| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $304M | $286M | $226M | 6.4% | 34.4% |
| Op. Income | $19M | $32M | -$3M | -40.0% | 824.7% |
| Gross Margin | 90.8% | 96.9% | 93.3% | -6.1pp | -2.5pp |
| Net Margin | 6.1% | 11.1% | -1.2% | -5.0pp | 7.3pp |
| EPS (Diluted) | $0.17 | $0.25 | $-0.03 | -32.0% | 668.6% |
| Free Cash Flow | $105M | -$127M | -$114M | 182.7% | 191.5% |
| Item | Amount |
|---|---|
| REVENUE | $304M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $276M |
| R&D Expenses | $0 |
| Selling & Marketing | $91M |
| General & Administrative | $120M |
| SG&A Expenses | $210M |
| Other Expenses | $47M |
| Operating Expenses | $257M |
| Cost & Expenses | $285M |
| OPERATING INCOME | $19M |
| Interest Income | $61M |
| Interest Expense | $28M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $19M |
| Income Tax Expense | $526.0K |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | -$704.0K |
| BOTTOM LINE NET INCOME | $19M |
| D&A | $6M |
| EBIT | $19M |
| EBITDA | $26M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $304M |
| Cost of Revenue | $28M |
| GROSS PROFIT | $276M |
| R&D Expenses | $0 |
| Selling & Marketing | $91M |
| General & Administrative | $120M |
| SG&A Expenses | $210M |
| Other Expenses | $47M |
| Operating Expenses | $257M |
| Cost & Expenses | $285M |
| OPERATING INCOME | $19M |
| Interest Income | $61M |
| Interest Expense | $28M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $19M |
| Income Tax Expense | $526.0K |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | -$704.0K |
| BOTTOM LINE NET INCOME | $19M |
| D&A | $6M |
| EBIT | $19M |
| EBITDA | $26M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $19M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $32M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $6M |
| Change in Working Capital | $45M |
| OPERATING CASH FLOW | $109M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $132M |
| NET CASH FROM INVESTING | $132M |
| Net Debt Issuance | -$37M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $14M |
| NET CASH FROM FINANCING | -$20M |
| FREE CASH FLOW | $105M |
| Net Change in Cash | $220M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $657M |
| Short-Term Investments | $0 |
| Net Receivables | $97M |
| Inventory | $0 |
| Other Current Assets | $405M |
| TOTAL CURRENT ASSETS | $1.2B |
| PP&E (Net) | $61M |
| Goodwill | $67M |
| Intangible Assets | $8M |
| Long-Term Investments | $1.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | $614M |
| TOTAL NON-CURRENT ASSETS | $1.8B |
| TOTAL ASSETS | $3.0B |
| Account Payables | $32M |
| Short-Term Debt | $97M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $401M |
| Long-Term Debt | $1.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $22M |
| TOTAL NON-CURRENT LIABILITIES | $1.8B |
| TOTAL LIABILITIES | $2.2B |
| Common Stock | $10.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$358M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $799M |
| Minority Interest | $0 |
| TOTAL EQUITY | $799M |
| TOTAL LIABILITIES & EQUITY | $3.0B |
| Total Debt | $1.9B |
| Net Debt | $1.2B |
