Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual (SAR)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	115.33M	92.91M	74.32M	8.26M	2.60M
Free Cash Flow	68.30M	51.72M	-52.40M	-109.56M	-68.11M
Capital Expenditures	-47.03M	-41.20M	-126.72M	-117.82M	-70.70M
Investing & Financing
Investing Cash Flow	-52.99M	28.73M	-173.25M	-122.34M	-104.05M
Financing Cash Flow	-25.29M	-101.97M	121.20M	116.35M	95.43M
Operating Activities
Operating Cash Flow	115.33M	92.91M	74.32M	8.26M	2.60M
Net Income	62.01M	38.25M	0.76M	-25.24M	-11.15M
Change in Accounts Payable	-0.84M	-19.21M	8.13M	9.72M	0.18M
Change in Accounts Receivable	-262.04K	—	—	—	—
Change in Inventory	-0.30M	-1.34M	-0.98M	-0.51M	-0.37M
Change in Other Net Operating Assets	-0.75M	-2.41M	3.23M	-1.63M	11.81M
Change in Unearned Revenue	2.94M	22.86M	29.78M	6.32M	0.69M
Change in Working Capital	0.79M	-0.10M	40.16M	13.91M	12.31M
Other Operating Activities	9.74M	17.25M	12.46M	7.32M	0.59M
Depreciation & Amortization	42.61M	37.23M	20.84M	11.44M	0.86M
Other Amortization	186.98K	138.67K	101.87K	84.49K	0.19K
Cash Interest Paid	14.70M	29.65M	17.92M	5.82M	1.43M
Asset Writedown & Restructuring Costs	0.89K	143.80K	—	759.50K	—
Investing Activities
Investing Cash Flow	-52.99M	28.73M	-173.25M	-122.34M	-104.05M
Capital Expenditures	-47.03M	-41.20M	-126.72M	-117.82M	-70.70M
Investment in Securities	—	62.80M	-62.80M	—	—
Other Investing Activities	-5.72M	7.28M	17.12M	-4.02M	-33.06M
Sale (Purchase) of Intangibles	-240.65K	-153.84K	-846.21K	-658.14K	-286.21K
Sale of Property, Plant & Equipment	—	—	—	159.29K	—
Loss (Gain) From Sale of Assets	—	—	—	-17.83K	—
Financing Activities
Financing Cash Flow	-25.29M	-101.97M	121.20M	116.35M	95.43M
Issuance of Common Stock	—	—	109.92M	—	—
Long-Term Debt Issued	39.11M	—	15.24M	112.31M	108.77M
Short-Term Debt Issued	—	—	31.50M	15.00M	—
Total Debt Issued	39.11M	—	46.74M	127.31M	108.77M
Long-Term Debt Repaid	-42.20M	-33.32M	-17.54M	-5.14M	-11.91M
Short-Term Debt Repaid	-7.50M	-39.00M	—	—	—
Total Debt Repaid	-49.70M	-72.32M	-17.54M	-5.14M	-11.91M
Net Debt Issued (Repaid)	-10.59M	-72.32M	29.20M	122.17M	96.86M
Other Financing Activities	-14.70M	-29.65M	-17.92M	-5.82M	-1.43M
Free Cash Flow & Returns
Free Cash Flow	68.30M	51.72M	-52.40M	-109.56M	-68.11M
Free Cash Flow Growth	+32.1%	—	—	—	—
Free Cash Flow Margin	+30.4%	+29.1%	-65.4%	-830.4%	-15,559.5%
Free Cash Flow Per Share	2.08	1.57	-1.80	-7.54	-12.94
Levered Free Cash Flow	22.62M	18.55M	-65.89M	-106.71M	—
Unlevered Free Cash Flow	37.44M	32.67M	-58.87M	-104.06M	—
Operating Cash Flow Growth	+24.1%	+25.0%	+799.4%	+218.0%	—
