| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $446M | $576M | $490M | -22.7% | -9.0% |
| Op. Income | -$15M | $225M | $235M | -106.5% | -106.2% |
| Gross Margin | 37.4% | 52.1% | 67.6% | -14.8pp | -30.2pp |
| Net Margin | -32.0% | 13.6% | 19.4% | -45.6pp | -51.4pp |
| EPS (Diluted) | $-2.34 | $1.29 | $1.58 | -281.4% | -248.1% |
| Free Cash Flow | $1.3B | -$93M | $302M | 1498.0% | 329.8% |
| Item | Amount |
|---|---|
| REVENUE | $446M |
| Cost of Revenue | $279M |
| GROSS PROFIT | $167M |
| R&D Expenses | $0 |
| Selling & Marketing | $66M |
| General & Administrative | $17M |
| SG&A Expenses | $83M |
| Other Expenses | $99M |
| Operating Expenses | $181M |
| Cost & Expenses | $460M |
| OPERATING INCOME | -$15M |
| Interest Income | $0 |
| Interest Expense | $134M |
| Other Income/Expenses | -$141M |
| INCOME BEFORE TAX | -$155M |
| Income Tax Expense | -$13M |
| Net Income from Continuing Ops | -$142M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$143M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$143M |
| D&A | $4M |
| EBIT | -$21M |
| EBITDA | -$17M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$142M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $24M |
| Deferred Income Tax | -$12M |
| Other Non-Cash Items | $456M |
| Change in Working Capital | $1.0B |
| OPERATING CASH FLOW | $1.3B |
| Capital Expenditure | -$42M |
| Acquisitions (Net) | -$525.0K |
| Purchases of Investments | -$133M |
| Sales/Maturities of Investments | $16M |
| Other Investing Activities | -$94M |
| NET CASH FROM INVESTING | -$253M |
| Net Debt Issuance | $6M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$841M |
| NET CASH FROM FINANCING | -$835M |
| FREE CASH FLOW | $1.3B |
| Net Change in Cash | $325M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $837M |
| Short-Term Investments | $2.7B |
| Net Receivables | $5.0B |
| Inventory | $6M |
| Other Current Assets | $864M |
| TOTAL CURRENT ASSETS | $9.5B |
| PP&E (Net) | $231M |
| Goodwill | $49M |
| Intangible Assets | $54M |
| Long-Term Investments | $70M |
| Tax Assets | $0 |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $412M |
| TOTAL ASSETS | $9.9B |
| Account Payables | $1.3B |
| Short-Term Debt | $1.4B |
| Deferred Revenue | $4.4B |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $7.2B |
| Long-Term Debt | $494M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $62.0K |
| Other Non-Current Liabilities | $949M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $8.7B |
| Common Stock | $61.0K |
| Additional Paid-In Capital | $247M |
| Retained Earnings | $1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$118M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.2B |
| Minority Interest | $117.0K |
| TOTAL EQUITY | $1.2B |
| TOTAL LIABILITIES & EQUITY | $9.9B |
| Total Debt | $2.0B |
| Net Debt | $1.1B |
