| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $24M | $48M | $22M | -51.4% | 6.1% |
| Op. Income | $17M | $28M | $585.0K | -38.1% | 2836.9% |
| Gross Margin | 83.4% | 81.2% | 96.8% | 2.2pp | -13.4pp |
| Net Margin | 33.0% | 36.9% | -29.4% | -3.9pp | 62.4pp |
| EPS (Diluted) | $0.21 | $0.49 | $-0.18 | -57.1% | 216.7% |
| Free Cash Flow | $8M | $37M | $10M | -77.4% | -16.4% |
| Item | Amount |
|---|---|
| REVENUE | $24M |
| Cost of Revenue | $4M |
| GROSS PROFIT | $20M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $0 |
| Operating Expenses | $0 |
| Cost & Expenses | $6M |
| OPERATING INCOME | $17M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $0 |
| EBIT | $17M |
| EBITDA | $17M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $24M |
| Cost of Revenue | $4M |
| GROSS PROFIT | $20M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $0 |
| Operating Expenses | $0 |
| Cost & Expenses | $6M |
| OPERATING INCOME | $17M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $0 |
| EBIT | $17M |
| EBITDA | $17M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $8M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | $8M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$63M |
| Sales/Maturities of Investments | $4M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$58M |
| Net Debt Issuance | $62M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $40M |
| FREE CASH FLOW | $8M |
| Net Change in Cash | -$10M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $5M |
| Short-Term Investments | $0 |
| Net Receivables | $9M |
| Inventory | $0 |
| Other Current Assets | -$14M |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $0 |
| TOTAL ASSETS | $1.1B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $49M |
| TOTAL CURRENT LIABILITIES | $49M |
| Long-Term Debt | $519M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$519M |
| TOTAL NON-CURRENT LIABILITIES | $0 |
| TOTAL LIABILITIES | $569M |
| Common Stock | $37.0K |
| Additional Paid-In Capital | $452M |
| Retained Earnings | -$6M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $39M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $485M |
| Minority Interest | $0 |
| TOTAL EQUITY | $485M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $519M |
| Net Debt | $513M |
