| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $70M | $83M | $81M | -15.6% | -13.2% |
| Op. Income | $15M | $20M | $19M | -25.4% | -22.8% |
| Gross Margin | 46.6% | 58.1% | 55.4% | -11.5pp | -8.9pp |
| Net Margin | 11.0% | 18.5% | 19.3% | -7.5pp | -8.3pp |
| EPS (Diluted) | $0.19 | $0.43 | $0.40 | -55.8% | -52.5% |
| Free Cash Flow | -$2M | $24M | $20M | -106.7% | -108.1% |
| Item | Amount |
|---|---|
| REVENUE | $70M |
| Cost of Revenue | $38M |
| GROSS PROFIT | $33M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $23M |
| SG&A Expenses | $23M |
| Other Expenses | -$5M |
| Operating Expenses | $18M |
| Cost & Expenses | $55M |
| OPERATING INCOME | $15M |
| Interest Income | $97M |
| Interest Expense | $39M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $15M |
| Income Tax Expense | $7M |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $3M |
| EBIT | $15M |
| EBITDA | $17M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $70M |
| Cost of Revenue | $38M |
| GROSS PROFIT | $33M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $23M |
| SG&A Expenses | $23M |
| Other Expenses | -$5M |
| Operating Expenses | $18M |
| Cost & Expenses | $55M |
| OPERATING INCOME | $15M |
| Interest Income | $97M |
| Interest Expense | $39M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $15M |
| Income Tax Expense | $7M |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $3M |
| EBIT | $15M |
| EBITDA | $17M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $8M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $3M |
| Other Non-Cash Items | -$13M |
| Change in Working Capital | -$4M |
| OPERATING CASH FLOW | -$440.0K |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | -$48M |
| Purchases of Investments | -$68M |
| Sales/Maturities of Investments | $43M |
| Other Investing Activities | -$87M |
| NET CASH FROM INVESTING | -$161M |
| Net Debt Issuance | $124M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$3M |
| Other Financing Activities | $152M |
| NET CASH FROM FINANCING | $273M |
| FREE CASH FLOW | -$2M |
| Net Change in Cash | $112M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $326M |
| Short-Term Investments | $269M |
| Net Receivables | $6.0B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $6.6B |
| PP&E (Net) | $46M |
| Goodwill | $17M |
| Intangible Assets | $19M |
| Long-Term Investments | $0 |
| Tax Assets | $48M |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $130M |
| TOTAL ASSETS | $7.0B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $22M |
| TOTAL CURRENT LIABILITIES | $22M |
| Long-Term Debt | $196M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5.9B |
| TOTAL NON-CURRENT LIABILITIES | $6.1B |
| TOTAL LIABILITIES | $6.1B |
| Common Stock | $458.0K |
| Additional Paid-In Capital | $459M |
| Retained Earnings | $445M |
| Treasury Stock | -$42M |
| Accum. Other Comp. Income | -$3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $859M |
| Minority Interest | $0 |
| TOTAL EQUITY | $859M |
| TOTAL LIABILITIES & EQUITY | $7.0B |
| Total Debt | $196M |
| Net Debt | -$129M |
