| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $76M | $81M | $141M | -5.9% | -46.3% |
| Op. Income | $15M | $23M | $82M | -37.2% | -82.0% |
| Gross Margin | 29.4% | 37.4% | 63.9% | -8.0pp | -34.4pp |
| Net Margin | 10.7% | 26.5% | 56.0% | -15.8pp | -45.4pp |
| EPS (Diluted) | $0.19 | $0.50 | $1.96 | -62.0% | -90.3% |
| Free Cash Flow | $37M | $21M | $129M | 72.4% | -71.5% |
| Item | Amount |
|---|---|
| REVENUE | $76M |
| Cost of Revenue | $54M |
| GROSS PROFIT | $22M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | -$645.4K |
| Operating Expenses | $8M |
| Cost & Expenses | $61M |
| OPERATING INCOME | $15M |
| Interest Income | $3M |
| Interest Expense | $8M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $18M |
| EBIT | $13M |
| EBITDA | $31M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $76M |
| Cost of Revenue | $54M |
| GROSS PROFIT | $22M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | -$645.4K |
| Operating Expenses | $8M |
| Cost & Expenses | $61M |
| OPERATING INCOME | $15M |
| Interest Income | $3M |
| Interest Expense | $8M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $18M |
| EBIT | $13M |
| EBITDA | $31M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $8M |
| Depreciation & Amortization | $18M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $8M |
| Change in Working Capital | $15M |
| OPERATING CASH FLOW | $50M |
| Capital Expenditure | -$13M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $10M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$13M |
| Common Stock Repurchased | -$2M |
| Common Dividends Paid | -$30M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$45M |
| FREE CASH FLOW | $37M |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $317M |
| Short-Term Investments | $0 |
| Net Receivables | $49M |
| Inventory | $3M |
| Other Current Assets | $14M |
| TOTAL CURRENT ASSETS | $382M |
| PP&E (Net) | $1.3B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $50M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $1.8B |
| Account Payables | $12M |
| Short-Term Debt | $55M |
| Deferred Revenue | $679.3K |
| Other Current Liabilities | $959.2K |
| TOTAL CURRENT LIABILITIES | $108M |
| Long-Term Debt | $499M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $625M |
| TOTAL LIABILITIES | $733M |
| Common Stock | $543.2K |
| Additional Paid-In Capital | $868M |
| Retained Earnings | $311M |
| Treasury Stock | -$133M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.0B |
| TOTAL LIABILITIES & EQUITY | $1.8B |
| Total Debt | $713M |
| Net Debt | $396M |
