| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $337M | $221M | $263M | 52.5% | 28.0% |
| Op. Income | $63M | $17M | $5M | 270.5% | 1120.9% |
| Gross Margin | 46.0% | 45.1% | 45.1% | 0.9pp | 0.9pp |
| Net Margin | 18.6% | 6.0% | 0.6% | 12.6pp | 18.0pp |
| EPS (Diluted) | $0.35 | $0.07 | $0.01 | 367.3% | 3969.8% |
| Free Cash Flow | $230M | $74M | $129M | 212.9% | 78.8% |
| Item | Amount |
|---|---|
| REVENUE | $337M |
| Cost of Revenue | $182M |
| GROSS PROFIT | $155M |
| R&D Expenses | $33M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $59M |
| Other Expenses | $0 |
| Operating Expenses | $92M |
| Cost & Expenses | $273M |
| OPERATING INCOME | $63M |
| Interest Income | $0 |
| Interest Expense | $916.0K |
| Other Income/Expenses | -$916.0K |
| INCOME BEFORE TAX | $62M |
| Income Tax Expense | -$102.0K |
| Net Income from Continuing Ops | $62M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $62M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $62M |
| D&A | $6M |
| EBIT | $63M |
| EBITDA | $69M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $337M |
| Cost of Revenue | $182M |
| GROSS PROFIT | $155M |
| R&D Expenses | $33M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $59M |
| Other Expenses | $0 |
| Operating Expenses | $92M |
| Cost & Expenses | $273M |
| OPERATING INCOME | $63M |
| Interest Income | $0 |
| Interest Expense | $916.0K |
| Other Income/Expenses | -$916.0K |
| INCOME BEFORE TAX | $62M |
| Income Tax Expense | -$102.0K |
| Net Income from Continuing Ops | $62M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $62M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $62M |
| D&A | $6M |
| EBIT | $63M |
| EBITDA | $69M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $62M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $22M |
| Change in Working Capital | $141M |
| OPERATING CASH FLOW | $231M |
| Capital Expenditure | -$460.4K |
| Acquisitions (Net) | -$265.6K |
| Purchases of Investments | -$174M |
| Sales/Maturities of Investments | $90M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$85M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$77M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$76M |
| FREE CASH FLOW | $230M |
| Net Change in Cash | -$6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $246M |
| Short-Term Investments | $377M |
| Net Receivables | $56M |
| Inventory | $0 |
| Other Current Assets | $308M |
| TOTAL CURRENT ASSETS | $987M |
| PP&E (Net) | $32M |
| Goodwill | $428M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $17M |
| TOTAL NON-CURRENT ASSETS | $476M |
| TOTAL ASSETS | $1.5B |
| Account Payables | $273M |
| Short-Term Debt | $5M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $232M |
| TOTAL CURRENT LIABILITIES | $510M |
| Long-Term Debt | $18M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $286.0K |
| Other Non-Current Liabilities | -$17M |
| TOTAL NON-CURRENT LIABILITIES | $20M |
| TOTAL LIABILITIES | $530M |
| Common Stock | $1.5B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$536M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $933M |
| Minority Interest | $0 |
| TOTAL EQUITY | $933M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $42M |
| Net Debt | -$204M |
