The latest data point for NET's Operation Income in Q4'25 shows a loss of -$49.23M USD, reflecting a continued negative performance amid ongoing operational challenges. This marks a year-over-year (YoY) decline of -41.81%, indicating a sharper drop compared to the prior quarter's loss of -$37.46M USD in Q3'25. Over the period from Q1'23 to Q4'25, Operation Income has remained consistently negative, with quarterly losses fluctuating between -$30.79M USD (Q3'24) and -$67.26M USD (Q2'25), showing no sustained improvement toward profitability. The YoY changes exhibit volatility, starting with a -18.11% decline in Q1'23, peaking at a 38.23% worsening in Q2'24, and ending with persistent negative growth in recent quarters, underscoring structural pressures on the company's cost management and revenue generation.