| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | -$13M | $52M | $50M | -124.9% | -126.2% |
| Op. Income | -$97M | $39M | $32M | -349.9% | -400.3% |
| Gross Margin | 188.4% | 100.0% | 100.0% | 88.4pp | 88.4pp |
| Net Margin | 848.5% | 41.8% | 91.5% | 806.6pp | 757.0pp |
| EPS (Diluted) | $-0.83 | $0.18 | $0.41 | -561.1% | -304.8% |
| Free Cash Flow | $30M | -$16M | $25M | 286.0% | 23.6% |
| Item | Amount |
|---|---|
| REVENUE | -$13M |
| Cost of Revenue | $11M |
| GROSS PROFIT | -$24M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | -$21M |
| SG&A Expenses | -$21M |
| Other Expenses | $94M |
| Operating Expenses | $73M |
| Cost & Expenses | $84M |
| OPERATING INCOME | -$97M |
| Interest Income | $51M |
| Interest Expense | $7M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | -$104M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$104M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$110M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$110M |
| D&A | $0 |
| EBIT | -$97M |
| EBITDA | -$97M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$110M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $139M |
| Change in Working Capital | $1M |
| OPERATING CASH FLOW | $30M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$195M |
| Sales/Maturities of Investments | $188M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$7M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$14M |
| NET CASH FROM FINANCING | -$34M |
| FREE CASH FLOW | $30M |
| Net Change in Cash | -$10M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $47M |
| Short-Term Investments | $0 |
| Net Receivables | $49M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $97M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | $193.3K |
| TOTAL NON-CURRENT ASSETS | $1.3B |
| TOTAL ASSETS | $1.4B |
| Account Payables | $5M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $20M |
| Long-Term Debt | $389M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $2M |
| Other Non-Current Liabilities | $21M |
| TOTAL NON-CURRENT LIABILITIES | $411M |
| TOTAL LIABILITIES | $411M |
| Common Stock | $1.3B |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$515M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $984M |
| Minority Interest | $0 |
| TOTAL EQUITY | $984M |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $389M |
| Net Debt | $341M |
