| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $122M | $106M | $89M | 15.2% | 37.0% |
| Op. Income | $13M | $9M | $4M | 51.7% | 273.4% |
| Gross Margin | 43.4% | 45.5% | 46.1% | -2.1pp | -2.7pp |
| Net Margin | 11.0% | 3.4% | 1.9% | 7.6pp | 9.2pp |
| EPS (Diluted) | $0.36 | $0.09 | $0.04 | 291.3% | 700.0% |
| Free Cash Flow | $16M | $15M | $9M | 5.4% | 75.7% |
| Item | Amount |
|---|---|
| REVENUE | $122M |
| Cost of Revenue | $69M |
| GROSS PROFIT | $53M |
| R&D Expenses | $6M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $33M |
| Other Expenses | $0 |
| Operating Expenses | $40M |
| Cost & Expenses | $109M |
| OPERATING INCOME | $13M |
| Interest Income | $2M |
| Interest Expense | $4M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $11M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | $13M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $13M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $13M |
| D&A | $7M |
| EBIT | $13M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $122M |
| Cost of Revenue | $69M |
| GROSS PROFIT | $53M |
| R&D Expenses | $6M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $33M |
| Other Expenses | $0 |
| Operating Expenses | $40M |
| Cost & Expenses | $109M |
| OPERATING INCOME | $13M |
| Interest Income | $2M |
| Interest Expense | $4M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $11M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | $13M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $13M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $13M |
| D&A | $7M |
| EBIT | $13M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $13M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$4M |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | $18M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | -$17M |
| Purchases of Investments | -$12M |
| Sales/Maturities of Investments | $7M |
| Other Investing Activities | -$10M |
| NET CASH FROM INVESTING | -$40M |
| Net Debt Issuance | $185M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$853.4K |
| NET CASH FROM FINANCING | $185M |
| FREE CASH FLOW | $16M |
| Net Change in Cash | $154M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $412M |
| Short-Term Investments | $1M |
| Net Receivables | $152M |
| Inventory | $29M |
| Other Current Assets | $27M |
| TOTAL CURRENT ASSETS | $620M |
| PP&E (Net) | $29M |
| Goodwill | $64M |
| Intangible Assets | $126M |
| Long-Term Investments | $211.0K |
| Tax Assets | $4M |
| Other Non-Current Assets | $9M |
| TOTAL NON-CURRENT ASSETS | $233M |
| TOTAL ASSETS | $853M |
| Account Payables | $210M |
| Short-Term Debt | $7M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $58M |
| TOTAL CURRENT LIABILITIES | $274M |
| Long-Term Debt | $325M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $7M |
| Other Non-Current Liabilities | $9M |
| TOTAL NON-CURRENT LIABILITIES | $347M |
| TOTAL LIABILITIES | $622M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $243M |
| Retained Earnings | -$20M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $8M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $231M |
| Minority Interest | $0 |
| TOTAL EQUITY | $231M |
| TOTAL LIABILITIES & EQUITY | $853M |
| Total Debt | $338M |
| Net Debt | -$74M |
