| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $104M | — | $57M | — | 82.4% |
| Op. Income | $60M | — | $31M | — | 92.8% |
| Gross Margin | 97.5% | — | 90.2% | — | 7.3pp |
| Net Margin | 71.8% | — | 58.5% | — | 13.3pp |
| EPS (Diluted) | $0.35 | — | $0.21 | — | 66.7% |
| Free Cash Flow | $98M | — | $64M | — | 51.7% |
| Item | Amount |
|---|---|
| REVENUE | $104M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $102M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $15M |
| SG&A Expenses | $15M |
| Other Expenses | $27M |
| Operating Expenses | $42M |
| Cost & Expenses | $45M |
| OPERATING INCOME | $60M |
| Interest Income | $28M |
| Interest Expense | $13M |
| Other Income/Expenses | $17M |
| INCOME BEFORE TAX | $77M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $75M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $75M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $75M |
| D&A | $27M |
| EBIT | $90M |
| EBITDA | $116M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $104M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $102M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $15M |
| SG&A Expenses | $15M |
| Other Expenses | $27M |
| Operating Expenses | $42M |
| Cost & Expenses | $45M |
| OPERATING INCOME | $60M |
| Interest Income | $28M |
| Interest Expense | $13M |
| Other Income/Expenses | $17M |
| INCOME BEFORE TAX | $77M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $75M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $75M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $75M |
| D&A | $27M |
| EBIT | $90M |
| EBITDA | $116M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $75M |
| Depreciation & Amortization | $22M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$6M |
| Change in Working Capital | $7M |
| OPERATING CASH FLOW | $101M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$73M |
| NET CASH FROM INVESTING | -$76M |
| Net Debt Issuance | -$256M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$67M |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | $381M |
| FREE CASH FLOW | $98M |
| Net Change in Cash | $406M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $712M |
| Short-Term Investments | $0 |
| Net Receivables | $105M |
| Inventory | $0 |
| Other Current Assets | $28M |
| TOTAL CURRENT ASSETS | $846M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $47M |
| Long-Term Investments | $3.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | $902M |
| TOTAL NON-CURRENT ASSETS | $4.2B |
| TOTAL ASSETS | $5.1B |
| Account Payables | $103M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $178M |
| Long-Term Debt | $894M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $894M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $2M |
| Additional Paid-In Capital | $4.5B |
| Retained Earnings | -$528M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.0B |
| Minority Interest | $23M |
| TOTAL EQUITY | $4.0B |
| TOTAL LIABILITIES & EQUITY | $5.1B |
| Total Debt | $894M |
| Net Debt | $181M |
