| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $421M | $82M | — | 411.2% | — |
| Op. Income | -$27M | -$8M | — | -251.1% | — |
| Gross Margin | 34.5% | 92.1% | — | -57.6pp | — |
| Net Margin | -3.4% | -44.0% | — | 40.6pp | — |
| EPS (Diluted) | $-0.17 | $-0.41 | — | 59.6% | — |
| Free Cash Flow | $40M | -$632M | — | 106.4% | — |
| Item | Amount |
|---|---|
| REVENUE | $421M |
| Cost of Revenue | $276M |
| GROSS PROFIT | $145M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $56M |
| SG&A Expenses | $56M |
| Other Expenses | $116M |
| Operating Expenses | $172M |
| Cost & Expenses | $448M |
| OPERATING INCOME | -$27M |
| Interest Income | $374M |
| Interest Expense | $197M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$27M |
| Income Tax Expense | -$13M |
| NET INCOME | -$14M |
| D&A | $0 |
| EBIT | -$27M |
| EBITDA | -$27M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$14M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$99M |
| Change in Working Capital | $177M |
| OPERATING CASH FLOW | $64M |
| Capital Expenditure | -$24M |
| Acquisitions (Net) | $1M |
| Purchases of Investments | -$2M |
| Sales/Maturities of Investments | $173M |
| Other Investing Activities | $149M |
| NET CASH FROM INVESTING | $297M |
| Net Debt Issuance | -$6M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$724.9K |
| Other Financing Activities | -$512M |
| NET CASH FROM FINANCING | -$520M |
| FREE CASH FLOW | $40M |
| Net Change in Cash | $0 |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.2B |
| PP&E (Net) | $96M |
| Goodwill | $56M |
| Intangible Assets | $111M |
| Long-Term Investments | $4.1B |
| Tax Assets | $57M |
| Other Non-Current Assets | $32M |
| TOTAL NON-CURRENT ASSETS | $4.5B |
| TOTAL ASSETS | $5.6B |
| Account Payables | $0 |
| Short-Term Debt | $283M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $283M |
| Long-Term Debt | $473M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4.1B |
| TOTAL NON-CURRENT LIABILITIES | $4.6B |
| TOTAL LIABILITIES | $4.9B |
| Common Stock | $315.3K |
| Additional Paid-In Capital | $581M |
| Retained Earnings | -$35M |
| Treasury Stock | -$11M |
| Accum. Other Comp. Income | $189M |
| Other Equity | $1M |
| TOTAL STOCKHOLDERS' EQUITY | $726M |
| Minority Interest | $561.6K |
| TOTAL EQUITY | $726M |
| TOTAL LIABILITIES & EQUITY | $5.6B |
| Total Debt | $756M |
| Net Debt | -$396M |
