| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $84M | $67M | $69M | 24.9% | 23.0% |
| Op. Income | $51M | $39M | $36M | 31.5% | 40.3% |
| Gross Margin | 84.4% | 53.9% | 53.2% | 30.5pp | 31.2pp |
| Net Margin | 29.2% | 56.9% | 53.9% | -27.7pp | -24.7pp |
| EPS (Diluted) | $0.28 | $0.44 | $0.45 | -36.4% | -37.8% |
| Free Cash Flow | $48M | -$72M | $96M | 166.5% | -49.9% |
| Item | Amount |
|---|---|
| REVENUE | $84M |
| Cost of Revenue | $13M |
| GROSS PROFIT | $71M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $18M |
| Operating Expenses | $20M |
| Cost & Expenses | $33M |
| OPERATING INCOME | $51M |
| Interest Income | $75M |
| Interest Expense | $26M |
| Other Income/Expenses | -$26M |
| INCOME BEFORE TAX | $25M |
| Income Tax Expense | $264.0K |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $25M |
| D&A | $0 |
| EBIT | $51M |
| EBITDA | $51M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $84M |
| Cost of Revenue | $13M |
| GROSS PROFIT | $71M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $18M |
| Operating Expenses | $20M |
| Cost & Expenses | $33M |
| OPERATING INCOME | $51M |
| Interest Income | $75M |
| Interest Expense | $26M |
| Other Income/Expenses | -$26M |
| INCOME BEFORE TAX | $25M |
| Income Tax Expense | $264.0K |
| Net Income from Continuing Ops | $25M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $25M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $25M |
| D&A | $0 |
| EBIT | $51M |
| EBITDA | $51M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $25M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $4M |
| Change in Working Capital | $19M |
| OPERATING CASH FLOW | $48M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$219M |
| Sales/Maturities of Investments | $173M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$46M |
| Net Debt Issuance | $35M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | -$34M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$234.0K |
| FREE CASH FLOW | $48M |
| Net Change in Cash | -$169.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $80M |
| Short-Term Investments | $0 |
| Net Receivables | $56M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $135M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $9M |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.9B |
| TOTAL NON-CURRENT ASSETS | $2.9B |
| TOTAL ASSETS | $3.0B |
| Account Payables | $12M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $12M |
| Long-Term Debt | $1.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $38M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $881.0K |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | -$885M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.5B |
| TOTAL LIABILITIES & EQUITY | $3.0B |
| Total Debt | $1.5B |
| Net Debt | $1.4B |
