| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $146M | $147M | $128M | -1.0% | 13.7% |
| Op. Income | $34M | $28M | $20M | 20.8% | 69.6% |
| Gross Margin | 71.2% | 65.9% | 65.9% | 5.3pp | 5.4pp |
| Net Margin | 17.0% | 15.7% | 12.7% | 1.3pp | 4.3pp |
| EPS (Diluted) | $0.88 | $0.82 | $0.58 | 7.3% | 51.7% |
| Free Cash Flow | $19M | $48M | $3M | -60.1% | 603.2% |
| Item | Amount |
|---|---|
| REVENUE | $146M |
| Cost of Revenue | $42M |
| GROSS PROFIT | $104M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $44M |
| SG&A Expenses | $44M |
| Other Expenses | $26M |
| Operating Expenses | $70M |
| Cost & Expenses | $112M |
| OPERATING INCOME | $34M |
| Interest Income | $119M |
| Interest Expense | $36M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $32M |
| Income Tax Expense | $7M |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $25M |
| D&A | $0 |
| EBIT | $34M |
| EBITDA | $34M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $146M |
| Cost of Revenue | $42M |
| GROSS PROFIT | $104M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $44M |
| SG&A Expenses | $44M |
| Other Expenses | $26M |
| Operating Expenses | $70M |
| Cost & Expenses | $112M |
| OPERATING INCOME | $34M |
| Interest Income | $119M |
| Interest Expense | $36M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $32M |
| Income Tax Expense | $7M |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $25M |
| D&A | $0 |
| EBIT | $34M |
| EBITDA | $34M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $25M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$10M |
| Change in Working Capital | $6M |
| OPERATING CASH FLOW | $21M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $10M |
| NET CASH FROM INVESTING | $9M |
| Net Debt Issuance | -$38M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $1M |
| NET CASH FROM FINANCING | -$37M |
| FREE CASH FLOW | $19M |
| Net Change in Cash | $0 |
| Item | Amount |
|---|---|
| Cash & Equivalents | $653M |
| Short-Term Investments | $469M |
| Net Receivables | $34M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.2B |
| PP&E (Net) | $82M |
| Goodwill | $93M |
| Intangible Assets | $5M |
| Long-Term Investments | $6.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | $562M |
| TOTAL NON-CURRENT ASSETS | $7.3B |
| TOTAL ASSETS | $8.5B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $7.1B |
| TOTAL CURRENT LIABILITIES | $7.1B |
| Long-Term Debt | $37M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $188M |
| TOTAL NON-CURRENT LIABILITIES | $224M |
| TOTAL LIABILITIES | $7.3B |
| Common Stock | $3.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $631M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$27M |
| Other Equity | $550M |
| TOTAL STOCKHOLDERS' EQUITY | $1.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.2B |
| TOTAL LIABILITIES & EQUITY | $8.5B |
| Total Debt | $37M |
| Net Debt | -$616M |
