| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $110M | $125M | $144M | -11.8% | -23.3% |
| Op. Income | $19M | $32M | $45M | -40.7% | -56.9% |
| Gross Margin | 36.4% | 50.5% | 45.1% | -14.1pp | -8.7pp |
| Net Margin | 28.2% | 12.7% | 10.7% | 15.5pp | 17.5pp |
| EPS (Diluted) | $0.60 | $0.30 | $0.30 | 100.0% | 100.0% |
| Free Cash Flow | $47M | $3M | $154M | 1316.9% | -69.5% |
| Item | Amount |
|---|---|
| REVENUE | $110M |
| Cost of Revenue | $70M |
| GROSS PROFIT | $40M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $21M |
| Other Expenses | $0 |
| Operating Expenses | $21M |
| Cost & Expenses | $91M |
| OPERATING INCOME | $19M |
| Interest Income | $0 |
| Interest Expense | $12M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | -$25M |
| Net Income from Continuing Ops | $31M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $100.0K |
| NET INCOME | $31M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $31M |
| D&A | $28M |
| EBIT | $18M |
| EBITDA | $46M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $110M |
| Cost of Revenue | $70M |
| GROSS PROFIT | $40M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $21M |
| Other Expenses | $0 |
| Operating Expenses | $21M |
| Cost & Expenses | $91M |
| OPERATING INCOME | $19M |
| Interest Income | $0 |
| Interest Expense | $12M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | -$25M |
| Net Income from Continuing Ops | $31M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $100.0K |
| NET INCOME | $31M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $31M |
| D&A | $28M |
| EBIT | $18M |
| EBITDA | $46M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $31M |
| Depreciation & Amortization | $18M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $18M |
| Change in Working Capital | $8M |
| OPERATING CASH FLOW | $81M |
| Capital Expenditure | -$34M |
| Acquisitions (Net) | -$93M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $4M |
| NET CASH FROM INVESTING | -$123M |
| Net Debt Issuance | -$28M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$2M |
| Other Financing Activities | -$25M |
| NET CASH FROM FINANCING | -$55M |
| FREE CASH FLOW | $47M |
| Net Change in Cash | -$97M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $100M |
| Short-Term Investments | $0 |
| Net Receivables | $39M |
| Inventory | $12M |
| Other Current Assets | $68M |
| TOTAL CURRENT ASSETS | $220M |
| PP&E (Net) | $776M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $12.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $45M |
| TOTAL NON-CURRENT ASSETS | $821M |
| TOTAL ASSETS | $1.0B |
| Account Payables | $81M |
| Short-Term Debt | $19M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $3M |
| TOTAL CURRENT LIABILITIES | $137M |
| Long-Term Debt | $535M |
| Deferred Revenue NC | $611.0K |
| Deferred Tax Liabilities | $79M |
| Other Non-Current Liabilities | $24M |
| TOTAL NON-CURRENT LIABILITIES | $657M |
| TOTAL LIABILITIES | $795M |
| Common Stock | $52.0K |
| Additional Paid-In Capital | $80M |
| Retained Earnings | $150M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $16M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $246M |
| Minority Interest | $0 |
| TOTAL EQUITY | $246M |
| TOTAL LIABILITIES & EQUITY | $1.0B |
| Total Debt | $580M |
| Net Debt | $479M |
