| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $190M | $187M | $173M | 1.5% | 10.2% |
| Op. Income | $76M | $76M | $118M | 0.6% | -35.1% |
| Gross Margin | 15.1% | 43.4% | 72.9% | -28.3pp | -57.8pp |
| Net Margin | 49.7% | 36.1% | 34.4% | 13.6pp | 15.3pp |
| EPS (Diluted) | $1.77 | $1.27 | $1.14 | 39.4% | 55.3% |
| Free Cash Flow | $127M | $52M | $114M | 145.7% | 11.2% |
| Item | Amount |
|---|---|
| REVENUE | $190M |
| Cost of Revenue | $162M |
| GROSS PROFIT | $29M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | -$55M |
| Operating Expenses | -$48M |
| Cost & Expenses | $114M |
| OPERATING INCOME | $76M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | $18M |
| INCOME BEFORE TAX | $95M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $95M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $95M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $95M |
| D&A | $55M |
| EBIT | $102M |
| EBITDA | $157M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $190M |
| Cost of Revenue | $162M |
| GROSS PROFIT | $29M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | -$55M |
| Operating Expenses | -$48M |
| Cost & Expenses | $114M |
| OPERATING INCOME | $76M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | $18M |
| INCOME BEFORE TAX | $95M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $95M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $95M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $95M |
| D&A | $55M |
| EBIT | $102M |
| EBITDA | $157M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $95M |
| Depreciation & Amortization | $55M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$27M |
| Change in Working Capital | $15M |
| OPERATING CASH FLOW | $142M |
| Capital Expenditure | -$16M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $11M |
| Other Investing Activities | -$84M |
| NET CASH FROM INVESTING | -$72M |
| Net Debt Issuance | -$19M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$84M |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | -$40M |
| FREE CASH FLOW | $127M |
| Net Change in Cash | $30M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $31M |
| Short-Term Investments | $0 |
| Net Receivables | $114M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $146M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $37M |
| Long-Term Investments | $5.2B |
| Tax Assets | $0 |
| Other Non-Current Assets | $126M |
| TOTAL NON-CURRENT ASSETS | $5.3B |
| TOTAL ASSETS | $5.5B |
| Account Payables | $7M |
| Short-Term Debt | $140M |
| Deferred Revenue | $24M |
| Other Current Liabilities | -$193M |
| TOTAL CURRENT LIABILITIES | $140M |
| Long-Term Debt | $1.5B |
| Deferred Revenue NC | $24M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $220M |
| TOTAL NON-CURRENT LIABILITIES | $1.8B |
| TOTAL LIABILITIES | $1.9B |
| Common Stock | $5.0K |
| Additional Paid-In Capital | $4.0B |
| Retained Earnings | -$448M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $10M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.6B |
| Minority Interest | $387.0K |
| TOTAL EQUITY | $3.6B |
| TOTAL LIABILITIES & EQUITY | $5.5B |
| Total Debt | $1.7B |
| Net Debt | $1.6B |
