| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $60M | $115M | $43M | -48.3% | 39.4% |
| Op. Income | $20M | $55M | -$10M | -63.5% | 307.9% |
| Gross Margin | 143.6% | 78.5% | 93.4% | 65.1pp | 50.2pp |
| Net Margin | 75.1% | 101.6% | -72.6% | -26.5pp | 147.7pp |
| EPS (Diluted) | $2.12 | $5.68 | $-1.64 | -62.7% | 229.3% |
| Free Cash Flow | $46M | $13M | $28M | 250.6% | 65.1% |
| Item | Amount |
|---|---|
| REVENUE | $60M |
| Cost of Revenue | -$26M |
| GROSS PROFIT | $86M |
| R&D Expenses | $4M |
| Selling & Marketing | $0 |
| General & Administrative | $25M |
| SG&A Expenses | $25M |
| Other Expenses | $37M |
| Operating Expenses | $66M |
| Cost & Expenses | $40M |
| OPERATING INCOME | $20M |
| Interest Income | $5M |
| Interest Expense | $0 |
| Other Income/Expenses | $37M |
| INCOME BEFORE TAX | $57M |
| Income Tax Expense | $12M |
| Net Income from Continuing Ops | $45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $45M |
| D&A | $10M |
| EBIT | $57M |
| EBITDA | $66M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $60M |
| Cost of Revenue | -$26M |
| GROSS PROFIT | $86M |
| R&D Expenses | $4M |
| Selling & Marketing | $0 |
| General & Administrative | $25M |
| SG&A Expenses | $25M |
| Other Expenses | $37M |
| Operating Expenses | $66M |
| Cost & Expenses | $40M |
| OPERATING INCOME | $20M |
| Interest Income | $5M |
| Interest Expense | $0 |
| Other Income/Expenses | $37M |
| INCOME BEFORE TAX | $57M |
| Income Tax Expense | $12M |
| Net Income from Continuing Ops | $45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $45M |
| D&A | $10M |
| EBIT | $57M |
| EBITDA | $66M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $45M |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | $14M |
| Deferred Income Tax | -$9M |
| Other Non-Cash Items | -$23M |
| Change in Working Capital | $9M |
| OPERATING CASH FLOW | $46M |
| Capital Expenditure | -$9.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$212M |
| Sales/Maturities of Investments | $202M |
| Other Investing Activities | -$8M |
| NET CASH FROM INVESTING | -$18M |
| Net Debt Issuance | $6M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$7M |
| NET CASH FROM FINANCING | $8M |
| FREE CASH FLOW | $46M |
| Net Change in Cash | $36M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $175M |
| Short-Term Investments | $559M |
| Net Receivables | $61M |
| Inventory | $9M |
| Other Current Assets | $29M |
| TOTAL CURRENT ASSETS | $832M |
| PP&E (Net) | $11M |
| Goodwill | $102M |
| Intangible Assets | $422M |
| Long-Term Investments | $184M |
| Tax Assets | $8M |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $728M |
| TOTAL ASSETS | $1.6B |
| Account Payables | $3M |
| Short-Term Debt | $1M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $25M |
| TOTAL CURRENT LIABILITIES | $37M |
| Long-Term Debt | $446M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $53M |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $506M |
| TOTAL LIABILITIES | $543M |
| Common Stock | $20.0K |
| Additional Paid-In Capital | $401M |
| Retained Earnings | $608M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $8M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.0B |
| TOTAL LIABILITIES & EQUITY | $1.6B |
| Total Debt | $451M |
| Net Debt | $277M |
