| Metric | Q4 2025 | Q3 2025 | Q4 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $165M | $139M | $159M | 19.2% | 3.8% |
| Op. Income | $55M | $16M | $47M | 244.2% | 18.2% |
| Gross Margin | 73.2% | 60.0% | 74.2% | 13.2pp | -1.0pp |
| Net Margin | 26.8% | 9.7% | 22.0% | 17.1pp | 4.8pp |
| EPS (Diluted) | $8.13 | $2.45 | $5.90 | 231.8% | 37.8% |
| Free Cash Flow | $90M | $60M | $82M | 49.1% | 9.5% |
| Item | Amount |
|---|---|
| REVENUE | $165M |
| Cost of Revenue | $44M |
| GROSS PROFIT | $121M |
| R&D Expenses | $0 |
| Selling & Marketing | $1M |
| General & Administrative | $51M |
| SG&A Expenses | $53M |
| Other Expenses | $13M |
| Operating Expenses | $66M |
| Cost & Expenses | $110M |
| OPERATING INCOME | $55M |
| Interest Income | $118M |
| Interest Expense | $11M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $55M |
| Income Tax Expense | $11M |
| Net Income from Continuing Ops | $44M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $44M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $44M |
| D&A | $2M |
| EBIT | $55M |
| EBITDA | $58M |
| EPS | $8 |
| EPS Diluted | $8 |
| Item | Amount |
|---|---|
| REVENUE | $165M |
| Cost of Revenue | $44M |
| GROSS PROFIT | $121M |
| R&D Expenses | $0 |
| Selling & Marketing | $1M |
| General & Administrative | $51M |
| SG&A Expenses | $53M |
| Other Expenses | $13M |
| Operating Expenses | $66M |
| Cost & Expenses | $110M |
| OPERATING INCOME | $55M |
| Interest Income | $118M |
| Interest Expense | $11M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $55M |
| Income Tax Expense | $11M |
| Net Income from Continuing Ops | $44M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $44M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $44M |
| D&A | $2M |
| EBIT | $55M |
| EBITDA | $58M |
| EPS | $8 |
| EPS Diluted | $8 |
| Item | Amount |
|---|---|
| Net Income | $44M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | -$1M |
| Deferred Income Tax | -$1M |
| Other Non-Cash Items | $42M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | $91M |
| Capital Expenditure | -$869.3K |
| Acquisitions (Net) | $111.2K |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $49M |
| NET CASH FROM INVESTING | $48M |
| Net Debt Issuance | -$113M |
| Common Stock Repurchased | -$32M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $477.1K |
| NET CASH FROM FINANCING | -$145M |
| FREE CASH FLOW | $90M |
| Net Change in Cash | -$6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $10M |
| Short-Term Investments | $0 |
| Net Receivables | $813M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $823M |
| PP&E (Net) | $96M |
| Goodwill | $7M |
| Intangible Assets | $7M |
| Long-Term Investments | $813M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$739M |
| TOTAL NON-CURRENT ASSETS | $185M |
| TOTAL ASSETS | $1.0B |
| Account Payables | $37M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $222.7K |
| TOTAL CURRENT LIABILITIES | $66M |
| Long-Term Debt | $447M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $503M |
| TOTAL LIABILITIES | $568M |
| Common Stock | $0 |
| Additional Paid-In Capital | $266M |
| Retained Earnings | $173M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $439M |
| Minority Interest | $0 |
| TOTAL EQUITY | $439M |
| TOTAL LIABILITIES & EQUITY | $1.0B |
| Total Debt | $526M |
| Net Debt | $516M |
