| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $137M | $116M | $104M | 18.3% | 32.6% |
| Op. Income | $57M | $48M | $39M | 19.5% | 46.5% |
| Gross Margin | 78.0% | 75.7% | 73.2% | 2.3pp | 4.9pp |
| Net Margin | 115.1% | 88.9% | 73.4% | 26.2pp | 41.7pp |
| EPS (Diluted) | $1.52 | $1.00 | $0.76 | 52.0% | 100.0% |
| Free Cash Flow | $50M | $65M | $36M | -23.9% | 40.3% |
| Item | Amount |
|---|---|
| REVENUE | $137M |
| Cost of Revenue | $30M |
| GROSS PROFIT | $107M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $12M |
| SG&A Expenses | $12M |
| Other Expenses | $38M |
| Operating Expenses | $50M |
| Cost & Expenses | $80M |
| OPERATING INCOME | $57M |
| Interest Income | $792.0K |
| Interest Expense | $10M |
| Other Income/Expenses | $101M |
| INCOME BEFORE TAX | $158M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $158M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $158M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $157M |
| D&A | $38M |
| EBIT | $168M |
| EBITDA | $206M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| REVENUE | $137M |
| Cost of Revenue | $30M |
| GROSS PROFIT | $107M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $12M |
| SG&A Expenses | $12M |
| Other Expenses | $38M |
| Operating Expenses | $50M |
| Cost & Expenses | $80M |
| OPERATING INCOME | $57M |
| Interest Income | $792.0K |
| Interest Expense | $10M |
| Other Income/Expenses | $101M |
| INCOME BEFORE TAX | $158M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $158M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $158M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $157M |
| D&A | $38M |
| EBIT | $168M |
| EBITDA | $206M |
| EPS | $2 |
| EPS Diluted | $2 |
| Item | Amount |
|---|---|
| Net Income | $158M |
| Depreciation & Amortization | $25M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$112M |
| Change in Working Capital | -$5M |
| OPERATING CASH FLOW | $70M |
| Capital Expenditure | -$20M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $40M |
| NET CASH FROM INVESTING | $19M |
| Net Debt Issuance | -$80M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$54M |
| Other Financing Activities | -$632.0K |
| NET CASH FROM FINANCING | -$91M |
| FREE CASH FLOW | $50M |
| Net Change in Cash | -$1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $25M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $3M |
| TOTAL CURRENT ASSETS | $28M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $224M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $5.1B |
| TOTAL NON-CURRENT ASSETS | $5.4B |
| TOTAL ASSETS | $5.4B |
| Account Payables | $77M |
| Short-Term Debt | $200M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $331M |
| Long-Term Debt | $743M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $167M |
| TOTAL NON-CURRENT LIABILITIES | $910M |
| TOTAL LIABILITIES | $1.2B |
| Common Stock | $1M |
| Additional Paid-In Capital | $3.9B |
| Retained Earnings | $289M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | -$33M |
| TOTAL STOCKHOLDERS' EQUITY | $4.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $4.1B |
| TOTAL LIABILITIES & EQUITY | $5.4B |
| Total Debt | $943M |
| Net Debt | $918M |
