| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $238M | $4.1B | $5.8B | -94.2% | -95.9% |
| Op. Income | $78M | $72M | $99M | 9.3% | -20.4% |
| Gross Margin | 92.1% | 5.2% | 2.2% | 86.9pp | 89.9pp |
| Net Margin | 28.9% | 1.4% | 1.0% | 27.5pp | 27.9pp |
| EPS (Diluted) | $0.69 | $0.57 | $0.72 | 21.1% | -4.4% |
| Free Cash Flow | $105M | $40M | $65M | 163.3% | 61.3% |
| Item | Amount |
|---|---|
| REVENUE | $238M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $219M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $141M |
| Operating Expenses | $141M |
| Cost & Expenses | $159M |
| OPERATING INCOME | $78M |
| Interest Income | $67M |
| Interest Expense | $0 |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $78M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $69M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $69M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $69M |
| D&A | $4M |
| EBIT | $78M |
| EBITDA | $82M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $238M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $219M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $141M |
| Operating Expenses | $141M |
| Cost & Expenses | $159M |
| OPERATING INCOME | $78M |
| Interest Income | $67M |
| Interest Expense | $0 |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $78M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $69M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $69M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $69M |
| D&A | $4M |
| EBIT | $78M |
| EBITDA | $82M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $69M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $135M |
| Change in Working Capital | -$100M |
| OPERATING CASH FLOW | $107M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$197M |
| Sales/Maturities of Investments | $149M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$50M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$63M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$56M |
| FREE CASH FLOW | $105M |
| Net Change in Cash | -$21M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.1B |
| Short-Term Investments | $203M |
| Net Receivables | $27M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $49M |
| Goodwill | $0 |
| Intangible Assets | $43M |
| Long-Term Investments | $74M |
| Tax Assets | $12M |
| Other Non-Current Assets | $310M |
| TOTAL NON-CURRENT ASSETS | $489M |
| TOTAL ASSETS | $1.8B |
| Account Payables | $0 |
| Short-Term Debt | $6M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $6M |
| Long-Term Debt | $48M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $5M |
| Other Non-Current Liabilities | $289M |
| TOTAL NON-CURRENT LIABILITIES | $391M |
| TOTAL LIABILITIES | $397M |
| Common Stock | $1.3B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $168M |
| Treasury Stock | -$62M |
| Accum. Other Comp. Income | $15M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.4B |
| TOTAL LIABILITIES & EQUITY | $1.8B |
| Total Debt | $103M |
| Net Debt | -$970M |
