| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $369M | $340M | $324M | 8.7% | 14.1% |
| Op. Income | $27M | -$305.0K | $7M | 8891.1% | 274.6% |
| Gross Margin | 29.3% | 32.2% | 25.2% | -2.9pp | 4.1pp |
| Net Margin | 8.1% | -30.0% | 0.9% | 38.1pp | 7.2pp |
| EPS (Diluted) | $0.43 | $-1.46 | $0.04 | 129.5% | 1071.7% |
| Free Cash Flow | $43M | $50M | $30M | -14.6% | 43.0% |
| Item | Amount |
|---|---|
| REVENUE | $369M |
| Cost of Revenue | $261M |
| GROSS PROFIT | $108M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $82M |
| Operating Expenses | $82M |
| Cost & Expenses | $343M |
| OPERATING INCOME | $27M |
| Interest Income | $4M |
| Interest Expense | $176.0K |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | $31M |
| Income Tax Expense | $922.0K |
| Net Income from Continuing Ops | $30M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $30M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $30M |
| D&A | $8M |
| EBIT | $31M |
| EBITDA | $39M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $369M |
| Cost of Revenue | $261M |
| GROSS PROFIT | $108M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $82M |
| Operating Expenses | $82M |
| Cost & Expenses | $343M |
| OPERATING INCOME | $27M |
| Interest Income | $4M |
| Interest Expense | $176.0K |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | $31M |
| Income Tax Expense | $922.0K |
| Net Income from Continuing Ops | $30M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $30M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $30M |
| D&A | $8M |
| EBIT | $31M |
| EBITDA | $39M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $30M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $26M |
| Change in Working Capital | -$17M |
| OPERATING CASH FLOW | $47M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$10M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$17M |
| Net Debt Issuance | -$369M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $3M |
| FREE CASH FLOW | $43M |
| Net Change in Cash | $14M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $510M |
| Short-Term Investments | $0 |
| Net Receivables | $232M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $741M |
| PP&E (Net) | $47M |
| Goodwill | $0 |
| Intangible Assets | $269M |
| Long-Term Investments | $30M |
| Tax Assets | $0 |
| Other Non-Current Assets | $172M |
| TOTAL NON-CURRENT ASSETS | $518M |
| TOTAL ASSETS | $1.3B |
| Account Payables | $0 |
| Short-Term Debt | $2M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $2M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $10M |
| Deferred Tax Liabilities | $22M |
| Other Non-Current Liabilities | $345M |
| TOTAL NON-CURRENT LIABILITIES | $377M |
| TOTAL LIABILITIES | $378M |
| Common Stock | $86.0K |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | -$632M |
| Treasury Stock | -$8M |
| Accum. Other Comp. Income | -$641.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $881M |
| Minority Interest | $0 |
| TOTAL EQUITY | $881M |
| TOTAL LIABILITIES & EQUITY | $1.3B |
| Total Debt | $2M |
| Net Debt | -$508M |
