| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $158M | — | $102M | — | 54.3% |
| Op. Income | $116M | — | $61M | — | 89.2% |
| Gross Margin | 98.1% | — | 80.4% | — | 17.6pp |
| Net Margin | 57.6% | — | 60.1% | — | -2.5pp |
| EPS (Diluted) | $0.48 | — | $0.37 | — | 29.7% |
| Free Cash Flow | -$56M | — | -$29M | — | -90.2% |
| Item | Amount |
|---|---|
| REVENUE | $158M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $155M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $5M |
| SG&A Expenses | $5M |
| Other Expenses | $34M |
| Operating Expenses | $38M |
| Cost & Expenses | $41M |
| OPERATING INCOME | $116M |
| Interest Income | $132M |
| Interest Expense | $25M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | $91M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $91M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $91M |
| Net Income Deductions | $605.0K |
| BOTTOM LINE NET INCOME | $90M |
| D&A | $83.0K |
| EBIT | $116M |
| EBITDA | $116M |
| EPS | $1 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $158M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $155M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $5M |
| SG&A Expenses | $5M |
| Other Expenses | $34M |
| Operating Expenses | $38M |
| Cost & Expenses | $41M |
| OPERATING INCOME | $116M |
| Interest Income | $132M |
| Interest Expense | $25M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | $91M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $91M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $91M |
| Net Income Deductions | $605.0K |
| BOTTOM LINE NET INCOME | $90M |
| D&A | $83.0K |
| EBIT | $116M |
| EBITDA | $116M |
| EPS | $1 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $91M |
| Depreciation & Amortization | $83.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$155M |
| Change in Working Capital | $9M |
| OPERATING CASH FLOW | -$56M |
| Capital Expenditure | -$33.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$33.0K |
| Net Debt Issuance | $133M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | -$83M |
| Other Financing Activities | -$312.0K |
| NET CASH FROM FINANCING | $65M |
| FREE CASH FLOW | -$56M |
| Net Change in Cash | $9M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $57M |
| Short-Term Investments | $0 |
| Net Receivables | $37M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $94M |
| PP&E (Net) | $15M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $4.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$4.5B |
| TOTAL NON-CURRENT ASSETS | $15M |
| TOTAL ASSETS | $4.6B |
| Account Payables | $65M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $65M |
| Long-Term Debt | $2.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $2.3B |
| TOTAL LIABILITIES | $2.4B |
| Common Stock | $183.0K |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | $101M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.2B |
| TOTAL LIABILITIES & EQUITY | $4.6B |
| Total Debt | $2.3B |
| Net Debt | $2.2B |
