| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $52M | $40M | $48M | 30.4% | 7.8% |
| Op. Income | $34M | $19M | $30M | 83.9% | 15.3% |
| Gross Margin | 187.9% | 54.0% | 60.1% | 133.9pp | 127.8pp |
| Net Margin | 30.6% | 46.7% | 61.0% | -16.1pp | -30.4pp |
| EPS (Diluted) | $0.32 | $0.38 | $0.54 | -15.8% | -40.7% |
| Free Cash Flow | $25M | $12M | $44M | 101.8% | -43.6% |
| Item | Amount |
|---|---|
| REVENUE | $52M |
| Cost of Revenue | -$28M |
| GROSS PROFIT | $98M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $12M |
| Operating Expenses | $14M |
| Cost & Expenses | $18M |
| OPERATING INCOME | $34M |
| Interest Income | $47M |
| Interest Expense | $18M |
| Other Income/Expenses | -$18M |
| INCOME BEFORE TAX | $16M |
| Income Tax Expense | $276.0K |
| Net Income from Continuing Ops | $16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $16M |
| D&A | $0 |
| EBIT | $61M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $52M |
| Cost of Revenue | -$28M |
| GROSS PROFIT | $98M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $12M |
| Operating Expenses | $14M |
| Cost & Expenses | $18M |
| OPERATING INCOME | $34M |
| Interest Income | $47M |
| Interest Expense | $18M |
| Other Income/Expenses | -$18M |
| INCOME BEFORE TAX | $16M |
| Income Tax Expense | $276.0K |
| Net Income from Continuing Ops | $16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $16M |
| D&A | $0 |
| EBIT | $61M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $16M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $12M |
| OPERATING CASH FLOW | $25M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$80M |
| Sales/Maturities of Investments | $84M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $4M |
| Net Debt Issuance | $10M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$12M |
| FREE CASH FLOW | $25M |
| Net Change in Cash | $16M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $9M |
| Short-Term Investments | $0 |
| Net Receivables | $14M |
| Inventory | $0 |
| Other Current Assets | $54M |
| TOTAL CURRENT ASSETS | $77M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | $327.0K |
| TOTAL NON-CURRENT ASSETS | $2.0B |
| TOTAL ASSETS | $2.1B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $0 |
| Long-Term Debt | $1.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $64M |
| TOTAL NON-CURRENT LIABILITIES | $1.2B |
| TOTAL LIABILITIES | $1.2B |
| Common Stock | $494.0K |
| Additional Paid-In Capital | $930M |
| Retained Earnings | -$56M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $875M |
| Minority Interest | $0 |
| TOTAL EQUITY | $875M |
| TOTAL LIABILITIES & EQUITY | $2.1B |
| Total Debt | $1.1B |
| Net Debt | $1.1B |
