| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $134M | $86M | $157M | 55.4% | -14.5% |
| Op. Income | $49M | $30M | $80M | 61.8% | -38.2% |
| Gross Margin | 91.0% | 82.8% | 91.4% | 8.2pp | -0.4pp |
| Net Margin | 25.7% | 26.0% | 35.1% | -0.4pp | -9.5pp |
| EPS (Diluted) | $0.22 | $0.15 | $0.37 | 46.7% | -40.5% |
| Free Cash Flow | $0 | $64M | $23M | -100.0% | -100.0% |
| Item | Amount |
|---|---|
| REVENUE | $134M |
| Cost of Revenue | $12M |
| GROSS PROFIT | $122M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | $66M |
| Operating Expenses | $73M |
| Cost & Expenses | $85M |
| OPERATING INCOME | $49M |
| Interest Income | -$11M |
| Interest Expense | $0 |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | $38M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $35M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $35M |
| D&A | $0 |
| EBIT | $49M |
| EBITDA | $49M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $134M |
| Cost of Revenue | $12M |
| GROSS PROFIT | $122M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | $66M |
| Operating Expenses | $73M |
| Cost & Expenses | $85M |
| OPERATING INCOME | $49M |
| Interest Income | -$11M |
| Interest Expense | $0 |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | $38M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | $36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $35M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $35M |
| D&A | $0 |
| EBIT | $49M |
| EBITDA | $49M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $35M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$35M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | $0 |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $0 |
| FREE CASH FLOW | $0 |
| Net Change in Cash | $25M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $55M |
| Short-Term Investments | $35M |
| Net Receivables | $117M |
| Inventory | $0 |
| Other Current Assets | $197M |
| TOTAL CURRENT ASSETS | $404M |
| PP&E (Net) | $42M |
| Goodwill | $0 |
| Intangible Assets | $824M |
| Long-Term Investments | $45M |
| Tax Assets | $0 |
| Other Non-Current Assets | $175M |
| TOTAL NON-CURRENT ASSETS | $1.1B |
| TOTAL ASSETS | $1.5B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $314M |
| TOTAL CURRENT LIABILITIES | $393M |
| Long-Term Debt | $175M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $283M |
| TOTAL NON-CURRENT LIABILITIES | $458M |
| TOTAL LIABILITIES | $851M |
| Common Stock | $0 |
| Additional Paid-In Capital | $589M |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $29M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $618M |
| Minority Interest | $21M |
| TOTAL EQUITY | $639M |
| TOTAL LIABILITIES & EQUITY | $1.5B |
| Total Debt | $175M |
| Net Debt | $120M |
