
|---|---|
| REVENUE | $770M |
| Cost of Revenue | $624M |
| GROSS PROFIT | $147M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $90M |
| Other Expenses | $0 |
| Operating Expenses | $90M |
| Cost & Expenses | $714M |
| OPERATING INCOME | $57M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $84M |
| INCOME BEFORE TAX | $140M |
| Income Tax Expense | $7M |
| Net Income from Continuing Ops | $133M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $133M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $133M |
| D&A | $26M |
| EBIT | $57M |
| EBITDA | $82M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $770M |
| Cost of Revenue | $624M |
| GROSS PROFIT | $147M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $90M |
| Other Expenses | $0 |
| Operating Expenses | $90M |
| Cost & Expenses | $714M |
| OPERATING INCOME | $57M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $84M |
| INCOME BEFORE TAX | $140M |
| Income Tax Expense | $7M |
| Net Income from Continuing Ops | $133M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $133M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $133M |
| D&A | $26M |
| EBIT | $57M |
| EBITDA | $82M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $133M |
| Depreciation & Amortization | $26M |
| Stock-Based Compensation | $59M |
| Deferred Income Tax | $321.0K |
| Other Non-Cash Items | -$46M |
| Change in Working Capital | $77M |
| OPERATING CASH FLOW | $249M |
| Capital Expenditure | $16M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$2M |
| Sales/Maturities of Investments | -$1M |
| Other Investing Activities | -$30M |
| NET CASH FROM INVESTING | -$18M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $1.6B |
| NET CASH FROM FINANCING | $1.6B |
| FREE CASH FLOW | $265M |
| Net Change in Cash | $177M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $77.4B |
| Short-Term Investments | $0 |
| Net Receivables | $63M |
| Inventory | $0 |
| Other Current Assets | $322M |
| TOTAL CURRENT ASSETS | $77.8B |
| PP&E (Net) | $23M |
| Goodwill | $266M |
| Intangible Assets | $411M |
| Long-Term Investments | $174M |
| Tax Assets | $11M |
| Other Non-Current Assets | $27M |
| TOTAL NON-CURRENT ASSETS | $912M |
| TOTAL ASSETS | $78.7B |
| Account Payables | $361M |
| Short-Term Debt | $37M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $74.9B |
| TOTAL CURRENT LIABILITIES | $75.3B |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $29M |
| Other Non-Current Liabilities | $25M |
| TOTAL NON-CURRENT LIABILITIES | $54M |
| TOTAL LIABILITIES | $75.4B |
| Common Stock | $26.0K |
| Additional Paid-In Capital | $4.6B |
| Retained Earnings | -$1.3B |
| Treasury Stock | -$3M |
| Accum. Other Comp. Income | $15M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.3B |
| Minority Interest | $1M |
| TOTAL EQUITY | $3.3B |
| TOTAL LIABILITIES & EQUITY | $78.7B |
| Total Debt | $37M |
| Net Debt | -$77.4B |
