| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $92M | $66M | $0 | 38.9% | — |
| Op. Income | $40M | $22M | -$59M | 82.9% | 168.4% |
| Gross Margin | 99.1% | 98.3% | — | 0.8pp | — |
| Net Margin | 47.3% | 39.4% | — | 7.9pp | — |
| EPS (Diluted) | $0.80 | $0.47 | $-1.27 | 70.2% | 163.0% |
| Free Cash Flow | $49M | $44M | -$24M | 11.5% | 302.7% |
| Item | Amount |
|---|---|
| REVENUE | $92M |
| Cost of Revenue | $863.0K |
| GROSS PROFIT | $91M |
| R&D Expenses | $10M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $41M |
| Other Expenses | $0 |
| Operating Expenses | $50M |
| Cost & Expenses | $51M |
| OPERATING INCOME | $40M |
| Interest Income | $5M |
| Interest Expense | $1M |
| Other Income/Expenses | $3M |
| INCOME BEFORE TAX | $43M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $43M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $43M |
| Net Income Deductions | $415.0K |
| BOTTOM LINE NET INCOME | $43M |
| D&A | $509.0K |
| EBIT | $45M |
| EBITDA | $45M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $92M |
| Cost of Revenue | $863.0K |
| GROSS PROFIT | $91M |
| R&D Expenses | $10M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $41M |
| Other Expenses | $0 |
| Operating Expenses | $50M |
| Cost & Expenses | $51M |
| OPERATING INCOME | $40M |
| Interest Income | $5M |
| Interest Expense | $1M |
| Other Income/Expenses | $3M |
| INCOME BEFORE TAX | $43M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $43M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $43M |
| Net Income Deductions | $415.0K |
| BOTTOM LINE NET INCOME | $43M |
| D&A | $509.0K |
| EBIT | $45M |
| EBITDA | $45M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $43M |
| Depreciation & Amortization | $509.0K |
| Stock-Based Compensation | $11M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$219.0K |
| Change in Working Capital | -$6M |
| OPERATING CASH FLOW | $49M |
| Capital Expenditure | -$58.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$188M |
| Sales/Maturities of Investments | $63M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$125M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$100M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$708.0K |
| NET CASH FROM FINANCING | -$100M |
| FREE CASH FLOW | $49M |
| Net Change in Cash | -$177M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $70M |
| Short-Term Investments | $235M |
| Net Receivables | $28M |
| Inventory | $15M |
| Other Current Assets | $7M |
| TOTAL CURRENT ASSETS | $356M |
| PP&E (Net) | $2M |
| Goodwill | $0 |
| Intangible Assets | $5M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $201M |
| TOTAL NON-CURRENT ASSETS | $208M |
| TOTAL ASSETS | $564M |
| Account Payables | $12M |
| Short-Term Debt | $726.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $48M |
| TOTAL CURRENT LIABILITIES | $61M |
| Long-Term Debt | $2M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $50M |
| TOTAL NON-CURRENT LIABILITIES | $52M |
| TOTAL LIABILITIES | $114M |
| Common Stock | $52.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$431M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $415.0K |
| Other Equity | $881M |
| TOTAL STOCKHOLDERS' EQUITY | $450M |
| Minority Interest | $0 |
| TOTAL EQUITY | $450M |
| TOTAL LIABILITIES & EQUITY | $564M |
| Total Debt | $3M |
| Net Debt | -$67M |
