| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $51M | $50M | $47M | 1.7% | 8.9% |
| Op. Income | $14M | $16M | $16M | -14.4% | -12.0% |
| Gross Margin | 89.0% | 88.1% | 87.3% | 0.9pp | 1.7pp |
| Net Margin | 9.9% | 23.3% | 23.9% | -13.4pp | -14.0pp |
| EPS (Diluted) | $0.09 | $0.21 | $0.20 | -57.1% | -55.0% |
| Free Cash Flow | $27M | $29M | $34M | -5.8% | -19.5% |
| Item | Amount |
|---|---|
| REVENUE | $51M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $45M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | $26M |
| Operating Expenses | $31M |
| Cost & Expenses | $37M |
| OPERATING INCOME | $14M |
| Interest Income | $0 |
| Interest Expense | $9M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $5M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $5M |
| D&A | $22M |
| EBIT | $14M |
| EBITDA | $36M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $51M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $45M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | $26M |
| Operating Expenses | $31M |
| Cost & Expenses | $37M |
| OPERATING INCOME | $14M |
| Interest Income | $0 |
| Interest Expense | $9M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | $5M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $5M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $5M |
| D&A | $22M |
| EBIT | $14M |
| EBITDA | $36M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $5M |
| Depreciation & Amortization | $22M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | $33M |
| Capital Expenditure | -$6M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$8.0K |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$500.0K |
| NET CASH FROM INVESTING | -$6M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$22M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$22M |
| FREE CASH FLOW | $27M |
| Net Change in Cash | $5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $32M |
| Short-Term Investments | $0 |
| Net Receivables | $17M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $49M |
| PP&E (Net) | $78M |
| Goodwill | $18M |
| Intangible Assets | $117M |
| Long-Term Investments | $1.8B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$1.8B |
| TOTAL NON-CURRENT ASSETS | $212M |
| TOTAL ASSETS | $2.1B |
| Account Payables | $9M |
| Short-Term Debt | $9.0K |
| Deferred Revenue | $16M |
| Other Current Liabilities | -$37M |
| TOTAL CURRENT LIABILITIES | $9.0K |
| Long-Term Debt | $674M |
| Deferred Revenue NC | $16M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $26M |
| TOTAL NON-CURRENT LIABILITIES | $763M |
| TOTAL LIABILITIES | $763M |
| Common Stock | $549.0K |
| Additional Paid-In Capital | $2.0B |
| Retained Earnings | -$663M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.3B |
| TOTAL LIABILITIES & EQUITY | $2.1B |
| Total Debt | $721M |
| Net Debt | $689M |
