| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $283M | $281M | $273M | 0.7% | 3.4% |
| Op. Income | -$50M | -$79M | -$71M | 36.2% | 29.7% |
| Gross Margin | 53.5% | 43.6% | 45.3% | 10.0pp | 8.2pp |
| Net Margin | 53.7% | -29.2% | -17.0% | 82.9pp | 70.7pp |
| EPS (Diluted) | $3.39 | $-2.27 | $-4.91 | 249.3% | 169.0% |
| Free Cash Flow | -$74M | -$11M | -$87M | -561.4% | 15.5% |
| Item | Amount |
|---|---|
| REVENUE | $283M |
| Cost of Revenue | $131M |
| GROSS PROFIT | $151M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $113M |
| Other Expenses | $88M |
| Operating Expenses | $202M |
| Cost & Expenses | $333M |
| OPERATING INCOME | -$50M |
| Interest Income | $4M |
| Interest Expense | $26M |
| Other Income/Expenses | $324M |
| INCOME BEFORE TAX | $274M |
| Income Tax Expense | $122M |
| Net Income from Continuing Ops | $152M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $152M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $152M |
| D&A | $84M |
| EBIT | $300M |
| EBITDA | $384M |
| EPS | $4 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $152M |
| Depreciation & Amortization | $84M |
| Stock-Based Compensation | $19M |
| Deferred Income Tax | $120M |
| Other Non-Cash Items | -$352M |
| Change in Working Capital | -$81M |
| OPERATING CASH FLOW | -$59M |
| Capital Expenditure | -$15M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $49M |
| NET CASH FROM INVESTING | $34M |
| Net Debt Issuance | -$80M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$5M |
| NET CASH FROM FINANCING | -$85M |
| FREE CASH FLOW | -$74M |
| Net Change in Cash | -$109M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $356M |
| Short-Term Investments | $0 |
| Net Receivables | $173M |
| Inventory | $13M |
| Other Current Assets | $33M |
| TOTAL CURRENT ASSETS | $595M |
| PP&E (Net) | $2.9B |
| Goodwill | $410M |
| Intangible Assets | $25M |
| Long-Term Investments | $38M |
| Tax Assets | $0 |
| Other Non-Current Assets | $190M |
| TOTAL NON-CURRENT ASSETS | $3.6B |
| TOTAL ASSETS | $4.2B |
| Account Payables | $15M |
| Short-Term Debt | $59M |
| Deferred Revenue | $83M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $527M |
| Long-Term Debt | $831M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $251M |
| Other Non-Current Liabilities | $165M |
| TOTAL NON-CURRENT LIABILITIES | $1.4B |
| TOTAL LIABILITIES | $1.9B |
| Common Stock | $360.0K |
| Additional Paid-In Capital | $2.5B |
| Retained Earnings | -$150M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$34.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.3B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.3B |
| TOTAL LIABILITIES & EQUITY | $4.2B |
| Total Debt | $1.0B |
| Net Debt | $663M |
