| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $144M | $107M | $131M | 34.1% | 9.5% |
| Op. Income | $68M | $47M | $61M | 43.6% | 11.9% |
| Gross Margin | 51.2% | 32.5% | 50.4% | 18.7pp | 0.9pp |
| Net Margin | 45.9% | 41.7% | 41.8% | 4.2pp | 4.1pp |
| EPS (Diluted) | $0.41 | $0.28 | $0.34 | 46.4% | 20.6% |
| Free Cash Flow | -$133M | $22M | $53M | -694.7% | -351.4% |
| Item | Amount |
|---|---|
| REVENUE | $144M |
| Cost of Revenue | $70M |
| GROSS PROFIT | $74M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $6M |
| Other Expenses | $0 |
| Operating Expenses | $6M |
| Cost & Expenses | $76M |
| OPERATING INCOME | $68M |
| Interest Income | $590.0K |
| Interest Expense | $2M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $66M |
| Income Tax Expense | $207.0K |
| Net Income from Continuing Ops | $66M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$1.0K |
| NET INCOME | $66M |
| Net Income Deductions | -$1.0K |
| BOTTOM LINE NET INCOME | $66M |
| D&A | $27M |
| EBIT | $69M |
| EBITDA | $96M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $144M |
| Cost of Revenue | $70M |
| GROSS PROFIT | $74M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $6M |
| Other Expenses | $0 |
| Operating Expenses | $6M |
| Cost & Expenses | $76M |
| OPERATING INCOME | $68M |
| Interest Income | $590.0K |
| Interest Expense | $2M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $66M |
| Income Tax Expense | $207.0K |
| Net Income from Continuing Ops | $66M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | -$1.0K |
| NET INCOME | $66M |
| Net Income Deductions | -$1.0K |
| BOTTOM LINE NET INCOME | $66M |
| D&A | $27M |
| EBIT | $69M |
| EBITDA | $96M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $66M |
| Depreciation & Amortization | $27M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $1M |
| Change in Working Capital | -$21M |
| OPERATING CASH FLOW | $73M |
| Capital Expenditure | -$206M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $1.0K |
| NET CASH FROM INVESTING | -$206M |
| Net Debt Issuance | $160M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$29M |
| Other Financing Activities | -$338.0K |
| NET CASH FROM FINANCING | $131M |
| FREE CASH FLOW | -$133M |
| Net Change in Cash | -$2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $79M |
| Short-Term Investments | $0 |
| Net Receivables | $53M |
| Inventory | $25M |
| Other Current Assets | $42M |
| TOTAL CURRENT ASSETS | $209M |
| PP&E (Net) | $1.4B |
| Goodwill | $1M |
| Intangible Assets | $0 |
| Long-Term Investments | $19.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $1.6B |
| Account Payables | $23M |
| Short-Term Debt | $40M |
| Deferred Revenue | $11M |
| Other Current Liabilities | $1M |
| TOTAL CURRENT LIABILITIES | $75M |
| Long-Term Debt | $389M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $6M |
| TOTAL NON-CURRENT LIABILITIES | $395M |
| TOTAL LIABILITIES | $470M |
| Common Stock | $2M |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$96M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $498.0K |
| Other Equity | $4M |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $71.0K |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $1.6B |
| Total Debt | $429M |
| Net Debt | $350M |
