| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $89M | $58M | $92M | 54.5% | -3.2% |
| Op. Income | $6M | -$55M | $8M | 110.1% | -33.9% |
| Gross Margin | 33.2% | -53.4% | 33.5% | 86.7pp | -0.2pp |
| Net Margin | 5.9% | -71.8% | 7.9% | 77.8pp | -2.0pp |
| EPS (Diluted) | $0.60 | $-4.76 | $0.83 | 112.6% | -27.7% |
| Free Cash Flow | $11M | $37M | -$7M | -70.4% | 264.4% |
| Item | Amount |
|---|---|
| REVENUE | $89M |
| Cost of Revenue | $60M |
| GROSS PROFIT | $30M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $16M |
| SG&A Expenses | $16M |
| Other Expenses | $8M |
| Operating Expenses | $24M |
| Cost & Expenses | $84M |
| OPERATING INCOME | $6M |
| Interest Income | $78M |
| Interest Expense | $48M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | $213.0K |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $5M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $5M |
| D&A | $0 |
| EBIT | $6M |
| EBITDA | $6M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $89M |
| Cost of Revenue | $60M |
| GROSS PROFIT | $30M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $16M |
| SG&A Expenses | $16M |
| Other Expenses | $8M |
| Operating Expenses | $24M |
| Cost & Expenses | $84M |
| OPERATING INCOME | $6M |
| Interest Income | $78M |
| Interest Expense | $48M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | $213.0K |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $5M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $5M |
| D&A | $0 |
| EBIT | $6M |
| EBITDA | $6M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $5M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$547.0K |
| Change in Working Capital | $19M |
| OPERATING CASH FLOW | $11M |
| Capital Expenditure | -$288.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$278M |
| NET CASH FROM INVESTING | -$278M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$521.0K |
| Common Dividends Paid | -$516.0K |
| Other Financing Activities | -$76M |
| NET CASH FROM FINANCING | -$77M |
| FREE CASH FLOW | $11M |
| Net Change in Cash | -$331M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $6M |
| Short-Term Investments | $779M |
| Net Receivables | $28M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $813M |
| PP&E (Net) | $68M |
| Goodwill | $5M |
| Intangible Assets | $0 |
| Long-Term Investments | $4.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$4.0B |
| TOTAL NON-CURRENT ASSETS | $73M |
| TOTAL ASSETS | $5.6B |
| Account Payables | $2M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $8M |
| TOTAL CURRENT LIABILITIES | $10M |
| Long-Term Debt | $355M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4.9B |
| TOTAL NON-CURRENT LIABILITIES | $5.2B |
| TOTAL LIABILITIES | $5.2B |
| Common Stock | $187M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $193M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$20M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $360M |
| Minority Interest | $0 |
| TOTAL EQUITY | $360M |
| TOTAL LIABILITIES & EQUITY | $5.6B |
| Total Debt | $355M |
| Net Debt | $349M |
