| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $959M | $634M | $571M | 51.3% | 68.0% |
| Op. Income | -$107M | $33M | $29M | -424.2% | -469.0% |
| Gross Margin | 5.2% | 22.9% | 23.3% | -17.7pp | -18.1pp |
| Net Margin | -15.3% | 3.9% | 4.0% | -19.3pp | -19.4pp |
| EPS (Diluted) | $-0.95 | $0.23 | $-0.53 | -513.0% | -79.2% |
| Free Cash Flow | $76M | $39M | $119M | 94.9% | -36.1% |
| Item | Amount |
|---|---|
| REVENUE | $959M |
| Cost of Revenue | $909M |
| GROSS PROFIT | $50M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $226M |
| Other Expenses | $7M |
| Operating Expenses | $233M |
| Cost & Expenses | $1.1B |
| OPERATING INCOME | -$107M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$69M |
| INCOME BEFORE TAX | -$176M |
| Income Tax Expense | $29M |
| Net Income from Continuing Ops | -$147M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$147M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$147M |
| D&A | $20M |
| EBIT | -$176M |
| EBITDA | -$156M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$147M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $33M |
| Change in Working Capital | $193M |
| OPERATING CASH FLOW | $83M |
| Capital Expenditure | -$7M |
| Acquisitions (Net) | -$566M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | -$571M |
| Net Debt Issuance | $411M |
| Common Stock Repurchased | -$10M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$17M |
| NET CASH FROM FINANCING | $384M |
| FREE CASH FLOW | $76M |
| Net Change in Cash | -$102M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $164M |
| Short-Term Investments | $0 |
| Net Receivables | $874M |
| Inventory | $1.2B |
| Other Current Assets | $48M |
| TOTAL CURRENT ASSETS | $2.3B |
| PP&E (Net) | $424M |
| Goodwill | $617M |
| Intangible Assets | $565M |
| Long-Term Investments | $0 |
| Tax Assets | $11M |
| Other Non-Current Assets | $29M |
| TOTAL NON-CURRENT ASSETS | $1.6B |
| TOTAL ASSETS | $3.9B |
| Account Payables | $653M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $321M |
| TOTAL CURRENT LIABILITIES | $974M |
| Long-Term Debt | $540M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $99M |
| Other Non-Current Liabilities | -$56M |
| TOTAL NON-CURRENT LIABILITIES | $712M |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $2M |
| Additional Paid-In Capital | $3.2B |
| Retained Earnings | -$836M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$126M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.2B |
| Minority Interest | $5M |
| TOTAL EQUITY | $2.2B |
| TOTAL LIABILITIES & EQUITY | $3.9B |
| Total Debt | $669M |
| Net Debt | $505M |
