| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $355M | $344M | $380M | 3.2% | -6.6% |
| Op. Income | $74M | $65M | $128M | 14.4% | -42.2% |
| Gross Margin | 44.4% | 40.9% | 50.1% | 3.5pp | -5.7pp |
| Net Margin | 19.1% | 15.9% | 25.2% | 3.2pp | -6.1pp |
| EPS (Diluted) | $1.28 | $0.97 | $1.85 | 32.0% | -30.8% |
| Free Cash Flow | -$196M | $11M | -$16M | -1865.2% | -1108.4% |
| Item | Amount |
|---|---|
| REVENUE | $355M |
| Cost of Revenue | $197M |
| GROSS PROFIT | $158M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $46M |
| SG&A Expenses | $46M |
| Other Expenses | $38M |
| Operating Expenses | $84M |
| Cost & Expenses | $281M |
| OPERATING INCOME | $74M |
| Interest Income | $307M |
| Interest Expense | $169M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $74M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $68M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $68M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $59M |
| D&A | $0 |
| EBIT | $74M |
| EBITDA | $74M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $355M |
| Cost of Revenue | $197M |
| GROSS PROFIT | $158M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $46M |
| SG&A Expenses | $46M |
| Other Expenses | $38M |
| Operating Expenses | $84M |
| Cost & Expenses | $281M |
| OPERATING INCOME | $74M |
| Interest Income | $307M |
| Interest Expense | $169M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $74M |
| Income Tax Expense | $6M |
| Net Income from Continuing Ops | $68M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $68M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $59M |
| D&A | $0 |
| EBIT | $74M |
| EBITDA | $74M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $68M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$264M |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | -$193M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | -$9M |
| Purchases of Investments | -$393M |
| Sales/Maturities of Investments | $335M |
| Other Investing Activities | -$120M |
| NET CASH FROM INVESTING | -$193M |
| Net Debt Issuance | $938M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$15M |
| Other Financing Activities | -$924M |
| NET CASH FROM FINANCING | -$620.0K |
| FREE CASH FLOW | -$196M |
| Net Change in Cash | -$386M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $16M |
| Short-Term Investments | $865M |
| Net Receivables | $11.0B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $11.9B |
| PP&E (Net) | $74M |
| Goodwill | $8M |
| Intangible Assets | $36.0K |
| Long-Term Investments | $18.4B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$18.4B |
| TOTAL NON-CURRENT ASSETS | $82M |
| TOTAL ASSETS | $19.4B |
| Account Payables | $0 |
| Short-Term Debt | $3.8B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $3.8B |
| Long-Term Debt | $83M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $34M |
| Other Non-Current Liabilities | $13.3B |
| TOTAL NON-CURRENT LIABILITIES | $13.4B |
| TOTAL LIABILITIES | $17.2B |
| Common Stock | $243M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$33.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.3B |
| TOTAL LIABILITIES & EQUITY | $19.4B |
| Total Debt | $3.8B |
| Net Debt | $3.8B |
