| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $68M | $68M | $63M | 0.9% | 7.9% |
| Op. Income | -$22M | $15M | $14M | -251.5% | -260.8% |
| Gross Margin | 58.7% | 56.2% | 49.6% | 2.4pp | 9.1pp |
| Net Margin | -40.1% | 15.9% | 17.8% | -56.0pp | -57.9pp |
| EPS (Diluted) | $-0.69 | $0.27 | $0.27 | -355.6% | -355.6% |
| Free Cash Flow | $15M | $14M | $6M | 14.0% | 169.2% |
| Item | Amount |
|---|---|
| REVENUE | $68M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $40M |
| R&D Expenses | $0 |
| Selling & Marketing | $579.0K |
| General & Administrative | $13M |
| SG&A Expenses | $14M |
| Other Expenses | $49M |
| Operating Expenses | $62M |
| Cost & Expenses | $91M |
| OPERATING INCOME | -$22M |
| Interest Income | $64M |
| Interest Expense | $27M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$22M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | -$27M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$27M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$27M |
| D&A | $2M |
| EBIT | -$22M |
| EBITDA | -$20M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$27M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $52M |
| Change in Working Capital | -$8M |
| OPERATING CASH FLOW | $16M |
| Capital Expenditure | -$736.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$38M |
| NET CASH FROM INVESTING | -$38M |
| Net Debt Issuance | $20M |
| Common Stock Repurchased | -$127.0K |
| Common Dividends Paid | -$5M |
| Other Financing Activities | $39M |
| NET CASH FROM FINANCING | $54M |
| FREE CASH FLOW | $15M |
| Net Change in Cash | $32M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $12M |
| Short-Term Investments | $1.4B |
| Net Receivables | $20M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.4B |
| PP&E (Net) | $46M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $3.8B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$3.8B |
| TOTAL NON-CURRENT ASSETS | $46M |
| TOTAL ASSETS | $5.8B |
| Account Payables | $0 |
| Short-Term Debt | $564M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $3.5B |
| TOTAL CURRENT LIABILITIES | $4.0B |
| Long-Term Debt | $962M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4.1B |
| TOTAL NON-CURRENT LIABILITIES | $5.1B |
| TOTAL LIABILITIES | $5.1B |
| Common Stock | $648.0K |
| Additional Paid-In Capital | $592M |
| Retained Earnings | $420M |
| Treasury Stock | -$308M |
| Accum. Other Comp. Income | -$4M |
| Other Equity | -$12M |
| TOTAL STOCKHOLDERS' EQUITY | $690M |
| Minority Interest | $0 |
| TOTAL EQUITY | $690M |
| TOTAL LIABILITIES & EQUITY | $5.8B |
| Total Debt | $992M |
| Net Debt | $979M |
