| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $126M | $116M | $98M | 8.8% | 29.0% |
| Op. Income | $31M | $45M | $20M | -30.8% | 53.5% |
| Gross Margin | 74.0% | 75.0% | 75.4% | -1.0pp | -1.4pp |
| Net Margin | 16.1% | 26.6% | -126.9% | -10.6pp | 143.0pp |
| EPS (Diluted) | $0.11 | $0.16 | $-0.70 | -31.3% | 115.7% |
| Free Cash Flow | $23M | $51M | $28M | -54.6% | -17.7% |
| Item | Amount |
|---|---|
| REVENUE | $126M |
| Cost of Revenue | $33M |
| GROSS PROFIT | $93M |
| R&D Expenses | $15M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $47M |
| Other Expenses | $0 |
| Operating Expenses | $62M |
| Cost & Expenses | $95M |
| OPERATING INCOME | $31M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $26M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $20M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $20M |
| D&A | $1M |
| EBIT | $31M |
| EBITDA | $32M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $126M |
| Cost of Revenue | $33M |
| GROSS PROFIT | $93M |
| R&D Expenses | $15M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $47M |
| Other Expenses | $0 |
| Operating Expenses | $62M |
| Cost & Expenses | $95M |
| OPERATING INCOME | $31M |
| Interest Income | $0 |
| Interest Expense | $6M |
| Other Income/Expenses | -$5M |
| INCOME BEFORE TAX | $26M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $20M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $20M |
| D&A | $1M |
| EBIT | $31M |
| EBITDA | $32M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $20M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $3M |
| Other Non-Cash Items | $21M |
| Change in Working Capital | -$22M |
| OPERATING CASH FLOW | $23M |
| Capital Expenditure | -$217.2K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | $116M |
| Common Stock Repurchased | $6M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$56M |
| NET CASH FROM FINANCING | $61M |
| FREE CASH FLOW | $23M |
| Net Change in Cash | $81M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $87M |
| Short-Term Investments | $0 |
| Net Receivables | $68M |
| Inventory | $0 |
| Other Current Assets | $1M |
| TOTAL CURRENT ASSETS | $161M |
| PP&E (Net) | $6M |
| Goodwill | $0 |
| Intangible Assets | $355M |
| Long-Term Investments | $605.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $9M |
| TOTAL NON-CURRENT ASSETS | $370M |
| TOTAL ASSETS | $531M |
| Account Payables | $2M |
| Short-Term Debt | $20M |
| Deferred Revenue | $24M |
| Other Current Liabilities | $39M |
| TOTAL CURRENT LIABILITIES | $85M |
| Long-Term Debt | $378M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1M |
| Other Non-Current Liabilities | $17M |
| TOTAL NON-CURRENT LIABILITIES | $399M |
| TOTAL LIABILITIES | $484M |
| Common Stock | $18.0K |
| Additional Paid-In Capital | $144M |
| Retained Earnings | -$97M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $47M |
| Minority Interest | $0 |
| TOTAL EQUITY | $47M |
| TOTAL LIABILITIES & EQUITY | $531M |
| Total Debt | $401M |
| Net Debt | $314M |
