| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $258M | $229M | $351M | 12.8% | -26.4% |
| Op. Income | $89M | $44M | $86M | 103.6% | 2.6% |
| Gross Margin | 38.6% | 23.9% | 19.2% | 14.8pp | 19.4pp |
| Net Margin | 46.6% | 40.2% | 26.5% | 6.4pp | 20.1pp |
| EPS (Diluted) | $3.46 | $2.64 | $2.37 | 31.1% | 46.0% |
| Free Cash Flow | $100M | -$53M | $87M | 287.4% | 14.5% |
| Item | Amount |
|---|---|
| REVENUE | $258M |
| Cost of Revenue | $158M |
| GROSS PROFIT | $100M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $11M |
| Other Expenses | $0 |
| Operating Expenses | $11M |
| Cost & Expenses | $170M |
| OPERATING INCOME | $89M |
| Interest Income | $9M |
| Interest Expense | $557.0K |
| Other Income/Expenses | $31M |
| INCOME BEFORE TAX | $120M |
| Income Tax Expense | -$691.0K |
| Net Income from Continuing Ops | $120M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $120M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $120M |
| D&A | $22M |
| EBIT | $89M |
| EBITDA | $110M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| REVENUE | $258M |
| Cost of Revenue | $158M |
| GROSS PROFIT | $100M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $11M |
| Other Expenses | $0 |
| Operating Expenses | $11M |
| Cost & Expenses | $170M |
| OPERATING INCOME | $89M |
| Interest Income | $9M |
| Interest Expense | $557.0K |
| Other Income/Expenses | $31M |
| INCOME BEFORE TAX | $120M |
| Income Tax Expense | -$691.0K |
| Net Income from Continuing Ops | $120M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $120M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $120M |
| D&A | $22M |
| EBIT | $89M |
| EBITDA | $110M |
| EPS | $3 |
| EPS Diluted | $3 |
| Item | Amount |
|---|---|
| Net Income | $120M |
| Depreciation & Amortization | $22M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$24M |
| Change in Working Capital | -$17M |
| OPERATING CASH FLOW | $101M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $61M |
| Purchases of Investments | -$22M |
| Sales/Maturities of Investments | $34M |
| Other Investing Activities | -$99M |
| NET CASH FROM INVESTING | -$27M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$9M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$8M |
| FREE CASH FLOW | $100M |
| Net Change in Cash | $66M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $831M |
| Short-Term Investments | $22M |
| Net Receivables | $153M |
| Inventory | $29M |
| Other Current Assets | $27M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $1.0B |
| Goodwill | $2M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $121M |
| TOTAL NON-CURRENT ASSETS | $1.2B |
| TOTAL ASSETS | $2.2B |
| Account Payables | $105M |
| Short-Term Debt | $21M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $10M |
| TOTAL CURRENT LIABILITIES | $135M |
| Long-Term Debt | $17M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $29M |
| TOTAL NON-CURRENT LIABILITIES | $63M |
| TOTAL LIABILITIES | $198M |
| Common Stock | $0 |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $0 |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $2.0B |
| TOTAL STOCKHOLDERS' EQUITY | $2.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.0B |
| TOTAL LIABILITIES & EQUITY | $2.2B |
| Total Debt | $55M |
| Net Debt | -$776M |
