| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $74M | $25M | $25M | 192.3% | 200.2% |
| Op. Income | $28M | $8M | $9M | 229.9% | 199.1% |
| Gross Margin | 94.4% | 94.4% | 94.4% | 0.0pp | 0.1pp |
| Net Margin | 5.8% | 15.9% | 18.9% | -10.0pp | -13.1pp |
| EPS (Diluted) | $0.32 | $0.29 | $0.34 | 10.3% | -5.9% |
| Free Cash Flow | $14M | $10M | $13M | 34.9% | 6.0% |
| Item | Amount |
|---|---|
| REVENUE | $74M |
| Cost of Revenue | $4M |
| GROSS PROFIT | $70M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $42M |
| Operating Expenses | $42M |
| Cost & Expenses | $46M |
| OPERATING INCOME | $28M |
| Interest Income | $2M |
| Interest Expense | $3M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $4M |
| Income Tax Expense | $0 |
| 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 | $4M |
| D&A | $7M |
| EBIT | $7M |
| EBITDA | $14M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $74M |
| Cost of Revenue | $4M |
| GROSS PROFIT | $70M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $42M |
| Operating Expenses | $42M |
| Cost & Expenses | $46M |
| OPERATING INCOME | $28M |
| Interest Income | $2M |
| Interest Expense | $3M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | $4M |
| Income Tax Expense | $0 |
| 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 | $4M |
| D&A | $7M |
| EBIT | $7M |
| EBITDA | $14M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $4M |
| Depreciation & Amortization | $23M |
| Stock-Based Compensation | $510.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$16M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $14M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | -$328.0K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$3M |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | -$996.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$10M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$11M |
| FREE CASH FLOW | $14M |
| Net Change in Cash | -$230.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $7M |
| Short-Term Investments | $0 |
| Net Receivables | $13M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $20M |
| PP&E (Net) | $11M |
| Goodwill | $0 |
| Intangible Assets | $6M |
| Long-Term Investments | $20M |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $37M |
| TOTAL ASSETS | $565M |
| Account Payables | $0 |
| Short-Term Debt | $1M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $1M |
| Long-Term Debt | $374M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $26M |
| TOTAL NON-CURRENT LIABILITIES | $413M |
| TOTAL LIABILITIES | $413M |
| Common Stock | $139.0K |
| Additional Paid-In Capital | $272M |
| Retained Earnings | -$122M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $152M |
| Minority Interest | $0 |
| TOTAL EQUITY | $152M |
| TOTAL LIABILITIES & EQUITY | $565M |
| Total Debt | $386M |
| Net Debt | $379M |
