| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $727M | $706M | $471M | 3.0% | 54.3% |
| Op. Income | -$287M | $535M | $129M | -153.6% | -321.8% |
| Gross Margin | 63.6% | 30.6% | 75.6% | 33.0pp | -12.0pp |
| Net Margin | 12.1% | 44.6% | 19.9% | -32.5pp | -7.8pp |
| EPS (Diluted) | $0.85 | $2.90 | $0.91 | -70.7% | -6.6% |
| Free Cash Flow | -$63M | -$32M | $63M | -98.0% | -199.2% |
| Item | Amount |
|---|---|
| REVENUE | $727M |
| Cost of Revenue | $265M |
| GROSS PROFIT | $463M |
| R&D Expenses | $0 |
| Selling & Marketing | -$114M |
| General & Administrative | -$95M |
| SG&A Expenses | $109M |
| Other Expenses | $640M |
| Operating Expenses | $750M |
| Cost & Expenses | $1.0B |
| OPERATING INCOME | -$287M |
| Interest Income | $2M |
| Interest Expense | $53M |
| Other Income/Expenses | $429M |
| INCOME BEFORE TAX | $142M |
| Income Tax Expense | $54M |
| Net Income from Continuing Ops | $88M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $88M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $88M |
| D&A | $230M |
| EBIT | -$237M |
| EBITDA | -$7M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $88M |
| Depreciation & Amortization | $230M |
| Stock-Based Compensation | -$38M |
| Deferred Income Tax | -$189M |
| Other Non-Cash Items | $182M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | $278M |
| Capital Expenditure | -$340M |
| Acquisitions (Net) | $46M |
| Purchases of Investments | -$57M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$11M |
| NET CASH FROM INVESTING | -$378M |
| Net Debt Issuance | $296M |
| Common Stock Repurchased | -$161.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $21M |
| NET CASH FROM FINANCING | $317M |
| FREE CASH FLOW | -$63M |
| Net Change in Cash | $211M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $526M |
| Short-Term Investments | $12M |
| Net Receivables | $348M |
| Inventory | $9M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $896M |
| PP&E (Net) | $5.7B |
| Goodwill | $23M |
| Intangible Assets | $18M |
| Long-Term Investments | $115M |
| Tax Assets | $37M |
| Other Non-Current Assets | $313M |
| TOTAL NON-CURRENT ASSETS | $6.2B |
| TOTAL ASSETS | $7.1B |
| Account Payables | $399M |
| Short-Term Debt | $406M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $85M |
| TOTAL CURRENT LIABILITIES | $1.0B |
| Long-Term Debt | $2.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $299M |
| Other Non-Current Liabilities | $374M |
| TOTAL NON-CURRENT LIABILITIES | $3.6B |
| TOTAL LIABILITIES | $4.6B |
| Common Stock | $491M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.8B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $176M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.5B |
| TOTAL LIABILITIES & EQUITY | $7.1B |
| Total Debt | $3.3B |
| Net Debt | $2.8B |
