| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $115M | — | $37M | — | 207.7% |
| Op. Income | $41M | — | $9M | — | 347.8% |
| Gross Margin | 93.8% | — | 39.2% | — | 54.5pp |
| Net Margin | 25.5% | — | 31.3% | — | -5.8pp |
| EPS (Diluted) | $1.13 | — | $0.45 | — | 151.7% |
| Free Cash Flow | $53M | — | $27M | — | 98.6% |
| Item | Amount |
|---|---|
| REVENUE | $115M |
| Cost of Revenue | $7M |
| GROSS PROFIT | $108M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $67M |
| Operating Expenses | $67M |
| Cost & Expenses | $74M |
| OPERATING INCOME | $41M |
| Interest Income | $3M |
| Interest Expense | $402.2K |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $39M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $29M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $29M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $29M |
| D&A | $663.8K |
| EBIT | $40M |
| EBITDA | $40M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $115M |
| Cost of Revenue | $7M |
| GROSS PROFIT | $108M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $67M |
| Operating Expenses | $67M |
| Cost & Expenses | $74M |
| OPERATING INCOME | $41M |
| Interest Income | $3M |
| Interest Expense | $402.2K |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | $39M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $29M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $29M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $29M |
| D&A | $663.8K |
| EBIT | $40M |
| EBITDA | $40M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $29M |
| Depreciation & Amortization | $663.8K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $27M |
| OPERATING CASH FLOW | $53M |
| Capital Expenditure | -$328.7K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $4.6K |
| Sales/Maturities of Investments | $2M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $1M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $898 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$429.1K |
| NET CASH FROM FINANCING | -$11M |
| FREE CASH FLOW | $53M |
| Net Change in Cash | $43M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $118M |
| Short-Term Investments | $6M |
| Net Receivables | $50M |
| Inventory | $0 |
| Other Current Assets | -$90.1K |
| TOTAL CURRENT ASSETS | $174M |
| PP&E (Net) | $21M |
| Goodwill | $14M |
| Intangible Assets | $134M |
| Long-Term Investments | $77M |
| Tax Assets | $3M |
| Other Non-Current Assets | $103M |
| TOTAL NON-CURRENT ASSETS | $353M |
| TOTAL ASSETS | $526M |
| Account Payables | $10M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $71M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $10M |
| Other Non-Current Liabilities | $35M |
| TOTAL NON-CURRENT LIABILITIES | $45M |
| TOTAL LIABILITIES | $116M |
| Common Stock | $328M |
| Additional Paid-In Capital | $26M |
| Retained Earnings | -$24M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$61M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $268M |
| Minority Interest | $0 |
| TOTAL EQUITY | $268M |
| TOTAL LIABILITIES & EQUITY | $526M |
| Total Debt | $0 |
| Net Debt | -$118M |
