| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $67M | $64M | $59M | 3.7% | 13.8% |
| Op. Income | $27M | $23M | $15M | 16.8% | 79.4% |
| Gross Margin | 52.4% | 47.5% | 37.8% | 4.9pp | 14.5pp |
| Net Margin | 31.0% | 26.8% | 19.4% | 4.2pp | 11.6pp |
| EPS (Diluted) | $9.39 | $7.85 | $5.18 | 19.6% | 81.3% |
| Free Cash Flow | $8M | $11M | $2M | -32.4% | 385.2% |
| Item | Amount |
|---|---|
| REVENUE | $67M |
| Cost of Revenue | $32M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $155.0K |
| General & Administrative | $7M |
| SG&A Expenses | $7M |
| Other Expenses | $550.0K |
| Operating Expenses | $8M |
| Cost & Expenses | $40M |
| OPERATING INCOME | $27M |
| Interest Income | $53M |
| Interest Expense | $32M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $27M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $21M |
| D&A | $0 |
| EBIT | $27M |
| EBITDA | $27M |
| EPS | $9 |
| EPS Diluted | $9 |
| Item | Amount |
|---|---|
| REVENUE | $67M |
| Cost of Revenue | $32M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $155.0K |
| General & Administrative | $7M |
| SG&A Expenses | $7M |
| Other Expenses | $550.0K |
| Operating Expenses | $8M |
| Cost & Expenses | $40M |
| OPERATING INCOME | $27M |
| Interest Income | $53M |
| Interest Expense | $32M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $27M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $21M |
| D&A | $0 |
| EBIT | $27M |
| EBITDA | $27M |
| EPS | $9 |
| EPS Diluted | $9 |
| Item | Amount |
|---|---|
| Net Income | $21M |
| Depreciation & Amortization | $191.0K |
| Stock-Based Compensation | $45.0K |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | -$13M |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | $8M |
| Capital Expenditure | -$97.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$4M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $15M |
| NET CASH FROM INVESTING | $12M |
| Net Debt Issuance | -$62M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$1M |
| Other Financing Activities | $54M |
| NET CASH FROM FINANCING | -$10M |
| FREE CASH FLOW | $8M |
| Net Change in Cash | $10M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $7M |
| Short-Term Investments | $0 |
| Net Receivables | $9M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $16M |
| PP&E (Net) | $16M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $4.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $45M |
| TOTAL NON-CURRENT ASSETS | $4.5B |
| TOTAL ASSETS | $4.5B |
| Account Payables | $12M |
| Short-Term Debt | $667M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$12M |
| TOTAL CURRENT LIABILITIES | $667M |
| Long-Term Debt | $797M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $9M |
| Other Non-Current Liabilities | $2.6B |
| TOTAL NON-CURRENT LIABILITIES | $3.4B |
| TOTAL LIABILITIES | $4.1B |
| Common Stock | $2M |
| Additional Paid-In Capital | $16M |
| Retained Earnings | $462M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$8.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $480M |
| Minority Interest | $0 |
| TOTAL EQUITY | $480M |
| TOTAL LIABILITIES & EQUITY | $4.5B |
| Total Debt | $1.5B |
| Net Debt | $1.5B |
