| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $44M | $41M | $46M | 6.2% | -5.4% |
| Op. Income | $48M | $31M | $36M | 54.0% | 34.1% |
| Gross Margin | 80.6% | 100.0% | 100.0% | -19.4pp | -19.4pp |
| Net Margin | 19.3% | 17.2% | 21.5% | 2.2pp | -2.2pp |
| EPS (Diluted) | $0.23 | $0.19 | $0.27 | 21.1% | -14.8% |
| Free Cash Flow | $15M | $31M | -$3M | -50.3% | 629.2% |
| Item | Amount |
|---|---|
| REVENUE | $44M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$12M |
| Operating Expenses | -$12M |
| Cost & Expenses | -$4M |
| OPERATING INCOME | $48M |
| Interest Income | $41M |
| Interest Expense | $14M |
| Other Income/Expenses | -$39M |
| INCOME BEFORE TAX | $9M |
| Income Tax Expense | $500.0K |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $0 |
| EBIT | $23M |
| EBITDA | $23M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $44M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$12M |
| Operating Expenses | -$12M |
| Cost & Expenses | -$4M |
| OPERATING INCOME | $48M |
| Interest Income | $41M |
| Interest Expense | $14M |
| Other Income/Expenses | -$39M |
| INCOME BEFORE TAX | $9M |
| Income Tax Expense | $500.0K |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $0 |
| EBIT | $23M |
| EBITDA | $23M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $8M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $5M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $15M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$71M |
| Sales/Maturities of Investments | $78M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $7M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$19M |
| FREE CASH FLOW | $15M |
| Net Change in Cash | $4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $31M |
| Short-Term Investments | $58M |
| Net Receivables | $17M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $107M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1.5B |
| Tax Assets | $190.0K |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $1.5B |
| TOTAL ASSETS | $1.6B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $874M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $190.0K |
| Other Non-Current Liabilities | $42M |
| TOTAL NON-CURRENT LIABILITIES | $916M |
| TOTAL LIABILITIES | $916M |
| Common Stock | $37.0K |
| Additional Paid-In Capital | $957M |
| Retained Earnings | -$251M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $706M |
| Minority Interest | $0 |
| TOTAL EQUITY | $706M |
| TOTAL LIABILITIES & EQUITY | $1.6B |
| Total Debt | $874M |
| Net Debt | $842M |
