| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $76M | $84M | $34M | -9.3% | 127.0% |
| Op. Income | $32M | $51M | $8M | -36.5% | 322.8% |
| Gross Margin | 87.8% | 84.4% | 9.2% | 3.4pp | 78.6pp |
| Net Margin | 7.3% | 29.2% | 21.5% | -21.8pp | -14.2pp |
| EPS (Diluted) | $0.06 | $0.28 | $0.09 | -77.3% | -27.6% |
| Free Cash Flow | $42M | $48M | $144M | -13.2% | -71.2% |
| Item | Amount |
|---|---|
| REVENUE | $76M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $67M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $33M |
| Operating Expenses | $35M |
| Cost & Expenses | $44M |
| OPERATING INCOME | $32M |
| Interest Income | $72M |
| Interest Expense | $27M |
| Other Income/Expenses | -$27M |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | $36.0K |
| Net Income from Continuing Ops | $6M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $6M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $6M |
| D&A | $0 |
| EBIT | $32M |
| EBITDA | $32M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $76M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $67M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $33M |
| Operating Expenses | $35M |
| Cost & Expenses | $44M |
| OPERATING INCOME | $32M |
| Interest Income | $72M |
| Interest Expense | $27M |
| Other Income/Expenses | -$27M |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | $36.0K |
| Net Income from Continuing Ops | $6M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $6M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $6M |
| D&A | $0 |
| EBIT | $32M |
| EBITDA | $32M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $6M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $25M |
| Change in Working Capital | $11M |
| OPERATING CASH FLOW | $42M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$307M |
| Sales/Maturities of Investments | $182M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$125M |
| Net Debt Issuance | $120M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | -$34M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $85M |
| FREE CASH FLOW | $42M |
| Net Change in Cash | -$60M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $81M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $81M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $8M |
| Tax Assets | $0 |
| Other Non-Current Assets | $3.0B |
| TOTAL NON-CURRENT ASSETS | $3.0B |
| TOTAL ASSETS | $3.1B |
| Account Payables | $2M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $21M |
| TOTAL CURRENT LIABILITIES | $45M |
| Long-Term Debt | $1.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $7M |
| TOTAL NON-CURRENT LIABILITIES | $1.6B |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $881.0K |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | -$915M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.4B |
| TOTAL LIABILITIES & EQUITY | $3.1B |
| Total Debt | $1.6B |
| Net Debt | $1.5B |
