| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $33M | $41M | $38M | -19.2% | -11.5% |
| Op. Income | $3M | $12M | $9M | -72.3% | -64.0% |
| Gross Margin | 53.9% | 60.0% | 58.1% | -6.1pp | -4.2pp |
| Net Margin | 4.1% | 21.6% | 18.3% | -17.5pp | -14.2pp |
| EPS (Diluted) | $0.07 | $0.45 | $0.34 | -84.4% | -79.4% |
| Free Cash Flow | -$10M | $20M | -$3M | -150.4% | -225.1% |
| Item | Amount |
|---|---|
| REVENUE | $33M |
| Cost of Revenue | $15M |
| GROSS PROFIT | $18M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $14M |
| SG&A Expenses | $14M |
| Other Expenses | $480.0K |
| Operating Expenses | $15M |
| Cost & Expenses | $30M |
| OPERATING INCOME | $3M |
| Interest Income | $38M |
| Interest Expense | $15M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1M |
| D&A | $0 |
| EBIT | $3M |
| EBITDA | $3M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $33M |
| Cost of Revenue | $15M |
| GROSS PROFIT | $18M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $14M |
| SG&A Expenses | $14M |
| Other Expenses | $480.0K |
| Operating Expenses | $15M |
| Cost & Expenses | $30M |
| OPERATING INCOME | $3M |
| Interest Income | $38M |
| Interest Expense | $15M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $3M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1M |
| D&A | $0 |
| EBIT | $3M |
| EBITDA | $3M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $1M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $7M |
| Change in Working Capital | -$19M |
| OPERATING CASH FLOW | -$10M |
| Capital Expenditure | -$95.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$38M |
| Sales/Maturities of Investments | $61M |
| Other Investing Activities | -$66M |
| NET CASH FROM INVESTING | -$44M |
| Net Debt Issuance | $147M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$2M |
| Other Financing Activities | -$111M |
| NET CASH FROM FINANCING | $35M |
| FREE CASH FLOW | -$10M |
| Net Change in Cash | -$18M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $82M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $82M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $488M |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.1B |
| TOTAL NON-CURRENT ASSETS | $2.6B |
| TOTAL ASSETS | $2.8B |
| Account Payables | $2.5B |
| Short-Term Debt | $51M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $2.5B |
| Long-Term Debt | $39M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $39M |
| TOTAL LIABILITIES | $2.6B |
| Common Stock | $20M |
| Additional Paid-In Capital | $278M |
| Retained Earnings | -$68M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$18M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $212M |
| Minority Interest | $0 |
| TOTAL EQUITY | $212M |
| TOTAL LIABILITIES & EQUITY | $2.8B |
| Total Debt | $91M |
| Net Debt | $8M |
