| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | -$145M | $27M | $26M | -631.0% | -659.1% |
| Op. Income | -$92M | -$13M | -$20M | -589.5% | -358.8% |
| Gross Margin | 71.1% | 16.0% | -33.6% | 55.0pp | 104.7pp |
| Net Margin | 21.1% | -49.1% | 25.2% | 70.2pp | -4.1pp |
| EPS (Diluted) | $-4.84 | $-1.64 | $0.23 | -195.1% | -2204.3% |
| Free Cash Flow | -$5M | -$58M | -$24M | 90.6% | 77.4% |
| Item | Amount |
|---|---|
| REVENUE | -$145M |
| Cost of Revenue | -$42M |
| GROSS PROFIT | -$103M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | -$13M |
| Operating Expenses | -$11M |
| Cost & Expenses | -$53M |
| OPERATING INCOME | -$92M |
| Interest Income | $15M |
| Interest Expense | $2M |
| Other Income/Expenses | $62M |
| INCOME BEFORE TAX | -$30M |
| Income Tax Expense | $407.0K |
| Net Income from Continuing Ops | -$31M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$31M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$31M |
| D&A | -$11M |
| EBIT | -$45M |
| EBITDA | -$56M |
| EPS | -$5 |
| EPS Diluted | -$5 |
| Item | Amount |
|---|---|
| Net Income | -$31M |
| Depreciation & Amortization | -$7M |
| Stock-Based Compensation | $884.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $30M |
| Change in Working Capital | $1M |
| OPERATING CASH FLOW | -$5M |
| Capital Expenditure | $4 |
| Acquisitions (Net) | -$42M |
| Purchases of Investments | -$110M |
| Sales/Maturities of Investments | $98M |
| Other Investing Activities | $41M |
| NET CASH FROM INVESTING | -$12M |
| Net Debt Issuance | -$974.5K |
| Common Stock Repurchased | $18.8K |
| Common Dividends Paid | -$384.0K |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | -$5M |
| Net Change in Cash | -$18M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $15M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $15M |
| PP&E (Net) | $0 |
| Goodwill | $30M |
| Intangible Assets | $11M |
| Long-Term Investments | $1.1B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$1.1B |
| TOTAL NON-CURRENT ASSETS | $41M |
| TOTAL ASSETS | $1.6B |
| Account Payables | $0 |
| Short-Term Debt | $408.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $408.0K |
| Long-Term Debt | $94M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.4B |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $13.0K |
| Additional Paid-In Capital | $177M |
| Retained Earnings | -$121M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $35M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $91M |
| Minority Interest | $0 |
| TOTAL EQUITY | $91M |
| TOTAL LIABILITIES & EQUITY | $1.6B |
| Total Debt | $94M |
| Net Debt | $79M |
