| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $411M | $553M | $411M | -25.7% | 0.0% |
| Op. Income | -$34M | $70M | $20M | -148.6% | -270.0% |
| Gross Margin | 59.1% | 92.6% | 99.3% | -33.5pp | -40.1pp |
| Net Margin | -9.2% | 9.6% | 0.2% | -18.8pp | -9.5pp |
| EPS (Diluted) | $-0.33 | $0.43 | $0.01 | -176.7% | -4882.6% |
| Free Cash Flow | -$122M | $25M | -$26M | -588.0% | -369.2% |
| Item | Amount |
|---|---|
| REVENUE | $411M |
| Cost of Revenue | $168M |
| GROSS PROFIT | $243M |
| R&D Expenses | $0 |
| Selling & Marketing | $175M |
| General & Administrative | $20M |
| SG&A Expenses | $195M |
| Other Expenses | $83M |
| Operating Expenses | $278M |
| Cost & Expenses | $445M |
| OPERATING INCOME | -$34M |
| Interest Income | $9M |
| Interest Expense | $16M |
| Other Income/Expenses | -$11M |
| INCOME BEFORE TAX | -$45M |
| Income Tax Expense | -$7M |
| Net Income from Continuing Ops | -$38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$38M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$38M |
| D&A | $25M |
| EBIT | -$1M |
| EBITDA | $24M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$38M |
| Depreciation & Amortization | $25M |
| Stock-Based Compensation | $22M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $11M |
| Change in Working Capital | -$123M |
| OPERATING CASH FLOW | -$103M |
| Capital Expenditure | -$19M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$19M |
| Net Debt Issuance | -$4M |
| Common Stock Repurchased | -$55M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$59M |
| FREE CASH FLOW | -$122M |
| Net Change in Cash | -$183M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.0B |
| Short-Term Investments | $0 |
| Net Receivables | $209M |
| Inventory | $0 |
| Other Current Assets | $47M |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $245M |
| Goodwill | $844M |
| Intangible Assets | $33M |
| Long-Term Investments | $28M |
| Tax Assets | $137M |
| Other Non-Current Assets | $47M |
| TOTAL NON-CURRENT ASSETS | $1.3B |
| TOTAL ASSETS | $2.6B |
| Account Payables | $23M |
| Short-Term Debt | $353M |
| Deferred Revenue | $53M |
| Other Current Liabilities | $320M |
| TOTAL CURRENT LIABILITIES | $998M |
| Long-Term Debt | $819M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $1M |
| Other Non-Current Liabilities | $97M |
| TOTAL NON-CURRENT LIABILITIES | $982M |
| TOTAL LIABILITIES | $2.0B |
| Common Stock | $0 |
| Additional Paid-In Capital | $460M |
| Retained Earnings | $316M |
| Treasury Stock | -$90M |
| Accum. Other Comp. Income | -$41M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $645M |
| Minority Interest | $0 |
| TOTAL EQUITY | $645M |
| TOTAL LIABILITIES & EQUITY | $2.6B |
| Total Debt | $1.2B |
| Net Debt | $202M |
