| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $386M | $382M | $304M | 0.9% | 26.6% |
| Op. Income | $55M | $61M | $19M | -9.7% | 194.5% |
| Gross Margin | 80.2% | 31.2% | 20.8% | 49.0pp | 59.4pp |
| Net Margin | 11.2% | 12.0% | 4.7% | -0.8pp | 6.5pp |
| EPS (Diluted) | $1.03 | $1.10 | $0.35 | -6.4% | 194.3% |
| Free Cash Flow | $52M | $169M | $21M | -69.2% | 150.0% |
| Item | Amount |
|---|---|
| REVENUE | $386M |
| Cost of Revenue | $11M |
| GROSS PROFIT | $309M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $255M |
| Operating Expenses | $255M |
| Cost & Expenses | $331M |
| OPERATING INCOME | $55M |
| Interest Income | $0 |
| Interest Expense | $2M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $55M |
| Income Tax Expense | $11M |
| 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 | -$2M |
| EBIT | $57M |
| EBITDA | $55M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $386M |
| Cost of Revenue | $11M |
| GROSS PROFIT | $309M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $255M |
| Operating Expenses | $255M |
| Cost & Expenses | $331M |
| OPERATING INCOME | $55M |
| Interest Income | $0 |
| Interest Expense | $2M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $55M |
| Income Tax Expense | $11M |
| 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 | -$2M |
| EBIT | $57M |
| EBITDA | $55M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $43M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $12M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$7M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | $52M |
| Capital Expenditure | $293.0K |
| Acquisitions (Net) | -$6M |
| Purchases of Investments | -$240M |
| Sales/Maturities of Investments | -$5M |
| Other Investing Activities | $201M |
| NET CASH FROM INVESTING | -$51M |
| Net Debt Issuance | $411.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $411.0K |
| FREE CASH FLOW | $52M |
| Net Change in Cash | $849.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $169M |
| Short-Term Investments | $1.9B |
| Net Receivables | $544M |
| Inventory | $0 |
| Other Current Assets | -$239M |
| TOTAL CURRENT ASSETS | $2.6B |
| PP&E (Net) | $0 |
| Goodwill | $66M |
| Intangible Assets | $22M |
| Long-Term Investments | $917M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$917M |
| TOTAL NON-CURRENT ASSETS | $88M |
| TOTAL ASSETS | $4.8B |
| Account Payables | $395M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $3.3B |
| TOTAL CURRENT LIABILITIES | $3.7B |
| Long-Term Debt | $120M |
| Deferred Revenue NC | $46M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2.3B |
| TOTAL NON-CURRENT LIABILITIES | $2.4B |
| TOTAL LIABILITIES | $3.8B |
| Common Stock | $405.0K |
| Additional Paid-In Capital | $731M |
| Retained Earnings | $267M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $11M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.0B |
| TOTAL LIABILITIES & EQUITY | $4.8B |
| Total Debt | $120M |
| Net Debt | -$49M |
