| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $225M | $225M | $213M | -0.1% | 5.4% |
| Op. Income | $8M | $1M | $2M | 503.5% | 267.3% |
| Gross Margin | 16.3% | 25.8% | 26.9% | -9.5pp | -10.5pp |
| Net Margin | -1.7% | -5.1% | -3.4% | 3.4pp | 1.7pp |
| EPS (Diluted) | $-1.47 | $-2.68 | $-1.61 | 45.1% | 8.7% |
| Free Cash Flow | $15M | $1M | $20M | 1302.3% | -25.4% |
| Item | Amount |
|---|---|
| REVENUE | $225M |
| Cost of Revenue | $188M |
| GROSS PROFIT | $37M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $46M |
| Other Expenses | -$17M |
| Operating Expenses | $29M |
| Cost & Expenses | $217M |
| OPERATING INCOME | $8M |
| Interest Income | $0 |
| Interest Expense | $9M |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | -$3M |
| Income Tax Expense | $426.0K |
| Net Income from Continuing Ops | -$4M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$4M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$7M |
| D&A | $8M |
| EBIT | $7M |
| EBITDA | $16M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$4M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $130.0K |
| Deferred Income Tax | $479.0K |
| Other Non-Cash Items | $4M |
| Change in Working Capital | $7M |
| OPERATING CASH FLOW | $17M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $146.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$2M |
| Net Debt Issuance | -$9M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$11M |
| FREE CASH FLOW | $15M |
| Net Change in Cash | $3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $18M |
| Short-Term Investments | $0 |
| Net Receivables | $189M |
| Inventory | $0 |
| Other Current Assets | -$189M |
| TOTAL CURRENT ASSETS | $18M |
| PP&E (Net) | $111M |
| Goodwill | $0 |
| Intangible Assets | $38M |
| Long-Term Investments | $1M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$39M |
| TOTAL NON-CURRENT ASSETS | $111M |
| TOTAL ASSETS | $485M |
| Account Payables | $42M |
| Short-Term Debt | $20M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $28M |
| TOTAL CURRENT LIABILITIES | $120M |
| Long-Term Debt | $286M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $5M |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $338M |
| TOTAL LIABILITIES | $458M |
| Common Stock | $1M |
| Additional Paid-In Capital | $476M |
| Retained Earnings | -$465M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$37M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $27M |
| Minority Interest | $0 |
| TOTAL EQUITY | $27M |
| TOTAL LIABILITIES & EQUITY | $485M |
| Total Debt | $350M |
| Net Debt | $331M |
