| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $345M | $408M | $307M | -15.4% | 12.3% |
| Op. Income | -$13M | $22M | -$1M | -156.8% | -800.3% |
| Gross Margin | 30.1% | 40.8% | 39.7% | -10.7pp | -9.6pp |
| Net Margin | 3.7% | 6.4% | -10.1% | -2.6pp | 13.8pp |
| EPS (Diluted) | $-0.02 | $0.12 | $-0.18 | -117.6% | 88.3% |
| Free Cash Flow | -$38M | $70M | $19M | -154.1% | -300.2% |
| Item | Amount |
|---|---|
| REVENUE | $345M |
| Cost of Revenue | $241M |
| GROSS PROFIT | $104M |
| R&D Expenses | $0 |
| Selling & Marketing | $230M |
| General & Administrative | -$123M |
| SG&A Expenses | $107M |
| Other Expenses | $10M |
| Operating Expenses | $116M |
| Cost & Expenses | $358M |
| OPERATING INCOME | -$13M |
| Interest Income | $0 |
| Interest Expense | $12M |
| Other Income/Expenses | $22M |
| INCOME BEFORE TAX | $9M |
| Income Tax Expense | -$3M |
| Net Income from Continuing Ops | $13M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $13M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$4M |
| D&A | $5M |
| EBIT | $22M |
| EBITDA | $26M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | $13M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | -$3M |
| Other Non-Cash Items | -$27M |
| Change in Working Capital | -$31M |
| OPERATING CASH FLOW | -$37M |
| Capital Expenditure | -$501.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$3M |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$9M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$13.0K |
| NET CASH FROM FINANCING | -$9M |
| FREE CASH FLOW | -$38M |
| Net Change in Cash | -$49M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $32M |
| Short-Term Investments | $0 |
| Net Receivables | $283M |
| Inventory | $0 |
| Other Current Assets | $25M |
| TOTAL CURRENT ASSETS | $341M |
| PP&E (Net) | $39M |
| Goodwill | $29M |
| Intangible Assets | $17M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $823M |
| TOTAL NON-CURRENT ASSETS | $908M |
| TOTAL ASSETS | $1.2B |
| Account Payables | $59M |
| Short-Term Debt | $69M |
| Deferred Revenue | $698.0K |
| Other Current Liabilities | $66M |
| TOTAL CURRENT LIABILITIES | $213M |
| Long-Term Debt | $317M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $38M |
| Other Non-Current Liabilities | $80M |
| TOTAL NON-CURRENT LIABILITIES | $461M |
| TOTAL LIABILITIES | $674M |
| Common Stock | $2M |
| Additional Paid-In Capital | $572M |
| Retained Earnings | -$222M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $576M |
| Minority Interest | $0 |
| TOTAL EQUITY | $576M |
| TOTAL LIABILITIES & EQUITY | $1.2B |
| Total Debt | $416M |
| Net Debt | $384M |
