As of Q4'25, TEM's cash and short-term investments stood at $755M, reflecting a slight quarterly decline of approximately 1% from $760M in Q3'25, while debt reached $1.33B, down marginally by about 1% from $1.34B in the prior quarter. This positions the company's net cash position at a deficit of roughly $573M, highlighting ongoing liquidity pressures amid elevated borrowing levels. Over the period from Q1'23 to Q4'25, cash and short-term investments exhibited high volatility, starting at $303M, dipping to a low of $95M in Q1'24, and surging to a peak of $760M in Q3'25 before the minor pullback, driven by apparent operational cash inflows in mid-2024 and late 2025. In contrast, debt showed a consistent upward trajectory, increasing from $459M in Q3'23 to $1.33B by Q4'25, with a notable acceleration in Q1'25 (jumping 83% from Q4'24) and further growth through Q3'25, underscoring expanding leverage that has outpaced cash accumulation and widened the net debt gap to over $900M from earlier balanced levels.