| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | -$150M | -$93M | $80M | -60.7% | -286.3% |
| Op. Income | -$196M | -$140M | $30M | -40.0% | -762.9% |
| Gross Margin | 120.3% | 133.7% | 55.1% | -13.4pp | 65.2pp |
| Net Margin | 130.9% | 150.3% | 36.8% | -19.3pp | 94.1pp |
| EPS (Diluted) | $-0.50 | $-0.39 | $-0.02 | -28.2% | -2247.4% |
| Free Cash Flow | -$8M | $79M | $128M | -109.7% | -106.0% |
| Item | Amount |
|---|---|
| REVENUE | -$150M |
| Cost of Revenue | $30M |
| GROSS PROFIT | -$180M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $12M |
| SG&A Expenses | $12M |
| Other Expenses | $4M |
| Operating Expenses | $16M |
| Cost & Expenses | $46M |
| OPERATING INCOME | -$196M |
| Interest Income | $158M |
| Interest Expense | $30M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$196M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$196M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$196M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$226M |
| D&A | $0 |
| EBIT | -$196M |
| EBITDA | -$196M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$196M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $231M |
| Change in Working Capital | -$42M |
| OPERATING CASH FLOW | -$8M |
| 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 | $59M |
| Common Stock Repurchased | -$155.0K |
| Common Dividends Paid | -$72M |
| Other Financing Activities | -$924.0K |
| NET CASH FROM FINANCING | $4M |
| FREE CASH FLOW | -$8M |
| Net Change in Cash | -$4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $47M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $48M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $6.8B |
| TOTAL NON-CURRENT ASSETS | $6.8B |
| TOTAL ASSETS | $6.8B |
| Account Payables | $44M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $94M |
| Long-Term Debt | $2.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.6B |
| TOTAL NON-CURRENT LIABILITIES | $3.7B |
| TOTAL LIABILITIES | $3.8B |
| Common Stock | $456.0K |
| Additional Paid-In Capital | $4.2B |
| 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 | $6.8B |
| Total Debt | $2.1B |
| Net Debt | $2.0B |
