| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $575M | $460M | — | 24.8% | — |
| Op. Income | $72M | -$34M | — | 314.3% | — |
| Gross Margin | 33.0% | 25.3% | — | 7.7pp | — |
| Net Margin | 3.3% | -67.1% | — | 70.4pp | — |
| EPS (Diluted) | $0.26 | $-4.33 | — | 106.0% | — |
| Free Cash Flow | $97M | $38M | — | 156.1% | — |
| Item | Amount |
|---|---|
| REVENUE | $575M |
| Cost of Revenue | $385M |
| GROSS PROFIT | $190M |
| R&D Expenses | $8M |
| Selling & Marketing | $0 |
| General & Administrative | $110M |
| SG&A Expenses | $110M |
| Other Expenses | -$200.0K |
| Operating Expenses | $118M |
| Cost & Expenses | $503M |
| OPERATING INCOME | $72M |
| Interest Income | $5M |
| Interest Expense | $19M |
| Other Income/Expenses | -$31M |
| INCOME BEFORE TAX | $41M |
| Income Tax Expense | $21M |
| Net Income from Continuing Ops | $20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $19M |
| D&A | $43M |
| EBIT | $60M |
| EBITDA | $102M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $575M |
| Cost of Revenue | $385M |
| GROSS PROFIT | $190M |
| R&D Expenses | $8M |
| Selling & Marketing | $0 |
| General & Administrative | $110M |
| SG&A Expenses | $110M |
| Other Expenses | -$200.0K |
| Operating Expenses | $118M |
| Cost & Expenses | $503M |
| OPERATING INCOME | $72M |
| Interest Income | $5M |
| Interest Expense | $19M |
| Other Income/Expenses | -$31M |
| INCOME BEFORE TAX | $41M |
| Income Tax Expense | $21M |
| Net Income from Continuing Ops | $20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $19M |
| D&A | $43M |
| EBIT | $60M |
| EBITDA | $102M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $19M |
| Depreciation & Amortization | $12M |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $14M |
| Change in Working Capital | $58M |
| OPERATING CASH FLOW | $105M |
| Capital Expenditure | -$8M |
| Acquisitions (Net) | $9M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$10M |
| Net Debt Issuance | -$6M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $4M |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | $97M |
| Net Change in Cash | $92M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $414M |
| Short-Term Investments | $0 |
| Net Receivables | $438M |
| Inventory | $14M |
| Other Current Assets | $139M |
| TOTAL CURRENT ASSETS | $1.0B |
| PP&E (Net) | $38M |
| Goodwill | $194M |
| Intangible Assets | $31M |
| Long-Term Investments | $8M |
| Tax Assets | $97M |
| Other Non-Current Assets | $474M |
| TOTAL NON-CURRENT ASSETS | $842M |
| TOTAL ASSETS | $1.8B |
| Account Payables | $81M |
| Short-Term Debt | $13M |
| Deferred Revenue | $229M |
| Other Current Liabilities | $334M |
| TOTAL CURRENT LIABILITIES | $656M |
| Long-Term Debt | $760M |
| Deferred Revenue NC | $101M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $568M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $2.1B |
| Common Stock | $800.0K |
| Additional Paid-In Capital | $4.8B |
| Retained Earnings | -$2.5B |
| Treasury Stock | -$162M |
| Accum. Other Comp. Income | -$2.4B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$283M |
| Minority Interest | $14M |
| TOTAL EQUITY | -$268M |
| TOTAL LIABILITIES & EQUITY | $1.8B |
| Total Debt | $803M |
| Net Debt | $389M |
