| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $48M | $21M | $9M | 126.6% | 438.1% |
| Op. Income | $28M | $46M | $30M | -39.1% | -6.6% |
| Gross Margin | 81.2% | 44.9% | -14.2% | 36.3pp | 95.4pp |
| Net Margin | 36.9% | 180.1% | 251.0% | -143.2pp | -214.1pp |
| EPS (Diluted) | $0.49 | $1.05 | $0.63 | -53.3% | -22.2% |
| Free Cash Flow | $37M | $10M | $6M | 275.9% | 489.0% |
| Item | Amount |
|---|---|
| REVENUE | $48M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $39M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $0 |
| Operating Expenses | $0 |
| Cost & Expenses | $21M |
| OPERATING INCOME | $28M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$10M |
| INCOME BEFORE TAX | $18M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $0 |
| EBIT | $28M |
| EBITDA | $28M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $48M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $39M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $0 |
| Operating Expenses | $0 |
| Cost & Expenses | $21M |
| OPERATING INCOME | $28M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$10M |
| INCOME BEFORE TAX | $18M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $0 |
| EBIT | $28M |
| EBITDA | $28M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $18M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $18M |
| Change in Working Capital | $488.0K |
| OPERATING CASH FLOW | $37M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$14M |
| Sales/Maturities of Investments | $90M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $76M |
| Net Debt Issuance | -$92M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$9M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$101M |
| FREE CASH FLOW | $37M |
| Net Change in Cash | $12M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $15M |
| Short-Term Investments | $85M |
| Net Receivables | $9M |
| Inventory | $0 |
| Other Current Assets | -$109M |
| 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 | $1.0B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $51M |
| TOTAL CURRENT LIABILITIES | $51M |
| Long-Term Debt | $456M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$456M |
| TOTAL NON-CURRENT LIABILITIES | $0 |
| TOTAL LIABILITIES | $507M |
| Common Stock | $37.0K |
| Additional Paid-In Capital | $446M |
| Retained Earnings | $13M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $40M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $499M |
| Minority Interest | $0 |
| TOTAL EQUITY | $499M |
| TOTAL LIABILITIES & EQUITY | $1.0B |
| Total Debt | $456M |
| Net Debt | $441M |
