| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $650M | — | $687M | — | -5.4% |
| Op. Income | -$6M | — | $51M | — | -111.0% |
| Gross Margin | 15.6% | — | 91.6% | — | -76.0pp |
| Net Margin | -14.2% | — | -38.4% | — | 24.2pp |
| EPS (Diluted) | $-0.91 | — | $-2.63 | — | 65.4% |
| Free Cash Flow | -$109M | — | -$126M | — | 13.1% |
| Item | Amount |
|---|---|
| REVENUE | $650M |
| Cost of Revenue | $549M |
| GROSS PROFIT | $101M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $107M |
| Other Expenses | $0 |
| Operating Expenses | $107M |
| Cost & Expenses | $656M |
| OPERATING INCOME | -$6M |
| Interest Income | $0 |
| Interest Expense | $89M |
| Other Income/Expenses | -$102M |
| INCOME BEFORE TAX | -$108M |
| Income Tax Expense | -$15M |
| Net Income from Continuing Ops | -$92M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$92M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$92M |
| D&A | $121M |
| EBIT | -$18M |
| EBITDA | $103M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$92M |
| Depreciation & Amortization | $121M |
| Stock-Based Compensation | $23M |
| Deferred Income Tax | $11M |
| Other Non-Cash Items | $16M |
| Change in Working Capital | -$116M |
| OPERATING CASH FLOW | -$38M |
| Capital Expenditure | -$72M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$72M |
| Net Debt Issuance | $151M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$29M |
| NET CASH FROM FINANCING | $123M |
| FREE CASH FLOW | -$109M |
| Net Change in Cash | $20M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $91M |
| Short-Term Investments | $193.0K |
| Net Receivables | $160M |
| Inventory | $69M |
| Other Current Assets | $153M |
| TOTAL CURRENT ASSETS | $473M |
| PP&E (Net) | $7.6B |
| Goodwill | $2.1B |
| Intangible Assets | $722M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | -$3.0B |
| TOTAL NON-CURRENT ASSETS | $7.3B |
| TOTAL ASSETS | $7.8B |
| Account Payables | $74M |
| Short-Term Debt | $42M |
| Deferred Revenue | $293M |
| Other Current Liabilities | $194M |
| TOTAL CURRENT LIABILITIES | $685M |
| Long-Term Debt | $5.2B |
| Deferred Revenue NC | $18M |
| Deferred Tax Liabilities | $489M |
| Other Non-Current Liabilities | $438M |
| TOTAL NON-CURRENT LIABILITIES | $6.3B |
| TOTAL LIABILITIES | $7.0B |
| Common Stock | $1M |
| Additional Paid-In Capital | $2.2B |
| Retained Earnings | -$1.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $67M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $550M |
| Minority Interest | $235M |
| TOTAL EQUITY | $785M |
| TOTAL LIABILITIES & EQUITY | $7.8B |
| Total Debt | $5.4B |
| Net Debt | $5.3B |
