| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $730M | — | $676M | — | 8.0% |
| Op. Income | -$35M | — | $48M | — | -172.9% |
| Gross Margin | 5.3% | — | 17.3% | — | -12.0pp |
| Net Margin | -24.1% | — | -4.4% | — | -19.7pp |
| EPS (Diluted) | $-1.11 | — | $-0.19 | — | -484.2% |
| Free Cash Flow | $53M | — | -$35M | — | 251.4% |
| Item | Amount |
|---|---|
| REVENUE | $730M |
| Cost of Revenue | $691M |
| GROSS PROFIT | $39M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $74M |
| Other Expenses | $0 |
| Operating Expenses | $74M |
| Cost & Expenses | $765M |
| OPERATING INCOME | -$35M |
| Interest Income | $2M |
| Interest Expense | $54M |
| Other Income/Expenses | -$144M |
| INCOME BEFORE TAX | -$179M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | -$177M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$176M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$176M |
| D&A | $82M |
| EBIT | -$125M |
| EBITDA | -$43M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$176M |
| Depreciation & Amortization | $82M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | $103M |
| Change in Working Capital | $114M |
| OPERATING CASH FLOW | $121M |
| Capital Expenditure | -$68M |
| Acquisitions (Net) | $1M |
| Purchases of Investments | -$6M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$73M |
| Net Debt Issuance | $34M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$8M |
| Other Financing Activities | -$50M |
| NET CASH FROM FINANCING | -$24M |
| FREE CASH FLOW | $53M |
| Net Change in Cash | $25M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $211M |
| Short-Term Investments | $0 |
| Net Receivables | $290M |
| Inventory | $1.7B |
| Other Current Assets | $112M |
| TOTAL CURRENT ASSETS | $2.3B |
| PP&E (Net) | $2.8B |
| Goodwill | $0 |
| Intangible Assets | $214M |
| Long-Term Investments | $0 |
| Tax Assets | $833M |
| Other Non-Current Assets | $117M |
| TOTAL NON-CURRENT ASSETS | $4.0B |
| TOTAL ASSETS | $6.2B |
| Account Payables | $481M |
| Short-Term Debt | $162M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $163M |
| TOTAL CURRENT LIABILITIES | $919M |
| Long-Term Debt | $3.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $208M |
| Other Non-Current Liabilities | $213M |
| TOTAL NON-CURRENT LIABILITIES | $3.8B |
| TOTAL LIABILITIES | $4.8B |
| Common Stock | $2M |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | $30M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$717M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.4B |
| Minority Interest | $31M |
| TOTAL EQUITY | $1.4B |
| TOTAL LIABILITIES & EQUITY | $6.2B |
| Total Debt | $3.6B |
| Net Debt | $3.4B |
