| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $106M | $105M | $98M | 1.6% | 8.1% |
| Op. Income | $35M | $31M | $29M | 14.5% | 20.6% |
| Gross Margin | 70.4% | 64.7% | 64.3% | 5.7pp | 6.1pp |
| Net Margin | 25.7% | 22.9% | 22.9% | 2.8pp | 2.8pp |
| EPS (Diluted) | $1.51 | $1.32 | $1.25 | 14.4% | 20.8% |
| Free Cash Flow | $8M | $36M | $19M | -76.8% | -56.5% |
| Item | Amount |
|---|---|
| REVENUE | $106M |
| Cost of Revenue | $31M |
| GROSS PROFIT | $75M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $36M |
| SG&A Expenses | $36M |
| Other Expenses | $3M |
| Operating Expenses | $39M |
| Cost & Expenses | $71M |
| OPERATING INCOME | $35M |
| Interest Income | $90M |
| Interest Expense | $31M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $35M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $27M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $27M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $27M |
| D&A | $2M |
| EBIT | $35M |
| EBITDA | $37M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $106M |
| Cost of Revenue | $31M |
| GROSS PROFIT | $75M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $36M |
| SG&A Expenses | $36M |
| Other Expenses | $3M |
| Operating Expenses | $39M |
| Cost & Expenses | $71M |
| OPERATING INCOME | $35M |
| Interest Income | $90M |
| Interest Expense | $31M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $35M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $27M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $27M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $27M |
| D&A | $2M |
| EBIT | $35M |
| EBITDA | $37M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $27M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $428.0K |
| Deferred Income Tax | -$1M |
| Other Non-Cash Items | -$21M |
| Change in Working Capital | $8M |
| OPERATING CASH FLOW | $15M |
| Capital Expenditure | -$7M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$100M |
| Sales/Maturities of Investments | $251M |
| Other Investing Activities | -$322M |
| NET CASH FROM INVESTING | -$177M |
| Net Debt Issuance | $24M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$10M |
| Other Financing Activities | $3M |
| NET CASH FROM FINANCING | $18M |
| FREE CASH FLOW | $8M |
| Net Change in Cash | -$144M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $63M |
| Short-Term Investments | $303M |
| Net Receivables | $4.8B |
| Inventory | $0 |
| Other Current Assets | $211.0K |
| TOTAL CURRENT ASSETS | $5.2B |
| PP&E (Net) | $53M |
| Goodwill | $65M |
| Intangible Assets | $0 |
| Long-Term Investments | $1.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $15M |
| TOTAL NON-CURRENT ASSETS | $1.3B |
| TOTAL ASSETS | $6.7B |
| Account Payables | $11M |
| Short-Term Debt | $309M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $5.4B |
| TOTAL CURRENT LIABILITIES | $5.7B |
| Long-Term Debt | $65M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $49M |
| TOTAL NON-CURRENT LIABILITIES | $130M |
| TOTAL LIABILITIES | $5.8B |
| Common Stock | $91M |
| Additional Paid-In Capital | $319M |
| Retained Earnings | $545M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$98M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $856M |
| Minority Interest | $0 |
| TOTAL EQUITY | $856M |
| TOTAL LIABILITIES & EQUITY | $6.7B |
| Total Debt | $390M |
| Net Debt | $327M |
