| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $133M | $123M | $66M | 8.4% | 101.5% |
| Op. Income | $60M | $48M | $12M | 25.8% | 421.2% |
| Gross Margin | 51.6% | 51.6% | 36.3% | -0.1pp | 15.3pp |
| Net Margin | 7.8% | 25.7% | 5.1% | -17.9pp | 2.7pp |
| EPS (Diluted) | $0.10 | $0.31 | $0.03 | -67.7% | 212.5% |
| Free Cash Flow | -$17M | -$160M | -$43M | 89.1% | 59.6% |
| Item | Amount |
|---|---|
| REVENUE | $133M |
| Cost of Revenue | $64M |
| GROSS PROFIT | $68M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $5M |
| Other Expenses | $0 |
| Operating Expenses | $8M |
| Cost & Expenses | $73M |
| OPERATING INCOME | $60M |
| Interest Income | $11M |
| Interest Expense | $24M |
| Other Income/Expenses | -$35M |
| INCOME BEFORE TAX | $25M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $10M |
| D&A | $12M |
| EBIT | $49M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $133M |
| Cost of Revenue | $64M |
| GROSS PROFIT | $68M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $5M |
| Other Expenses | $0 |
| Operating Expenses | $8M |
| Cost & Expenses | $73M |
| OPERATING INCOME | $60M |
| Interest Income | $11M |
| Interest Expense | $24M |
| Other Income/Expenses | -$35M |
| INCOME BEFORE TAX | $25M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $10M |
| D&A | $12M |
| EBIT | $49M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $10M |
| Depreciation & Amortization | $12M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $28M |
| Change in Working Capital | $48M |
| OPERATING CASH FLOW | $99M |
| Capital Expenditure | -$117M |
| Acquisitions (Net) | -$194.2K |
| Purchases of Investments | -$31M |
| Sales/Maturities of Investments | -$361.6K |
| Other Investing Activities | -$1M |
| NET CASH FROM INVESTING | -$150M |
| Net Debt Issuance | $880M |
| Common Stock Repurchased | -$42M |
| Common Dividends Paid | -$234M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $604M |
| FREE CASH FLOW | -$17M |
| Net Change in Cash | $526M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $0 |
| Net Receivables | $206M |
| Inventory | $0 |
| Other Current Assets | $32M |
| TOTAL CURRENT ASSETS | $1.4B |
| PP&E (Net) | $2.2B |
| Goodwill | $2M |
| Intangible Assets | $0 |
| Long-Term Investments | $1.7B |
| Tax Assets | $0 |
| Other Non-Current Assets | $63M |
| TOTAL NON-CURRENT ASSETS | $3.9B |
| TOTAL ASSETS | $5.3B |
| Account Payables | $124M |
| Short-Term Debt | $301M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $131M |
| TOTAL CURRENT LIABILITIES | $555M |
| Long-Term Debt | $2.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $246M |
| TOTAL NON-CURRENT LIABILITIES | $2.7B |
| TOTAL LIABILITIES | $3.3B |
| Common Stock | $101M |
| Additional Paid-In Capital | $1.9B |
| Retained Earnings | -$173M |
| Treasury Stock | -$684.0K |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.8B |
| Minority Interest | $225M |
| TOTAL EQUITY | $2.1B |
| TOTAL LIABILITIES & EQUITY | $5.3B |
| Total Debt | $2.8B |
| Net Debt | $1.6B |
