| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.4B | -4.0% | -22.3% |
| Op. Income | $45M | -$41M | -$238M | 209.8% | 118.9% |
| Gross Margin | 46.7% | 38.5% | 27.3% | 8.2pp | 19.4pp |
| Net Margin | 2.6% | -3.1% | -13.1% | 5.7pp | 15.7pp |
| EPS (Diluted) | $0.05 | $-0.11 | $-0.54 | 141.6% | 108.5% |
| Free Cash Flow | -$216M | $233M | $620M | -192.7% | -134.8% |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $594M |
| GROSS PROFIT | $520M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $300M |
| SG&A Expenses | $300M |
| Other Expenses | $175M |
| Operating Expenses | $475M |
| Cost & Expenses | $1.1B |
| OPERATING INCOME | $45M |
| Interest Income | $1.1B |
| Interest Expense | $591M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $45M |
| Income Tax Expense | $16M |
| Net Income from Continuing Ops | $29M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $29M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $21M |
| D&A | $0 |
| EBIT | $45M |
| EBITDA | $45M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $1.1B |
| Cost of Revenue | $594M |
| GROSS PROFIT | $520M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $300M |
| SG&A Expenses | $300M |
| Other Expenses | $175M |
| Operating Expenses | $475M |
| Cost & Expenses | $1.1B |
| OPERATING INCOME | $45M |
| Interest Income | $1.1B |
| Interest Expense | $591M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $45M |
| Income Tax Expense | $16M |
| Net Income from Continuing Ops | $29M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $29M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $21M |
| D&A | $0 |
| EBIT | $45M |
| EBITDA | $45M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $29M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$197M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | -$178M |
| Capital Expenditure | -$38M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.7B |
| Sales/Maturities of Investments | $1.0B |
| Other Investing Activities | $2.5B |
| NET CASH FROM INVESTING | $1.8B |
| Net Debt Issuance | -$1.0B |
| Common Stock Repurchased | $7M |
| Common Dividends Paid | -$3M |
| Other Financing Activities | -$3.2B |
| NET CASH FROM FINANCING | -$4.2B |
| FREE CASH FLOW | -$216M |
| Net Change in Cash | -$2.6B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $553M |
| Short-Term Investments | $15.7B |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $16.3B |
| PP&E (Net) | $477M |
| Goodwill | $0 |
| Intangible Assets | $381M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $858M |
| TOTAL ASSETS | $87.5B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $30.3B |
| TOTAL CURRENT LIABILITIES | $30.3B |
| Long-Term Debt | $12.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $36.9B |
| TOTAL NON-CURRENT LIABILITIES | $49.1B |
| TOTAL LIABILITIES | $79.4B |
| Common Stock | $4M |
| Additional Paid-In Capital | $9.3B |
| Retained Earnings | -$988M |
| Treasury Stock | -$190M |
| Accum. Other Comp. Income | -$489M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $8.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $8.1B |
| TOTAL LIABILITIES & EQUITY | $87.5B |
| Total Debt | $12.2B |
| Net Debt | $11.6B |
