| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $170M | $239M | $217M | -28.9% | -21.4% |
| Op. Income | -$30M | -$11M | $35M | -165.2% | -185.8% |
| Gross Margin | 63.3% | 12.4% | 37.3% | 50.9pp | 25.9pp |
| Net Margin | -13.7% | -3.5% | 13.1% | -10.3pp | -26.8pp |
| EPS (Diluted) | $-0.97 | $-0.36 | $1.14 | -169.4% | -185.1% |
| Free Cash Flow | $500.0K | $29M | $11M | -98.3% | -95.6% |
| Item | Amount |
|---|---|
| REVENUE | $170M |
| Cost of Revenue | $62M |
| GROSS PROFIT | $108M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $137M |
| Operating Expenses | $137M |
| Cost & Expenses | $200M |
| OPERATING INCOME | -$30M |
| Interest Income | $0 |
| Interest Expense | $200.0K |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$30M |
| Income Tax Expense | -$6M |
| Net Income from Continuing Ops | -$23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$23M |
| D&A | $0 |
| EBIT | -$30M |
| EBITDA | -$30M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$23M |
| Depreciation & Amortization | -$3M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | -$7M |
| Other Non-Cash Items | $52M |
| Change in Working Capital | -$20M |
| OPERATING CASH FLOW | $700.0K |
| Capital Expenditure | -$200.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $188M |
| Sales/Maturities of Investments | -$207M |
| Other Investing Activities | $79M |
| NET CASH FROM INVESTING | $59M |
| Net Debt Issuance | $35M |
| Common Stock Repurchased | -$94M |
| Common Dividends Paid | -$7M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$66M |
| FREE CASH FLOW | $500.0K |
| Net Change in Cash | -$7M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $160M |
| Short-Term Investments | $1.0B |
| Net Receivables | $335M |
| Inventory | $0 |
| Other Current Assets | $1.3B |
| TOTAL CURRENT ASSETS | $2.8B |
| PP&E (Net) | $0 |
| Goodwill | $36M |
| Intangible Assets | $14M |
| Long-Term Investments | $1.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$1.3B |
| TOTAL NON-CURRENT ASSETS | $0 |
| TOTAL ASSETS | $3.4B |
| Account Payables | $23M |
| Short-Term Debt | $17M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$40M |
| TOTAL CURRENT LIABILITIES | $60M |
| Long-Term Debt | $19M |
| Deferred Revenue NC | $88M |
| Deferred Tax Liabilities | $51M |
| Other Non-Current Liabilities | $2.0B |
| TOTAL NON-CURRENT LIABILITIES | $2.1B |
| TOTAL LIABILITIES | $2.5B |
| Common Stock | $600.0K |
| Additional Paid-In Capital | $428M |
| Retained Earnings | $1.5B |
| Treasury Stock | -$934M |
| Accum. Other Comp. Income | $7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $956M |
| Minority Interest | $0 |
| TOTAL EQUITY | $956M |
| TOTAL LIABILITIES & EQUITY | $3.4B |
| Total Debt | $39M |
| Net Debt | -$121M |
