| Metric | Q1 2026 | Q4 2025 | Q1 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $121M | -$150M | -$82M | 181.2% | 247.9% |
| Op. Income | $78M | -$196M | -$134M | 139.8% | 158.2% |
| Gross Margin | 75.7% | 120.3% | 142.9% | -44.6pp | -67.2pp |
| Net Margin | 64.2% | 130.9% | 163.2% | -66.8pp | -99.0pp |
| EPS (Diluted) | $0.15 | $-0.50 | $-0.38 | 130.0% | 139.5% |
| Free Cash Flow | $279M | -$8M | $174M | 3755.6% | 60.6% |
| Item | Amount |
|---|---|
| REVENUE | $121M |
| Cost of Revenue | $30M |
| GROSS PROFIT | $92M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $10M |
| SG&A Expenses | $10M |
| Other Expenses | $4M |
| Operating Expenses | $14M |
| Cost & Expenses | $44M |
| OPERATING INCOME | $78M |
| Interest Income | $152M |
| Interest Expense | $30M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $78M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $78M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $78M |
| Net Income Deductions | -$20M |
| BOTTOM LINE NET INCOME | $68M |
| D&A | $0 |
| EBIT | $78M |
| EBITDA | $78M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $121M |
| Cost of Revenue | $30M |
| GROSS PROFIT | $92M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $10M |
| SG&A Expenses | $10M |
| Other Expenses | $4M |
| Operating Expenses | $14M |
| Cost & Expenses | $44M |
| OPERATING INCOME | $78M |
| Interest Income | $152M |
| Interest Expense | $30M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $78M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $78M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $78M |
| Net Income Deductions | -$20M |
| BOTTOM LINE NET INCOME | $68M |
| D&A | $0 |
| EBIT | $78M |
| EBITDA | $78M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $78M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $162M |
| Change in Working Capital | $39M |
| OPERATING CASH FLOW | $279M |
| 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 | -$168M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | -$89M |
| Other Financing Activities | $145.0K |
| NET CASH FROM FINANCING | -$243M |
| FREE CASH FLOW | $279M |
| Net Change in Cash | $36M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $83M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $85M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $6.6B |
| TOTAL NON-CURRENT ASSETS | $6.6B |
| TOTAL ASSETS | $6.6B |
| Account Payables | $41M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $88M |
| Long-Term Debt | $1.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.6B |
| TOTAL NON-CURRENT LIABILITIES | $3.5B |
| TOTAL LIABILITIES | $3.6B |
| Common Stock | $466.0K |
| Additional Paid-In Capital | $4.3B |
| Retained Earnings | -$1.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.0B |
| TOTAL LIABILITIES & EQUITY | $6.6B |
| Total Debt | $1.9B |
| Net Debt | $1.8B |
