| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $46M | $41M | — | 11.3% | — |
| Op. Income | $22M | $20M | — | 12.3% | — |
| Gross Margin | 67.0% | 64.4% | — | 2.6pp | — |
| Net Margin | 38.2% | 39.4% | — | -1.2pp | — |
| EPS (Diluted) | $0.33 | $0.30 | — | 10.0% | — |
| Free Cash Flow | -$62M | -$167M | — | 63.0% | — |
| Item | Amount |
|---|---|
| REVENUE | $46M |
| Cost of Revenue | $15M |
| GROSS PROFIT | $31M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | $6M |
| Operating Expenses | $9M |
| Cost & Expenses | $24M |
| OPERATING INCOME | $22M |
| Interest Income | $49M |
| Interest Expense | $15M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $22M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | -$5M |
| BOTTOM LINE NET INCOME | $22M |
| D&A | $2M |
| EBIT | $22M |
| EBITDA | $24M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $46M |
| Cost of Revenue | $15M |
| GROSS PROFIT | $31M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | $6M |
| Operating Expenses | $9M |
| Cost & Expenses | $24M |
| OPERATING INCOME | $22M |
| Interest Income | $49M |
| Interest Expense | $15M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $22M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | -$5M |
| BOTTOM LINE NET INCOME | $22M |
| D&A | $2M |
| EBIT | $22M |
| EBITDA | $24M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $18M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $1M |
| Other Non-Cash Items | -$88M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | -$63M |
| Capital Expenditure | $1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$154M |
| Sales/Maturities of Investments | $68M |
| Other Investing Activities | $90M |
| NET CASH FROM INVESTING | $4M |
| Net Debt Issuance | $35M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$34M |
| Other Financing Activities | -$853.0K |
| NET CASH FROM FINANCING | $68M |
| FREE CASH FLOW | -$62M |
| Net Change in Cash | $9M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $36M |
| Short-Term Investments | $0 |
| Net Receivables | $32M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $68M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.7B |
| TOTAL NON-CURRENT ASSETS | $1.7B |
| TOTAL ASSETS | $1.8B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $920M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $38M |
| TOTAL NON-CURRENT LIABILITIES | $959M |
| TOTAL LIABILITIES | $959M |
| Common Stock | $13M |
| Additional Paid-In Capital | $904M |
| Retained Earnings | -$86M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $830M |
| Minority Interest | $0 |
| TOTAL EQUITY | $830M |
| TOTAL LIABILITIES & EQUITY | $1.8B |
| Total Debt | $920M |
| Net Debt | $884M |
