| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $119M | $118M | $116M | 0.4% | 2.6% |
| Op. Income | $28M | $38M | $23M | -26.9% | 19.7% |
| Gross Margin | 70.9% | 76.1% | 64.8% | -5.1pp | 6.1pp |
| Net Margin | 19.2% | 25.2% | 16.4% | -5.9pp | 2.8pp |
| EPS (Diluted) | $1.15 | $1.52 | $0.96 | -24.3% | 19.8% |
| Free Cash Flow | $34M | $31M | $23M | 9.0% | 48.6% |
| Item | Amount |
|---|---|
| REVENUE | $119M |
| Cost of Revenue | $35M |
| GROSS PROFIT | $84M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $38M |
| SG&A Expenses | $40M |
| Other Expenses | $16M |
| Operating Expenses | $57M |
| Cost & Expenses | $91M |
| OPERATING INCOME | $28M |
| Interest Income | $103M |
| Interest Expense | $24M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $28M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $23M |
| D&A | $0 |
| EBIT | $28M |
| EBITDA | $28M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $119M |
| Cost of Revenue | $35M |
| GROSS PROFIT | $84M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $38M |
| SG&A Expenses | $40M |
| Other Expenses | $16M |
| Operating Expenses | $57M |
| Cost & Expenses | $91M |
| OPERATING INCOME | $28M |
| Interest Income | $103M |
| Interest Expense | $24M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $28M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $23M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $23M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $23M |
| D&A | $0 |
| EBIT | $28M |
| EBITDA | $28M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $23M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $19M |
| Change in Working Capital | -$9M |
| OPERATING CASH FLOW | $33M |
| Capital Expenditure | $276.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$228M |
| Sales/Maturities of Investments | $166M |
| Other Investing Activities | -$256M |
| NET CASH FROM INVESTING | -$299M |
| Net Debt Issuance | $125M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$9M |
| Other Financing Activities | -$115M |
| NET CASH FROM FINANCING | $1M |
| FREE CASH FLOW | $34M |
| Net Change in Cash | -$264M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $220M |
| Short-Term Investments | $0 |
| Net Receivables | $22M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $242M |
| PP&E (Net) | $67M |
| Goodwill | $41M |
| Intangible Assets | $0 |
| Long-Term Investments | $6.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | $217M |
| TOTAL NON-CURRENT ASSETS | $6.8B |
| TOTAL ASSETS | $7.0B |
| Account Payables | $0 |
| Short-Term Debt | $356M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $356M |
| Long-Term Debt | $246M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5.3B |
| TOTAL NON-CURRENT LIABILITIES | $5.6B |
| TOTAL LIABILITIES | $5.9B |
| Common Stock | $5M |
| Additional Paid-In Capital | $157M |
| Retained Earnings | $945M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$4M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $7.0B |
| Total Debt | $627M |
| Net Debt | $407M |
