| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $56M | $42M | $63M | 33.1% | -10.6% |
| Op. Income | $5M | $23M | $12M | -76.7% | -55.4% |
| Gross Margin | 65.8% | 47.9% | 70.7% | 18.0pp | -4.8pp |
| Net Margin | 7.5% | 40.5% | 15.0% | -33.0pp | -7.5pp |
| EPS (Diluted) | $0.32 | $1.32 | $0.72 | -75.8% | -55.6% |
| Free Cash Flow | -$16M | -$4M | -$11M | -345.8% | -46.9% |
| Item | Amount |
|---|---|
| REVENUE | $56M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $37M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $17M |
| SG&A Expenses | $17M |
| Other Expenses | $14M |
| Operating Expenses | $32M |
| Cost & Expenses | $51M |
| OPERATING INCOME | $5M |
| Interest Income | $45M |
| Interest Expense | $17M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | $4M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $4M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $4M |
| D&A | $0 |
| EBIT | $5M |
| EBITDA | $5M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $56M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $37M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $17M |
| SG&A Expenses | $17M |
| Other Expenses | $14M |
| Operating Expenses | $32M |
| Cost & Expenses | $51M |
| OPERATING INCOME | $5M |
| Interest Income | $45M |
| Interest Expense | $17M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | $4M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $4M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $4M |
| D&A | $0 |
| EBIT | $5M |
| EBITDA | $5M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $4M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$42M |
| Change in Working Capital | $23M |
| OPERATING CASH FLOW | -$15M |
| Capital Expenditure | -$713.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$107M |
| NET CASH FROM INVESTING | -$107M |
| Net Debt Issuance | $364.0K |
| Common Stock Repurchased | -$142.0K |
| Common Dividends Paid | -$2M |
| Other Financing Activities | $66M |
| NET CASH FROM FINANCING | $66M |
| FREE CASH FLOW | -$16M |
| Net Change in Cash | -$56M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $244M |
| Short-Term Investments | $411M |
| Net Receivables | $2.3B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $3.0B |
| PP&E (Net) | $10M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2.9B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$2.9B |
| TOTAL NON-CURRENT ASSETS | $10M |
| TOTAL ASSETS | $3.3B |
| Account Payables | $0 |
| Short-Term Debt | $6M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $6M |
| Long-Term Debt | $74M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2.9B |
| TOTAL NON-CURRENT LIABILITIES | $3.0B |
| TOTAL LIABILITIES | $3.0B |
| Common Stock | $14M |
| Additional Paid-In Capital | $170M |
| Retained Earnings | $190M |
| Treasury Stock | -$27M |
| Accum. Other Comp. Income | -$14M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $334M |
| Minority Interest | $0 |
| TOTAL EQUITY | $334M |
| TOTAL LIABILITIES & EQUITY | $3.3B |
| Total Debt | $103M |
| Net Debt | -$141M |
