| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.4B | $747M | 15.2% | 110.3% |
| Op. Income | -$90M | $52M | $113M | -272.8% | -179.5% |
| Gross Margin | 67.6% | 73.0% | 75.6% | -5.4pp | -8.0pp |
| Net Margin | -28.7% | -8.1% | -6.9% | -20.7pp | -21.9pp |
| EPS (Diluted) | $-0.89 | $-0.22 | $-0.17 | -304.5% | -423.5% |
| Free Cash Flow | -$2.5B | -$700M | -$3.3B | -257.4% | 24.5% |
| Item | Amount |
|---|---|
| REVENUE | $1.6B |
| Cost of Revenue | $509M |
| GROSS PROFIT | $1.1B |
| R&D Expenses | $0 |
| Selling & Marketing | $52M |
| General & Administrative | $150M |
| SG&A Expenses | $202M |
| Other Expenses | $950M |
| Operating Expenses | $1.2B |
| Cost & Expenses | $1.7B |
| OPERATING INCOME | -$90M |
| Interest Income | $0 |
| Interest Expense | $388M |
| Other Income/Expenses | -$377M |
| INCOME BEFORE TAX | -$467M |
| Income Tax Expense | -$15M |
| Net Income from Continuing Ops | -$452M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$452M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$452M |
| D&A | $821M |
| EBIT | -$79M |
| EBITDA | $742M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$452M |
| Depreciation & Amortization | $821M |
| Stock-Based Compensation | $157M |
| Deferred Income Tax | -$16M |
| Other Non-Cash Items | $203M |
| Change in Working Capital | $846M |
| OPERATING CASH FLOW | $1.6B |
| Capital Expenditure | -$4.1B |
| Acquisitions (Net) | -$52M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $14M |
| Other Investing Activities | $172M |
| NET CASH FROM INVESTING | -$3.9B |
| Net Debt Issuance | $3.6B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1.4B |
| NET CASH FROM FINANCING | $3.5B |
| FREE CASH FLOW | -$2.5B |
| Net Change in Cash | $1.5B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $3.9B |
| Short-Term Investments | $34M |
| Net Receivables | $3.2B |
| Inventory | $0 |
| Other Current Assets | $339M |
| TOTAL CURRENT ASSETS | $7.5B |
| PP&E (Net) | $38.8B |
| Goodwill | $1.1B |
| Intangible Assets | $235M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.7B |
| TOTAL NON-CURRENT ASSETS | $41.8B |
| TOTAL ASSETS | $49.3B |
| Account Payables | $1.6B |
| Short-Term Debt | $7.2B |
| Deferred Revenue | $1.7B |
| Other Current Liabilities | $5.9B |
| TOTAL CURRENT LIABILITIES | $16.4B |
| Long-Term Debt | $8.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $115M |
| Other Non-Current Liabilities | $21.4B |
| TOTAL NON-CURRENT LIABILITIES | $29.5B |
| TOTAL LIABILITIES | $46.0B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $3.3B |
| TOTAL STOCKHOLDERS' EQUITY | $3.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.3B |
| TOTAL LIABILITIES & EQUITY | $49.3B |
| Total Debt | $15.2B |
| Net Debt | $11.2B |
