| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $224M | — | $158M | — | 41.9% |
| Op. Income | $4M | — | $136M | — | -97.3% |
| Net Margin | -7.7% | — | 76.1% | — | -83.7pp |
| EPS (Diluted) | $-0.04 | — | $0.55 | — | -106.9% |
| Free Cash Flow | $369M | — | $215M | — | 72.0% |
| Item | Amount |
|---|---|
| REVENUE | $224M |
| Cost of Revenue | -$13M |
| GROSS PROFIT | $0 |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $0 |
| Operating Expenses | $0 |
| Cost & Expenses | $220M |
| OPERATING INCOME | $4M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$21M |
| INCOME BEFORE TAX | -$17M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$17M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$17M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$17M |
| D&A | $0 |
| EBIT | $4M |
| EBITDA | $4M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$17M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $375M |
| Change in Working Capital | $11M |
| OPERATING CASH FLOW | $369M |
| Capital Expenditure | -$5 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$845M |
| Sales/Maturities of Investments | $18M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$827M |
| Net Debt Issuance | $179M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$181M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $547M |
| FREE CASH FLOW | $369M |
| Net Change in Cash | $89M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $295M |
| Short-Term Investments | $0 |
| Net Receivables | $25M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $320M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.5B |
| TOTAL NON-CURRENT ASSETS | $2.5B |
| TOTAL ASSETS | $2.8B |
| Account Payables | $1M |
| Short-Term Debt | $141M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$141M |
| TOTAL CURRENT LIABILITIES | $1M |
| Long-Term Debt | $487M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $395M |
| TOTAL NON-CURRENT LIABILITIES | $882M |
| TOTAL LIABILITIES | $883M |
| Common Stock | $5M |
| Additional Paid-In Capital | $2.6B |
| Retained Earnings | -$674M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.0B |
| TOTAL LIABILITIES & EQUITY | $2.8B |
| Total Debt | $487M |
| Net Debt | $192M |
