| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $18M | — | $29M | — | -37.7% |
| Op. Income | $483.0K | — | -$2M | — | 119.7% |
| Gross Margin | 37.3% | — | 39.9% | — | -2.6pp |
| Net Margin | 2.1% | — | -9.5% | — | 11.6pp |
| EPS (Diluted) | $0.04 | — | $-0.32 | — | 112.5% |
| Free Cash Flow | -$38M | — | $12M | — | -406.0% |
| Item | Amount |
|---|---|
| REVENUE | $18M |
| Cost of Revenue | $12M |
| GROSS PROFIT | $7M |
| R&D Expenses | $0 |
| Selling & Marketing | $290.0K |
| General & Administrative | $6M |
| SG&A Expenses | $7M |
| Other Expenses | -$290.0K |
| Operating Expenses | $6M |
| Cost & Expenses | $18M |
| OPERATING INCOME | $483.0K |
| Interest Income | $26M |
| Interest Expense | $11M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $483.0K |
| Income Tax Expense | $101.0K |
| Net Income from Continuing Ops | $382.0K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $382.0K |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $382.0K |
| D&A | $0 |
| EBIT | $483.0K |
| EBITDA | $483.0K |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $18M |
| Cost of Revenue | $12M |
| GROSS PROFIT | $7M |
| R&D Expenses | $0 |
| Selling & Marketing | $290.0K |
| General & Administrative | $6M |
| SG&A Expenses | $7M |
| Other Expenses | -$290.0K |
| Operating Expenses | $6M |
| Cost & Expenses | $18M |
| OPERATING INCOME | $483.0K |
| Interest Income | $26M |
| Interest Expense | $11M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $483.0K |
| Income Tax Expense | $101.0K |
| Net Income from Continuing Ops | $382.0K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $382.0K |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $382.0K |
| D&A | $0 |
| EBIT | $483.0K |
| EBITDA | $483.0K |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $382.0K |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $26M |
| Change in Working Capital | -$16M |
| OPERATING CASH FLOW | -$38M |
| Capital Expenditure | -$71.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $2M |
| NET CASH FROM INVESTING | $2M |
| Net Debt Issuance | $49M |
| Common Stock Repurchased | $113.0K |
| Common Dividends Paid | -$1.0K |
| Other Financing Activities | -$55M |
| NET CASH FROM FINANCING | -$7M |
| FREE CASH FLOW | -$38M |
| Net Change in Cash | -$72M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $16M |
| Short-Term Investments | $270M |
| Net Receivables | $1.6B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.9B |
| PP&E (Net) | $24M |
| Goodwill | $1M |
| Intangible Assets | $3M |
| Long-Term Investments | $1.9B |
| Tax Assets | $14M |
| Other Non-Current Assets | -$1.9B |
| TOTAL NON-CURRENT ASSETS | $39M |
| TOTAL ASSETS | $2.1B |
| Account Payables | $1M |
| Short-Term Debt | $191M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $649M |
| TOTAL CURRENT LIABILITIES | $841M |
| Long-Term Debt | $325M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $768M |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $2.0B |
| Common Stock | $95.0K |
| Additional Paid-In Capital | $94M |
| Retained Earnings | $92M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$22M |
| Other Equity | -$6M |
| TOTAL STOCKHOLDERS' EQUITY | $157M |
| Minority Interest | $0 |
| TOTAL EQUITY | $157M |
| TOTAL LIABILITIES & EQUITY | $2.1B |
| Total Debt | $325M |
| Net Debt | $309M |
