| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $148M | $162M | $167M | -8.2% | -11.2% |
| Op. Income | $7M | $14M | $4M | -53.9% | 67.9% |
| Gross Margin | 60.9% | 65.0% | 55.9% | -4.0pp | 5.1pp |
| Net Margin | 2.3% | 3.2% | 5.2% | -0.9pp | -2.9pp |
| EPS (Diluted) | $0.07 | $0.11 | $0.20 | -35.8% | -64.7% |
| Free Cash Flow | $103M | $93M | $85M | 10.5% | 20.2% |
| Item | Amount |
|---|---|
| REVENUE | $148M |
| Cost of Revenue | $58M |
| GROSS PROFIT | $90M |
| R&D Expenses | $0 |
| Selling & Marketing | $16M |
| General & Administrative | -$19M |
| SG&A Expenses | -$3M |
| Other Expenses | $87M |
| Operating Expenses | $84M |
| Cost & Expenses | $142M |
| OPERATING INCOME | $7M |
| Interest Income | $232M |
| Interest Expense | $58M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $7M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $3M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $3M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $3M |
| D&A | $9M |
| EBIT | $7M |
| EBITDA | $16M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $148M |
| Cost of Revenue | $58M |
| GROSS PROFIT | $90M |
| R&D Expenses | $0 |
| Selling & Marketing | $16M |
| General & Administrative | -$19M |
| SG&A Expenses | -$3M |
| Other Expenses | $87M |
| Operating Expenses | $84M |
| Cost & Expenses | $142M |
| OPERATING INCOME | $7M |
| Interest Income | $232M |
| Interest Expense | $58M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $7M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $3M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $3M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $3M |
| D&A | $9M |
| EBIT | $7M |
| EBITDA | $16M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $3M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $118M |
| Change in Working Capital | -$12M |
| OPERATING CASH FLOW | $109M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$189M |
| NET CASH FROM INVESTING | -$189M |
| Net Debt Issuance | $57M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | $55M |
| FREE CASH FLOW | $103M |
| Net Change in Cash | -$25M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $106M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | -$12M |
| TOTAL CURRENT ASSETS | $106M |
| PP&E (Net) | $9M |
| Goodwill | $0 |
| Intangible Assets | $72M |
| Long-Term Investments | $2.9B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$2.9B |
| TOTAL NON-CURRENT ASSETS | $81M |
| TOTAL ASSETS | $3.3B |
| Account Payables | $17M |
| Short-Term Debt | $12M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$30M |
| TOTAL CURRENT LIABILITIES | $12M |
| Long-Term Debt | $2.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $57M |
| TOTAL NON-CURRENT LIABILITIES | $2.9B |
| TOTAL LIABILITIES | $2.9B |
| Common Stock | $8.0K |
| Additional Paid-In Capital | $624M |
| Retained Earnings | -$227M |
| Treasury Stock | -$6M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $390M |
| Minority Interest | $0 |
| TOTAL EQUITY | $390M |
| TOTAL LIABILITIES & EQUITY | $3.3B |
| Total Debt | $2.8B |
| Net Debt | $2.7B |
