| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $398M | $295M | $344M | 34.9% | 15.9% |
| Op. Income | $31M | $20M | $44M | 56.5% | -29.6% |
| Gross Margin | 12.1% | 12.0% | 17.2% | 0.1pp | -5.2pp |
| Net Margin | 2.0% | 6.0% | 7.8% | -4.0pp | -5.8pp |
| EPS (Diluted) | $0.08 | $0.18 | $0.28 | -57.6% | -72.8% |
| Free Cash Flow | $96M | -$34M | $21M | 381.0% | 351.5% |
| Item | Amount |
|---|---|
| REVENUE | $398M |
| Cost of Revenue | $350M |
| GROSS PROFIT | $48M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $13M |
| Other Expenses | $5M |
| Operating Expenses | $17M |
| Cost & Expenses | $368M |
| OPERATING INCOME | $31M |
| Interest Income | $0 |
| Interest Expense | $8M |
| Other Income/Expenses | -$16M |
| 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 | $0 |
| EBIT | $31M |
| EBITDA | $31M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $398M |
| Cost of Revenue | $350M |
| GROSS PROFIT | $48M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $13M |
| Other Expenses | $5M |
| Operating Expenses | $17M |
| Cost & Expenses | $368M |
| OPERATING INCOME | $31M |
| Interest Income | $0 |
| Interest Expense | $8M |
| Other Income/Expenses | -$16M |
| 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 | $0 |
| EBIT | $31M |
| EBITDA | $31M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $8M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$4M |
| Other Non-Cash Items | $57M |
| Change in Working Capital | $77M |
| OPERATING CASH FLOW | $139M |
| Capital Expenditure | -$43M |
| Acquisitions (Net) | $3M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$5M |
| NET CASH FROM INVESTING | -$45M |
| Net Debt Issuance | -$24M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | -$30M |
| FREE CASH FLOW | $96M |
| Net Change in Cash | $55M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $125M |
| Short-Term Investments | $0 |
| Net Receivables | $354M |
| Inventory | $95M |
| Other Current Assets | $57M |
| TOTAL CURRENT ASSETS | $630M |
| PP&E (Net) | $486M |
| Goodwill | $645M |
| Intangible Assets | $47M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $43M |
| TOTAL NON-CURRENT ASSETS | $1.2B |
| TOTAL ASSETS | $1.9B |
| Account Payables | $421M |
| Short-Term Debt | $122M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $37M |
| TOTAL CURRENT LIABILITIES | $605M |
| Long-Term Debt | $210M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $2M |
| Other Non-Current Liabilities | $49M |
| TOTAL NON-CURRENT LIABILITIES | $279M |
| TOTAL LIABILITIES | $884M |
| Common Stock | $903M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $65M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $69.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $968M |
| Minority Interest | $0 |
| TOTAL EQUITY | $968M |
| TOTAL LIABILITIES & EQUITY | $1.9B |
| Total Debt | $350M |
| Net Debt | $225M |
