| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $380M | $389M | $380M | -2.4% | -0.0% |
| Op. Income | -$11M | -$15M | $63M | 24.8% | -117.7% |
| Gross Margin | -13.6% | 16.3% | 16.9% | -29.9pp | -30.5pp |
| Net Margin | -5.6% | -42.2% | -23.0% | 36.6pp | 17.4pp |
| EPS (Diluted) | $-0.09 | $-0.68 | $-0.36 | 87.0% | 75.5% |
| Free Cash Flow | -$16M | -$49M | $18M | 66.8% | -190.0% |
| Item | Amount |
|---|---|
| REVENUE | $380M |
| Cost of Revenue | $431M |
| GROSS PROFIT | -$51M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $13M |
| SG&A Expenses | $13M |
| Other Expenses | -$53M |
| Operating Expenses | -$40M |
| Cost & Expenses | $391M |
| OPERATING INCOME | -$11M |
| Interest Income | $0 |
| Interest Expense | $95M |
| Other Income/Expenses | -$10M |
| INCOME BEFORE TAX | -$21M |
| Income Tax Expense | $514.0K |
| Net Income from Continuing Ops | -$21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$21M |
| D&A | $62M |
| EBIT | $74M |
| EBITDA | $136M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$21M |
| Depreciation & Amortization | $62M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$41M |
| Change in Working Capital | $29M |
| OPERATING CASH FLOW | -$16M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $159M |
| NET CASH FROM INVESTING | $159M |
| Net Debt Issuance | -$271M |
| Common Stock Repurchased | -$82.0K |
| Common Dividends Paid | -$2M |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$275M |
| FREE CASH FLOW | -$16M |
| Net Change in Cash | -$88M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $105M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $105M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $21M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $21M |
| TOTAL ASSETS | $4.4B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2.7B |
| TOTAL NON-CURRENT LIABILITIES | $2.7B |
| TOTAL LIABILITIES | $2.7B |
| Common Stock | $2M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $1.7B |
| TOTAL STOCKHOLDERS' EQUITY | $1.7B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.7B |
| TOTAL LIABILITIES & EQUITY | $4.4B |
| Total Debt | $0 |
| Net Debt | -$105M |
