| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $119M | $103M | $65M | 15.2% | 82.1% |
| Op. Income | -$18M | -$16M | -$17M | -13.8% | -9.9% |
| Gross Margin | 28.0% | 30.3% | 24.4% | -2.2pp | 3.6pp |
| Net Margin | -15.1% | -8.8% | -27.3% | -6.3pp | 12.1pp |
| EPS (Diluted) | $-0.28 | $-0.16 | $-0.42 | -75.0% | 33.3% |
| Free Cash Flow | -$79M | -$91M | -$20M | 13.3% | -284.5% |
| Item | Amount |
|---|---|
| REVENUE | $119M |
| Cost of Revenue | $85M |
| GROSS PROFIT | $33M |
| R&D Expenses | $21M |
| Selling & Marketing | $10M |
| General & Administrative | $20M |
| SG&A Expenses | $30M |
| Other Expenses | $0 |
| Operating Expenses | $51M |
| Cost & Expenses | $137M |
| OPERATING INCOME | -$18M |
| Interest Income | $0 |
| Interest Expense | $451.0K |
| Other Income/Expenses | $251.0K |
| INCOME BEFORE TAX | -$18M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$18M |
| D&A | $7M |
| EBIT | -$17M |
| EBITDA | -$10M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$18M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | -$17M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $28M |
| Change in Working Capital | -$28M |
| OPERATING CASH FLOW | -$28M |
| Capital Expenditure | -$50M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$125.0K |
| NET CASH FROM INVESTING | -$50M |
| Net Debt Issuance | $7M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | $152M |
| FREE CASH FLOW | -$79M |
| Net Change in Cash | $64M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $137M |
| Short-Term Investments | $0 |
| Net Receivables | $224M |
| Inventory | $170M |
| Other Current Assets | $14M |
| TOTAL CURRENT ASSETS | $575M |
| PP&E (Net) | $352M |
| Goodwill | $0 |
| Intangible Assets | $8M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $42M |
| TOTAL NON-CURRENT ASSETS | $403M |
| TOTAL ASSETS | $979M |
| Account Payables | $150M |
| Short-Term Debt | $62M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $249M |
| Long-Term Debt | $130M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $170M |
| TOTAL LIABILITIES | $419M |
| Common Stock | $68.0K |
| Additional Paid-In Capital | $1.0B |
| Retained Earnings | -$488M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $559M |
| Minority Interest | $0 |
| TOTAL EQUITY | $559M |
| TOTAL LIABILITIES & EQUITY | $979M |
| Total Debt | $235M |
| Net Debt | $98M |
