| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $53M | $55M | $60M | -3.4% | -11.2% |
| Op. Income | $3M | -$54M | $1M | 105.4% | 149.9% |
| Gross Margin | 37.1% | -44.1% | 31.2% | 81.2pp | 6.0pp |
| Net Margin | 4.6% | -81.9% | 1.7% | 86.5pp | 2.9pp |
| EPS (Diluted) | $0.12 | $-3.01 | $0.03 | 104.0% | 250.9% |
| Free Cash Flow | -$25M | $29M | $19M | -188.6% | -236.3% |
| Item | Amount |
|---|---|
| REVENUE | $53M |
| Cost of Revenue | $33M |
| GROSS PROFIT | $20M |
| R&D Expenses | $0 |
| Selling & Marketing | $174.0K |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | $7M |
| Operating Expenses | $17M |
| Cost & Expenses | $50M |
| OPERATING INCOME | $3M |
| Interest Income | $51M |
| Interest Expense | $31M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3M |
| Income Tax Expense | $469.0K |
| Net Income from Continuing Ops | $2M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $2M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $2M |
| D&A | $0 |
| EBIT | $3M |
| EBITDA | $3M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $53M |
| Cost of Revenue | $33M |
| GROSS PROFIT | $20M |
| R&D Expenses | $0 |
| Selling & Marketing | $174.0K |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | $7M |
| Operating Expenses | $17M |
| Cost & Expenses | $50M |
| OPERATING INCOME | $3M |
| Interest Income | $51M |
| Interest Expense | $31M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3M |
| Income Tax Expense | $469.0K |
| Net Income from Continuing Ops | $2M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $2M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $2M |
| D&A | $0 |
| EBIT | $3M |
| EBITDA | $3M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $2M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $4M |
| Change in Working Capital | -$32M |
| OPERATING CASH FLOW | -$25M |
| Capital Expenditure | -$689.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$319M |
| Sales/Maturities of Investments | $18M |
| Other Investing Activities | $139M |
| NET CASH FROM INVESTING | -$162M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$155.0K |
| Other Financing Activities | $278M |
| NET CASH FROM FINANCING | $279M |
| FREE CASH FLOW | -$25M |
| Net Change in Cash | $92M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $846M |
| Short-Term Investments | $551.0K |
| Net Receivables | $12M |
| Inventory | $0 |
| Other Current Assets | -$551.0K |
| TOTAL CURRENT ASSETS | $858M |
| PP&E (Net) | $64M |
| Goodwill | $0 |
| Intangible Assets | $3M |
| Long-Term Investments | $3.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | $80M |
| TOTAL NON-CURRENT ASSETS | $3.2B |
| TOTAL ASSETS | $4.1B |
| Account Payables | $18M |
| Short-Term Debt | $7M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$18M |
| TOTAL CURRENT LIABILITIES | $7M |
| Long-Term Debt | $179M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3.7B |
| TOTAL NON-CURRENT LIABILITIES | $3.9B |
| TOTAL LIABILITIES | $3.9B |
| Common Stock | $16M |
| Additional Paid-In Capital | $171M |
| Retained Earnings | $14M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $226M |
| Minority Interest | $0 |
| TOTAL EQUITY | $226M |
| TOTAL LIABILITIES & EQUITY | $4.1B |
| Total Debt | $186M |
| Net Debt | -$660M |
