| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $422M | $393M | $229M | 7.4% | 84.7% |
| Op. Income | $141M | $174M | $143M | -19.0% | -1.6% |
| Gross Margin | 37.7% | 46.8% | 64.7% | -9.1pp | -27.0pp |
| Net Margin | -24.4% | -19.6% | 91.9% | -4.8pp | -116.3pp |
| EPS (Diluted) | $-0.61 | $-0.52 | $2.04 | -17.3% | -129.9% |
| Free Cash Flow | -$2.0B | -$2.1B | -$267M | 2.5% | -657.6% |
| Item | Amount |
|---|---|
| REVENUE | $422M |
| Cost of Revenue | $263M |
| GROSS PROFIT | $159M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $12M |
| Other Expenses | $6M |
| Operating Expenses | $18M |
| Cost & Expenses | $281M |
| OPERATING INCOME | $141M |
| Interest Income | $0 |
| Interest Expense | $36M |
| Other Income/Expenses | -$408M |
| INCOME BEFORE TAX | -$267M |
| Income Tax Expense | -$21M |
| Net Income from Continuing Ops | -$246M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$103M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$103M |
| D&A | $234M |
| EBIT | $141M |
| EBITDA | $375M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$103M |
| Depreciation & Amortization | $234M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$41M |
| Other Non-Cash Items | $252M |
| Change in Working Capital | $57M |
| OPERATING CASH FLOW | $399M |
| Capital Expenditure | -$2.4B |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $2.4B |
| NET CASH FROM INVESTING | -$67M |
| Net Debt Issuance | -$435M |
| Common Stock Repurchased | -$94M |
| Common Dividends Paid | -$99M |
| Other Financing Activities | -$134M |
| NET CASH FROM FINANCING | -$762M |
| FREE CASH FLOW | -$2.0B |
| Net Change in Cash | -$430M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $13M |
| Short-Term Investments | $0 |
| Net Receivables | $350M |
| Inventory | $0 |
| Other Current Assets | $50M |
| TOTAL CURRENT ASSETS | $413M |
| PP&E (Net) | $12.2B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $33M |
| Other Non-Current Assets | $16M |
| TOTAL NON-CURRENT ASSETS | $12.3B |
| TOTAL ASSETS | $12.7B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $111M |
| TOTAL CURRENT LIABILITIES | $111M |
| Long-Term Debt | $2.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $11M |
| TOTAL NON-CURRENT LIABILITIES | $2.2B |
| TOTAL LIABILITIES | $2.3B |
| Common Stock | $0 |
| Additional Paid-In Capital | $4.7B |
| Retained Earnings | -$278M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4.4B |
| Minority Interest | $5.9B |
| TOTAL EQUITY | $10.4B |
| TOTAL LIABILITIES & EQUITY | $12.7B |
| Total Debt | $2.2B |
| Net Debt | $2.2B |
