| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $107M | $90M | — | 18.6% | — |
| Op. Income | $50M | $44M | — | 14.0% | — |
| Gross Margin | 33.6% | 97.1% | — | -63.5pp | — |
| Net Margin | 35.8% | 36.6% | — | -0.8pp | — |
| EPS (Diluted) | $0.80 | $0.69 | — | 15.9% | — |
| Free Cash Flow | $59M | $58M | — | 3.0% | — |
| Item | Amount |
|---|---|
| REVENUE | $107M |
| Cost of Revenue | $71M |
| GROSS PROFIT | $36M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$14M |
| Operating Expenses | -$14M |
| Cost & Expenses | $56M |
| OPERATING INCOME | $50M |
| Interest Income | $0 |
| Interest Expense | $13M |
| Other Income/Expenses | -$12M |
| INCOME BEFORE TAX | $38M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $38M |
| Net Income Deductions | -$50.0K |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $22M |
| EBIT | $51M |
| EBITDA | $74M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $107M |
| Cost of Revenue | $71M |
| GROSS PROFIT | $36M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | -$14M |
| Operating Expenses | -$14M |
| Cost & Expenses | $56M |
| OPERATING INCOME | $50M |
| Interest Income | $0 |
| Interest Expense | $13M |
| Other Income/Expenses | -$12M |
| INCOME BEFORE TAX | $38M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $38M |
| Net Income Deductions | -$50.0K |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $22M |
| EBIT | $51M |
| EBITDA | $74M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $38M |
| Depreciation & Amortization | $22M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $12M |
| OPERATING CASH FLOW | $69M |
| Capital Expenditure | -$10M |
| Acquisitions (Net) | $1M |
| Purchases of Investments | -$183M |
| Sales/Maturities of Investments | $4M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$187M |
| Net Debt Issuance | $54M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$44M |
| Other Financing Activities | -$856.0K |
| NET CASH FROM FINANCING | $56M |
| FREE CASH FLOW | $59M |
| Net Change in Cash | -$62M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $20M |
| Short-Term Investments | $0 |
| Net Receivables | $291M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $310M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $2.5B |
| TOTAL ASSETS | $2.8B |
| Account Payables | $0 |
| Short-Term Debt | $125M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $125M |
| Long-Term Debt | $1.0B |
| Deferred Revenue NC | $5M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $88M |
| TOTAL NON-CURRENT LIABILITIES | $1.1B |
| TOTAL LIABILITIES | $1.3B |
| Common Stock | $483.0K |
| Additional Paid-In Capital | $1.9B |
| Retained Earnings | -$402M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.5B |
| Minority Interest | $18M |
| TOTAL EQUITY | $1.5B |
| TOTAL LIABILITIES & EQUITY | $2.8B |
| Total Debt | $1.2B |
| Net Debt | $1.1B |
