| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $346M | $273M | — | 26.9% | — |
| Op. Income | $60M | -$19M | — | 410.1% | — |
| Gross Margin | 21.2% | 58.7% | — | -37.4pp | — |
| Net Margin | 21.1% | -13.1% | — | 34.2pp | — |
| EPS (Diluted) | $0.47 | $-0.28 | — | 267.9% | — |
| Free Cash Flow | -$57M | $48M | — | -218.6% | — |
| Item | Amount |
|---|---|
| REVENUE | $346M |
| Cost of Revenue | $272M |
| GROSS PROFIT | $73M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $14M |
| Other Expenses | $0 |
| Operating Expenses | $14M |
| Cost & Expenses | $286M |
| OPERATING INCOME | $60M |
| Interest Income | $0 |
| Interest Expense | $30M |
| Other Income/Expenses | $14M |
| INCOME BEFORE TAX | $73M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $73M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $73M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $73M |
| D&A | $97M |
| EBIT | $60M |
| EBITDA | $156M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $346M |
| Cost of Revenue | $272M |
| GROSS PROFIT | $73M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $14M |
| Other Expenses | $0 |
| Operating Expenses | $14M |
| Cost & Expenses | $286M |
| OPERATING INCOME | $60M |
| Interest Income | $0 |
| Interest Expense | $30M |
| Other Income/Expenses | $14M |
| INCOME BEFORE TAX | $73M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $73M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $73M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $73M |
| D&A | $97M |
| EBIT | $60M |
| EBITDA | $156M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $73M |
| Depreciation & Amortization | $97M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$4M |
| Change in Working Capital | -$40M |
| OPERATING CASH FLOW | $129M |
| Capital Expenditure | -$186M |
| Acquisitions (Net) | $215.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $95M |
| NET CASH FROM INVESTING | -$91M |
| Net Debt Issuance | -$596.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $11M |
| NET CASH FROM FINANCING | -$49M |
| FREE CASH FLOW | -$57M |
| Net Change in Cash | -$11M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $43M |
| Short-Term Investments | $0 |
| Net Receivables | $230M |
| Inventory | $44M |
| Other Current Assets | $61M |
| TOTAL CURRENT ASSETS | $378M |
| PP&E (Net) | $250M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $12M |
| Tax Assets | $0 |
| Other Non-Current Assets | $3.1B |
| TOTAL NON-CURRENT ASSETS | $3.4B |
| TOTAL ASSETS | $3.8B |
| Account Payables | $70M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $283M |
| TOTAL CURRENT LIABILITIES | $360M |
| Long-Term Debt | $1.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $271M |
| TOTAL NON-CURRENT LIABILITIES | $1.4B |
| TOTAL LIABILITIES | $1.8B |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $2.3B |
| TOTAL STOCKHOLDERS' EQUITY | $2.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.0B |
| TOTAL LIABILITIES & EQUITY | $3.8B |
| Total Debt | $1.2B |
| Net Debt | $1.1B |
