| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $209M | $344M | $295M | -39.2% | -29.2% |
| Op. Income | $2M | $218M | $170M | -99.1% | -98.8% |
| Gross Margin | 61.2% | 66.3% | 62.4% | -5.0pp | -1.1pp |
| Net Margin | -54.5% | 62.2% | 49.8% | -116.8pp | -104.4pp |
| EPS (Diluted) | $-0.41 | $0.76 | $0.52 | -153.9% | -178.8% |
| Free Cash Flow | $195M | $366M | $978M | -46.7% | -80.1% |
| Item | Amount |
|---|---|
| REVENUE | $209M |
| Cost of Revenue | $81M |
| GROSS PROFIT | $128M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $126M |
| Operating Expenses | $126M |
| Cost & Expenses | $207M |
| OPERATING INCOME | $2M |
| Interest Income | $598M |
| Interest Expense | $115M |
| Other Income/Expenses | -$115M |
| INCOME BEFORE TAX | -$113M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$114M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$114M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$114M |
| D&A | $95M |
| EBIT | -$3M |
| EBITDA | $92M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$114M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $422M |
| Change in Working Capital | -$113M |
| OPERATING CASH FLOW | $195M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | $254M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$392M |
| Other Financing Activities | -$3M |
| NET CASH FROM FINANCING | -$141M |
| FREE CASH FLOW | $195M |
| Net Change in Cash | $53M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $181M |
| Short-Term Investments | $0 |
| Net Receivables | $411M |
| Inventory | $0 |
| Other Current Assets | -$411M |
| TOTAL CURRENT ASSETS | $181M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $13.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | $539M |
| TOTAL NON-CURRENT ASSETS | $13.5B |
| TOTAL ASSETS | $13.7B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $7.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $246M |
| TOTAL NON-CURRENT LIABILITIES | $7.9B |
| TOTAL LIABILITIES | $7.9B |
| Common Stock | $21M |
| Additional Paid-In Capital | $9.2B |
| Retained Earnings | -$3.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $5.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $5.8B |
| TOTAL LIABILITIES & EQUITY | $13.7B |
| Total Debt | $7.6B |
| Net Debt | $7.5B |
