| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $137M | $172M | $196M | -20.5% | -30.1% |
| Op. Income | $65M | $96M | $111M | -32.1% | -41.1% |
| Gross Margin | 53.5% | 60.6% | 60.7% | -7.1pp | -7.2pp |
| Net Margin | 47.7% | 55.9% | 56.9% | -8.2pp | -9.2pp |
| EPS (Diluted) | $0.25 | $0.36 | $0.42 | -30.6% | -40.5% |
| Free Cash Flow | $212M | $266M | -$375M | -20.3% | 156.6% |
| Item | Amount |
|---|---|
| REVENUE | $137M |
| Cost of Revenue | $64M |
| GROSS PROFIT | $73M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $5M |
| SG&A Expenses | $5M |
| Other Expenses | $3M |
| Operating Expenses | $8M |
| Cost & Expenses | $72M |
| OPERATING INCOME | $65M |
| Interest Income | $198M |
| Interest Expense | $64M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $65M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $65M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $65M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $65M |
| D&A | $0 |
| EBIT | $65M |
| EBITDA | $65M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $137M |
| Cost of Revenue | $64M |
| GROSS PROFIT | $73M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $5M |
| SG&A Expenses | $5M |
| Other Expenses | $3M |
| Operating Expenses | $8M |
| Cost & Expenses | $72M |
| OPERATING INCOME | $65M |
| Interest Income | $198M |
| Interest Expense | $64M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $65M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $65M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $65M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $65M |
| D&A | $0 |
| EBIT | $65M |
| EBITDA | $65M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $65M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $135M |
| Change in Working Capital | $12M |
| OPERATING CASH FLOW | $212M |
| 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 | -$25M |
| Common Stock Repurchased | -$54M |
| Common Dividends Paid | -$84M |
| Other Financing Activities | -$451.0K |
| NET CASH FROM FINANCING | -$164M |
| FREE CASH FLOW | $212M |
| Net Change in Cash | $48M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $58M |
| Short-Term Investments | $0 |
| Net Receivables | $72M |
| Inventory | $0 |
| Other Current Assets | $123M |
| TOTAL CURRENT ASSETS | $253M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $8.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $8.6B |
| TOTAL ASSETS | $8.9B |
| Account Payables | $89M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $89M |
| Long-Term Debt | $4.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $17M |
| TOTAL NON-CURRENT LIABILITIES | $4.9B |
| TOTAL LIABILITIES | $5.0B |
| Common Stock | $263.0K |
| Additional Paid-In Capital | $4.0B |
| Retained Earnings | -$86M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.9B |
| TOTAL LIABILITIES & EQUITY | $8.9B |
| Total Debt | $4.9B |
| Net Debt | $4.8B |
