| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $270M | $275M | $284M | -1.9% | -5.1% |
| Op. Income | $47M | $4M | $19M | 966.5% | 148.7% |
| Gross Margin | 52.0% | 19.7% | 23.3% | 32.4pp | 28.7pp |
| Net Margin | 12.4% | 0.5% | 5.7% | 11.8pp | 6.7pp |
| EPS (Diluted) | $0.64 | $0.03 | $0.32 | 2193.9% | 100.0% |
| Free Cash Flow | -$13M | $24M | -$3M | -154.9% | -408.1% |
| Item | Amount |
|---|---|
| REVENUE | $270M |
| Cost of Revenue | $129M |
| GROSS PROFIT | $140M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $94M |
| Operating Expenses | $94M |
| Cost & Expenses | $223M |
| OPERATING INCOME | $47M |
| Interest Income | $0 |
| Interest Expense | $5M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $47M |
| Income Tax Expense | $13M |
| Net Income from Continuing Ops | $33M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $33M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $33M |
| D&A | $3M |
| EBIT | $52M |
| EBITDA | $55M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $270M |
| Cost of Revenue | $129M |
| GROSS PROFIT | $140M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $94M |
| Operating Expenses | $94M |
| Cost & Expenses | $223M |
| OPERATING INCOME | $47M |
| Interest Income | $0 |
| Interest Expense | $5M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $47M |
| Income Tax Expense | $13M |
| Net Income from Continuing Ops | $33M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $33M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $33M |
| D&A | $3M |
| EBIT | $52M |
| EBITDA | $55M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $33M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $8M |
| Other Non-Cash Items | $14M |
| Change in Working Capital | -$73M |
| OPERATING CASH FLOW | -$13M |
| Capital Expenditure | -$62.0K |
| Acquisitions (Net) | $708.0K |
| Purchases of Investments | -$223M |
| Sales/Maturities of Investments | $221M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$1M |
| Net Debt Issuance | -$2M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$3M |
| FREE CASH FLOW | -$13M |
| Net Change in Cash | -$18M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $36M |
| Short-Term Investments | $4.1B |
| Net Receivables | $228M |
| Inventory | $0 |
| Other Current Assets | -$33M |
| TOTAL CURRENT ASSETS | $550M |
| PP&E (Net) | $0 |
| Goodwill | $6M |
| Intangible Assets | $49M |
| Long-Term Investments | $350M |
| Tax Assets | $122M |
| Other Non-Current Assets | -$350M |
| TOTAL NON-CURRENT ASSETS | $176M |
| TOTAL ASSETS | $5.4B |
| Account Payables | $14M |
| Short-Term Debt | $15M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $3.5B |
| TOTAL CURRENT LIABILITIES | $3.6B |
| Long-Term Debt | $420M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $25M |
| Other Non-Current Liabilities | $3.3B |
| TOTAL NON-CURRENT LIABILITIES | $3.7B |
| TOTAL LIABILITIES | $4.1B |
| Common Stock | $640.0K |
| Additional Paid-In Capital | $414M |
| Retained Earnings | $1.5B |
| Treasury Stock | -$470M |
| Accum. Other Comp. Income | -$81M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.3B |
| TOTAL LIABILITIES & EQUITY | $5.4B |
| Total Debt | $446M |
| Net Debt | $410M |
