| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $403M | — | $575M | — | -29.9% |
| Op. Income | -$79M | — | -$4M | — | -1732.6% |
| Gross Margin | -6.0% | — | 12.5% | — | -18.5pp |
| Net Margin | -25.0% | — | -7.9% | — | -17.2pp |
| EPS (Diluted) | $-0.60 | — | $-0.29 | — | -106.9% |
| Free Cash Flow | -$33M | — | $32M | — | -205.7% |
| Item | Amount |
|---|---|
| REVENUE | $403M |
| Cost of Revenue | $427M |
| GROSS PROFIT | -$24M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $43M |
| SG&A Expenses | $43M |
| Other Expenses | $12M |
| Operating Expenses | $55M |
| Cost & Expenses | $482M |
| OPERATING INCOME | -$79M |
| Interest Income | $0 |
| Interest Expense | $35M |
| Other Income/Expenses | -$34M |
| INCOME BEFORE TAX | -$113M |
| Income Tax Expense | -$20M |
| Net Income from Continuing Ops | -$92M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$101M |
| Net Income Deductions | $1M |
| BOTTOM LINE NET INCOME | -$102M |
| D&A | $103M |
| EBIT | -$78M |
| EBITDA | $25M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$101M |
| Depreciation & Amortization | $103M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | -$17M |
| Other Non-Cash Items | $18M |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | $900.0K |
| Capital Expenditure | -$34M |
| Acquisitions (Net) | $4M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$30M |
| Net Debt Issuance | -$18M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$100.0K |
| NET CASH FROM FINANCING | $61M |
| FREE CASH FLOW | -$33M |
| Net Change in Cash | $32M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $58M |
| Short-Term Investments | $0 |
| Net Receivables | $288M |
| Inventory | $167M |
| Other Current Assets | $28M |
| TOTAL CURRENT ASSETS | $541M |
| PP&E (Net) | $1.7B |
| Goodwill | $301M |
| Intangible Assets | $121M |
| Long-Term Investments | $0 |
| Tax Assets | $30M |
| Other Non-Current Assets | $49M |
| TOTAL NON-CURRENT ASSETS | $2.2B |
| TOTAL ASSETS | $2.7B |
| Account Payables | $277M |
| Short-Term Debt | $159M |
| Deferred Revenue | $800.0K |
| Other Current Liabilities | $47M |
| TOTAL CURRENT LIABILITIES | $596M |
| Long-Term Debt | $912M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $11M |
| Other Non-Current Liabilities | $160M |
| TOTAL NON-CURRENT LIABILITIES | $1.2B |
| TOTAL LIABILITIES | $1.8B |
| Common Stock | $2M |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$466M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $862M |
| Minority Interest | $92M |
| TOTAL EQUITY | $954M |
| TOTAL LIABILITIES & EQUITY | $2.7B |
| Total Debt | $1.2B |
| Net Debt | $1.1B |
