| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $534M | $315M | — | 69.5% | — |
| Op. Income | $107M | $40M | — | 169.8% | — |
| Gross Margin | 25.5% | 36.1% | — | -10.5pp | — |
| Net Margin | 14.3% | 5.8% | — | 8.4pp | — |
| EPS (Diluted) | $0.37 | $0.09 | — | 311.1% | — |
| Free Cash Flow | -$358M | -$122M | — | -193.3% | — |
| Item | Amount |
|---|---|
| REVENUE | $534M |
| Cost of Revenue | $398M |
| GROSS PROFIT | $136M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $29M |
| Operating Expenses | $29M |
| Cost & Expenses | $427M |
| OPERATING INCOME | $107M |
| Interest Income | $0 |
| Interest Expense | $29M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $84M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $76M |
| Net Income from Discontinued Ops | -$100.0K |
| Other Adjustments | $0 |
| NET INCOME | $76M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $76M |
| D&A | $52M |
| EBIT | $114M |
| EBITDA | $165M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $534M |
| Cost of Revenue | $398M |
| GROSS PROFIT | $136M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $29M |
| Operating Expenses | $29M |
| Cost & Expenses | $427M |
| OPERATING INCOME | $107M |
| Interest Income | $0 |
| Interest Expense | $29M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $84M |
| Income Tax Expense | $8M |
| Net Income from Continuing Ops | $76M |
| Net Income from Discontinued Ops | -$100.0K |
| Other Adjustments | $0 |
| NET INCOME | $76M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $76M |
| D&A | $52M |
| EBIT | $114M |
| EBITDA | $165M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $76M |
| Depreciation & Amortization | $51M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $132M |
| Change in Working Capital | -$178M |
| OPERATING CASH FLOW | $81M |
| Capital Expenditure | -$438M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $17M |
| NET CASH FROM INVESTING | -$421M |
| Net Debt Issuance | $322M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$29M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $293M |
| FREE CASH FLOW | -$358M |
| Net Change in Cash | -$48M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $28M |
| Short-Term Investments | $0 |
| Net Receivables | $259M |
| Inventory | $39M |
| Other Current Assets | $247M |
| TOTAL CURRENT ASSETS | $572M |
| PP&E (Net) | $6.0B |
| Goodwill | $346M |
| Intangible Assets | $0 |
| Long-Term Investments | $121M |
| Tax Assets | $134M |
| Other Non-Current Assets | $623M |
| TOTAL NON-CURRENT ASSETS | $7.2B |
| TOTAL ASSETS | $7.8B |
| Account Payables | $149M |
| Short-Term Debt | $149M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $343M |
| TOTAL CURRENT LIABILITIES | $685M |
| Long-Term Debt | $2.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $571M |
| Other Non-Current Liabilities | $1.1B |
| TOTAL NON-CURRENT LIABILITIES | $4.3B |
| TOTAL LIABILITIES | $5.0B |
| Common Stock | $204M |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | $1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$17M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.8B |
| TOTAL LIABILITIES & EQUITY | $7.8B |
| Total Debt | $2.7B |
| Net Debt | $2.7B |
