| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $130M | $117M | $98M | 11.2% | 32.2% |
| Op. Income | $55M | $36M | $31M | 55.4% | 79.0% |
| Gross Margin | 106.0% | 85.1% | 68.8% | 20.9pp | 37.2pp |
| Net Margin | 32.9% | 22.8% | 25.8% | 10.0pp | 7.0pp |
| EPS (Diluted) | $1.19 | $0.75 | $0.69 | 58.7% | 72.5% |
| Free Cash Flow | $154M | $32M | $937.7K | 377.2% | 16347.2% |
| Item | Amount |
|---|---|
| REVENUE | $130M |
| Cost of Revenue | -$8M |
| GROSS PROFIT | $138M |
| R&D Expenses | $0 |
| Selling & Marketing | $9M |
| General & Administrative | $5M |
| SG&A Expenses | $14M |
| Other Expenses | $68M |
| Operating Expenses | $82M |
| Cost & Expenses | $75M |
| OPERATING INCOME | $55M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | $52M |
| Income Tax Expense | $9M |
| Net Income from Continuing Ops | $43M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $43M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $43M |
| D&A | $389.0K |
| EBIT | $55M |
| EBITDA | $56M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $130M |
| Cost of Revenue | -$8M |
| GROSS PROFIT | $138M |
| R&D Expenses | $0 |
| Selling & Marketing | $9M |
| General & Administrative | $5M |
| SG&A Expenses | $14M |
| Other Expenses | $68M |
| Operating Expenses | $82M |
| Cost & Expenses | $75M |
| OPERATING INCOME | $55M |
| Interest Income | $0 |
| Interest Expense | $4M |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | $52M |
| Income Tax Expense | $9M |
| Net Income from Continuing Ops | $43M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $43M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $43M |
| D&A | $389.0K |
| EBIT | $55M |
| EBITDA | $56M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $43M |
| Depreciation & Amortization | $389.0K |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | -$172.0K |
| Other Non-Cash Items | $36M |
| Change in Working Capital | $74M |
| OPERATING CASH FLOW | $154M |
| Capital Expenditure | -$61.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$179M |
| NET CASH FROM INVESTING | -$179M |
| Net Debt Issuance | $22M |
| Common Stock Repurchased | -$30M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$7M |
| FREE CASH FLOW | $154M |
| Net Change in Cash | -$32M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $64M |
| Short-Term Investments | $0 |
| Net Receivables | $255M |
| Inventory | $0 |
| Other Current Assets | $33M |
| TOTAL CURRENT ASSETS | $352M |
| PP&E (Net) | $665.0K |
| Goodwill | $0 |
| Intangible Assets | $3M |
| Long-Term Investments | $0 |
| Tax Assets | $14M |
| Other Non-Current Assets | $31M |
| TOTAL NON-CURRENT ASSETS | $48M |
| TOTAL ASSETS | $400M |
| Account Payables | $56M |
| Short-Term Debt | $0 |
| Deferred Revenue | $5M |
| Other Current Liabilities | $28M |
| TOTAL CURRENT LIABILITIES | $90M |
| Long-Term Debt | $141M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $141M |
| TOTAL LIABILITIES | $230M |
| Common Stock | $195M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$324.0K |
| Treasury Stock | -$24M |
| Accum. Other Comp. Income | -$683.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $170M |
| Minority Interest | $0 |
| TOTAL EQUITY | $170M |
| TOTAL LIABILITIES & EQUITY | $400M |
| Total Debt | $141M |
| Net Debt | $77M |
