| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $418M | $457M | $423M | -8.4% | -1.1% |
| Op. Income | -$58M | -$19M | $29M | -203.1% | -303.5% |
| Gross Margin | -0.9% | 10.3% | 20.4% | -11.1pp | -21.3pp |
| Net Margin | -19.8% | -8.1% | -3.1% | -11.7pp | -16.7pp |
| EPS (Diluted) | $-0.72 | $-0.32 | $-0.11 | -125.0% | -554.5% |
| Free Cash Flow | $83M | -$17M | $37M | 579.3% | 125.4% |
| Item | Amount |
|---|---|
| REVENUE | $418M |
| Cost of Revenue | $422M |
| GROSS PROFIT | -$4M |
| R&D Expenses | $0 |
| Selling & Marketing | $126M |
| General & Administrative | -$82M |
| SG&A Expenses | $44M |
| Other Expenses | $11M |
| Operating Expenses | $55M |
| Cost & Expenses | $473M |
| OPERATING INCOME | -$58M |
| Interest Income | $300.0K |
| Interest Expense | $15M |
| Other Income/Expenses | -$30M |
| INCOME BEFORE TAX | -$88M |
| Income Tax Expense | -$6M |
| Net Income from Continuing Ops | -$83M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$83M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$83M |
| D&A | $17M |
| EBIT | -$55M |
| EBITDA | -$38M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$83M |
| Depreciation & Amortization | $17M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$14M |
| Other Non-Cash Items | $9M |
| Change in Working Capital | $165M |
| OPERATING CASH FLOW | $94M |
| Capital Expenditure | -$10M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$10M |
| Net Debt Issuance | -$72M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$6M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$78M |
| FREE CASH FLOW | $83M |
| Net Change in Cash | $6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $37M |
| Short-Term Investments | $0 |
| Net Receivables | $288M |
| Inventory | $0 |
| Other Current Assets | $670M |
| TOTAL CURRENT ASSETS | $995M |
| PP&E (Net) | $0 |
| Goodwill | $3M |
| Intangible Assets | $0 |
| Long-Term Investments | $7M |
| Tax Assets | $0 |
| Other Non-Current Assets | $812M |
| TOTAL NON-CURRENT ASSETS | $822M |
| TOTAL ASSETS | $1.8B |
| Account Payables | $224M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $126M |
| TOTAL CURRENT LIABILITIES | $369M |
| Long-Term Debt | $557M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $15M |
| Other Non-Current Liabilities | $109M |
| TOTAL NON-CURRENT LIABILITIES | $697M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $1M |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | -$345M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$296M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $751M |
| Minority Interest | $0 |
| TOTAL EQUITY | $751M |
| TOTAL LIABILITIES & EQUITY | $1.8B |
| Total Debt | $577M |
| Net Debt | $540M |
