TVE’s QQ4 2024 results present a striking mix of profitability signals and anomalous cost structure. Revenue for the quarter was $3.516 billion, while total cost of revenue was $5.371 billion, producing a gross loss of $1.856 billion and a gross margin of approximately -52.8%. Despite the negative gross profit, the company delivered an operating income of $847 million and a net income of $520 million, implying a notable contribution from non-operating items and operating leverage. The reported YoY revenue growth of 3.96% and QoQ growth of 22.13% highlight some near-term momentum, but the earnings quality is clouded by an EBITDA of -$1.12 billion and a negative operating cash flow of -$1.939 billion. Free cash flow stood at $644 million after capital expenditures of $2.583 billion, underscoring capital-intensive activity and cash generation that is heavily dependent on non-operating components and unusual accounting mechanics.