| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $46M | $119M | -$128M | -61.7% | 135.8% |
| Op. Income | $5M | $82M | -$164M | -94.0% | 103.0% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | 10.4% | 61.3% | 128.2% | -50.9pp | -117.8pp |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | NaN% | NaN% |
| Free Cash Flow | $82M | -$44M | $35M | 285.1% | 131.4% |
| Item | Amount |
|---|---|
| REVENUE | $46M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $46M |
| R&D Expenses | $0 |
| Selling & Marketing | $20M |
| General & Administrative | $21M |
| SG&A Expenses | $41M |
| Other Expenses | $0 |
| Operating Expenses | $41M |
| Cost & Expenses | $41M |
| OPERATING INCOME | $5M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$275.0K |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $20.0K |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $5M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $5M |
| D&A | $0 |
| EBIT | $0 |
| EBITDA | $0 |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $46M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $46M |
| R&D Expenses | $0 |
| Selling & Marketing | $20M |
| General & Administrative | $21M |
| SG&A Expenses | $41M |
| Other Expenses | $0 |
| Operating Expenses | $41M |
| Cost & Expenses | $41M |
| OPERATING INCOME | $5M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$275.0K |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $20.0K |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $5M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $5M |
| D&A | $0 |
| EBIT | $0 |
| EBITDA | $0 |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $5M |
| Depreciation & Amortization | $12M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $69M |
| Change in Working Capital | -$4M |
| OPERATING CASH FLOW | $82M |
| Capital Expenditure | -$320.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$463M |
| NET CASH FROM INVESTING | -$464M |
| Net Debt Issuance | $759M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$256M |
| NET CASH FROM FINANCING | $504M |
| FREE CASH FLOW | $82M |
| Net Change in Cash | $122M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $257M |
| Short-Term Investments | $87M |
| Net Receivables | $297M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $642M |
| PP&E (Net) | $80M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $80M |
| TOTAL ASSETS | $38.8B |
| Account Payables | $0 |
| Short-Term Debt | $4.8B |
| Deferred Revenue | $31M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $4.9B |
| Long-Term Debt | $30.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5.3B |
| TOTAL NON-CURRENT LIABILITIES | $35.8B |
| TOTAL LIABILITIES | $35.8B |
| Common Stock | $3.0B |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.0B |
| Minority Interest | $21M |
| TOTAL EQUITY | $3.1B |
| TOTAL LIABILITIES & EQUITY | $38.8B |
| Total Debt | $32.8B |
| Net Debt | $30.2B |
