As of Q4'25, NET reports Cash & Short-term Investments of USD 4.1B and Debt of USD 3.5B, marking the highest levels for both metrics within the period covered. This represents a substantial increase from the previous quarters, with cash rising by nearly USD 1.9B and debt by over USD 2B compared to Q1'25. From Q1'23 to Q1'25, both cash and debt remained relatively stable, with cash fluctuating between USD 1.6B and USD 1.9B and debt holding around USD 1.4B to USD 1.5B. However, starting in Q2'25, there is a sharp upward inflection in both cash and debt, indicating significant new financing or capital activity. The parallel surge suggests a major balance sheet event, possibly a large capital raise or debt issuance, fundamentally altering NET's liquidity and leverage profile by the end of 2025.