| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $362M | $352M | $289M | 2.8% | 25.3% |
| Op. Income | $19M | $26M | -$3M | -26.9% | 733.3% |
| Gross Margin | 12.7% | 31.8% | 4.8% | -19.1pp | 7.9pp |
| Net Margin | -2.8% | -3.1% | 34.9% | 0.4pp | -37.7pp |
| EPS (Diluted) | $-0.16 | $-0.17 | $1.60 | 5.9% | -110.0% |
| Free Cash Flow | -$85M | $9M | -$31M | -1044.4% | -174.2% |
| Item | Amount |
|---|---|
| REVENUE | $362M |
| Cost of Revenue | $316M |
| GROSS PROFIT | $46M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $27M |
| Cost & Expenses | $343M |
| OPERATING INCOME | $19M |
| Interest Income | $3M |
| Interest Expense | $16M |
| Other Income/Expenses | -$58M |
| INCOME BEFORE TAX | -$39M |
| Income Tax Expense | -$29M |
| Net Income from Continuing Ops | -$10M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$10M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$10M |
| D&A | $69M |
| EBIT | -$23M |
| EBITDA | $46M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$10M |
| Depreciation & Amortization | $69M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | $3M |
| Other Non-Cash Items | $33M |
| Change in Working Capital | -$141M |
| OPERATING CASH FLOW | -$40M |
| Capital Expenditure | -$45M |
| Acquisitions (Net) | $1M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $22M |
| NET CASH FROM INVESTING | -$22M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$3M |
| NET CASH FROM FINANCING | -$3M |
| FREE CASH FLOW | -$85M |
| Net Change in Cash | -$63M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $339M |
| Short-Term Investments | $0 |
| Net Receivables | $162M |
| Inventory | $0 |
| Other Current Assets | $257M |
| TOTAL CURRENT ASSETS | $758M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $44M |
| Other Non-Current Assets | $3.1B |
| TOTAL NON-CURRENT ASSETS | $3.2B |
| TOTAL ASSETS | $3.9B |
| Account Payables | $61M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $313M |
| TOTAL CURRENT LIABILITIES | $374M |
| Long-Term Debt | $613M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $14M |
| Other Non-Current Liabilities | $88M |
| TOTAL NON-CURRENT LIABILITIES | $715M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $1M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $870M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $2.0B |
| TOTAL STOCKHOLDERS' EQUITY | $2.9B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.9B |
| TOTAL LIABILITIES & EQUITY | $3.9B |
| Total Debt | $613M |
| Net Debt | $274M |
