| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $678M | $1.0B | $956M | -33.3% | -29.1% |
| Op. Income | -$857M | -$260M | -$1.2B | -229.6% | 31.2% |
| Gross Margin | 33.3% | 0.8% | 22.7% | 32.5pp | 10.6pp |
| Net Margin | -121.8% | -19.7% | -117.2% | -102.1pp | -4.7pp |
| EPS (Diluted) | $-2.11 | $-0.51 | $-2.91 | -313.7% | 27.5% |
| Free Cash Flow | $912M | -$880M | $303M | 203.6% | 201.0% |
| Item | Amount |
|---|---|
| REVENUE | $678M |
| Cost of Revenue | $452M |
| GROSS PROFIT | $226M |
| R&D Expenses | $775M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $308M |
| Other Expenses | $0 |
| Operating Expenses | $1.1B |
| Cost & Expenses | $1.5B |
| OPERATING INCOME | -$857M |
| Interest Income | $70M |
| Interest Expense | $0 |
| Other Income/Expenses | $58M |
| INCOME BEFORE TAX | -$799M |
| Income Tax Expense | $27M |
| Net Income from Continuing Ops | -$826M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$826M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$826M |
| D&A | $67M |
| EBIT | -$799M |
| EBITDA | -$732M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$826M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $197M |
| Change in Working Capital | $1.6B |
| OPERATING CASH FLOW | $951M |
| Capital Expenditure | -$39M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.5B |
| Sales/Maturities of Investments | $1.5B |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$48M |
| Net Debt Issuance | $545M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | $560M |
| FREE CASH FLOW | $912M |
| Net Change in Cash | $1.5B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2.6B |
| Short-Term Investments | $3.2B |
| Net Receivables | $184M |
| Inventory | $153M |
| Other Current Assets | $408M |
| TOTAL CURRENT ASSETS | $6.5B |
| PP&E (Net) | $2.9B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | $605M |
| TOTAL NON-CURRENT ASSETS | $5.8B |
| TOTAL ASSETS | $12.3B |
| Account Payables | $317M |
| Short-Term Debt | $0 |
| Deferred Revenue | $99M |
| Other Current Liabilities | $1.6B |
| TOTAL CURRENT LIABILITIES | $2.0B |
| Long-Term Debt | $1.2B |
| Deferred Revenue NC | $153M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$368M |
| TOTAL NON-CURRENT LIABILITIES | $1.7B |
| TOTAL LIABILITIES | $3.7B |
| Common Stock | $0 |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | $7.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $45M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $8.7B |
| Minority Interest | $0 |
| TOTAL EQUITY | $8.7B |
| TOTAL LIABILITIES & EQUITY | $12.3B |
| Total Debt | $1.9B |
| Net Debt | -$679M |
