| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $146M | $75M | $152M | 95.2% | -3.6% |
| Op. Income | $13M | -$17M | $45M | 177.1% | -71.6% |
| Gross Margin | 23.9% | -5.7% | 40.8% | 29.7pp | -16.8pp |
| Net Margin | 12.2% | 5.2% | 35.4% | 7.0pp | -23.2pp |
| EPS (Diluted) | $0.79 | $0.19 | $3.20 | 315.8% | -75.3% |
| Free Cash Flow | -$58M | $6M | $57M | -1117.5% | -201.4% |
| Item | Amount |
|---|---|
| REVENUE | $146M |
| Cost of Revenue | $111M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $11M |
| SG&A Expenses | $11M |
| Other Expenses | $11M |
| Operating Expenses | $22M |
| Cost & Expenses | $133M |
| OPERATING INCOME | $13M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | $9M |
| INCOME BEFORE TAX | $21M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $3M |
| EBIT | $25M |
| EBITDA | $28M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $146M |
| Cost of Revenue | $111M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $11M |
| SG&A Expenses | $11M |
| Other Expenses | $11M |
| Operating Expenses | $22M |
| Cost & Expenses | $133M |
| OPERATING INCOME | $13M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | $9M |
| INCOME BEFORE TAX | $21M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $18M |
| D&A | $3M |
| EBIT | $25M |
| EBITDA | $28M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $18M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $500.0K |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $4M |
| Change in Working Capital | -$77M |
| OPERATING CASH FLOW | -$48M |
| 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 | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $384M |
| FREE CASH FLOW | -$58M |
| Net Change in Cash | $326M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2.0B |
| Short-Term Investments | $0 |
| Net Receivables | $31M |
| Inventory | $323M |
| Other Current Assets | $53M |
| TOTAL CURRENT ASSETS | $2.4B |
| PP&E (Net) | $30M |
| Goodwill | $0 |
| Intangible Assets | $21M |
| Long-Term Investments | $0 |
| Tax Assets | $22M |
| Other Non-Current Assets | $10M |
| TOTAL NON-CURRENT ASSETS | $82M |
| TOTAL ASSETS | $2.4B |
| Account Payables | $0 |
| Short-Term Debt | $39M |
| Deferred Revenue | $131M |
| Other Current Liabilities | $253M |
| TOTAL CURRENT LIABILITIES | $423M |
| Long-Term Debt | $1.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $83M |
| TOTAL NON-CURRENT LIABILITIES | $1.3B |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $2M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $2M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$700.0K |
| Other Equity | $762M |
| TOTAL STOCKHOLDERS' EQUITY | $765M |
| Minority Interest | $0 |
| TOTAL EQUITY | $765M |
| TOTAL LIABILITIES & EQUITY | $2.4B |
| Total Debt | $1.2B |
| Net Debt | -$744M |