Net Cash Flow	37.05M	19.67M	22.28M	2.28M	-6.02M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (SAR)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	115.33M	92.91M	74.32M	8.26M	2.60M
Free Cash Flow	68.30M	51.72M	-52.40M	-109.56M	-68.11M
Capital Expenditures	-47.03M	-41.20M	-126.72M	-117.82M	-70.70M
Investing & Financing
Investing Cash Flow	-52.99M	28.73M	-173.25M	-122.34M	-104.05M
Financing Cash Flow	-25.29M	-101.97M	121.20M	116.35M	95.43M
Operating Activities
Operating Cash Flow	115.33M	92.91M	74.32M	8.26M	2.60M
Net Income	62.01M	38.25M	0.76M	-25.24M	-11.15M
Change in Accounts Payable	-0.84M	-19.21M	8.13M	9.72M	0.18M
Change in Accounts Receivable	-262.04K	—	—	—	—
Change in Inventory	-0.30M	-1.34M	-0.98M	-0.51M	-0.37M
Change in Other Net Operating Assets	-0.75M	-2.41M	3.23M	-1.63M	11.81M
Change in Unearned Revenue	2.94M	22.86M	29.78M	6.32M	0.69M
Change in Working Capital	0.79M	-0.10M	40.16M	13.91M	12.31M
Other Operating Activities	9.74M	17.25M	12.46M	7.32M	0.59M
Depreciation & Amortization	42.61M	37.23M	20.84M	11.44M	0.86M
Other Amortization	186.98K	138.67K	101.87K	84.49K	0.19K
Cash Interest Paid	14.70M	29.65M	17.92M	5.82M	1.43M
Asset Writedown & Restructuring Costs	0.89K	143.80K	—	759.50K	—
Investing Activities
Investing Cash Flow	-52.99M	28.73M	-173.25M	-122.34M	-104.05M
Capital Expenditures	-47.03M	-41.20M	-126.72M	-117.82M	-70.70M
Investment in Securities	—	62.80M	-62.80M	—	—
Other Investing Activities	-5.72M	7.28M	17.12M	-4.02M	-33.06M
Sale (Purchase) of Intangibles	-240.65K	-153.84K	-846.21K	-658.14K	-286.21K
Sale of Property, Plant & Equipment	—	—	—	159.29K	—
Loss (Gain) From Sale of Assets	—	—	—	-17.83K	—
Financing Activities
Financing Cash Flow	-25.29M	-101.97M	121.20M	116.35M	95.43M
Issuance of Common Stock	—	—	109.92M	—	—
Long-Term Debt Issued	39.11M	—	15.24M	112.31M	108.77M
Short-Term Debt Issued	—	—	31.50M	15.00M	—
Total Debt Issued	39.11M	—	46.74M	127.31M	108.77M
Long-Term Debt Repaid	-42.20M	-33.32M	-17.54M	-5.14M	-11.91M
Short-Term Debt Repaid	-7.50M	-39.00M	—	—	—
Total Debt Repaid	-49.70M	-72.32M	-17.54M	-5.14M	-11.91M
Net Debt Issued (Repaid)	-10.59M	-72.32M	29.20M	122.17M	96.86M
Other Financing Activities	-14.70M	-29.65M	-17.92M	-5.82M	-1.43M
Free Cash Flow & Returns
Free Cash Flow	68.30M	51.72M	-52.40M	-109.56M	-68.11M
Free Cash Flow Growth	+32.1%	—	—	—	—
Free Cash Flow Margin	+30.4%	+29.1%	-65.4%	-830.4%	-15,559.5%
Free Cash Flow Per Share	2.08	1.57	-1.80	-7.54	-12.94
Levered Free Cash Flow	22.62M	18.55M	-65.89M	-106.71M	—
Unlevered Free Cash Flow	37.44M	32.67M	-58.87M	-104.06M	—
Operating Cash Flow Growth	+24.1%	+25.0%	+799.4%	+218.0%	—
Net Cash Flow	37.05M	19.67M	22.28M	2.28M	-6.02M

Financials

Annual (SAR)

ARMAH

Annual (SAR)