| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $96M | $101M | $188M | -5.1% | -48.8% |
| Op. Income | $23M | $21M | $15M | 9.3% | 53.8% |
| Gross Margin | 5.1% | 4.4% | 3.4% | 0.7pp | 1.7pp |
| Net Margin | 0.1% | 5.9% | -2.7% | -5.8pp | 2.8pp |
| EPS (Diluted) | $-0.04 | $0.04 | $-0.08 | -191.6% | 55.2% |
| Free Cash Flow | $18M | -$854.0K | $20M | 2154.8% | -10.2% |
| Item | Amount |
|---|---|
| REVENUE | $96M |
| Cost of Revenue | $91M |
| GROSS PROFIT | $5M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | -$22M |
| Operating Expenses | -$18M |
| Cost & Expenses | $74M |
| OPERATING INCOME | $23M |
| Interest Income | $4M |
| Interest Expense | $23M |
| Other Income/Expenses | -$23M |
| INCOME BEFORE TAX | -$547.0K |
| Income Tax Expense | $192.0K |
| Net Income from Continuing Ops | -$739.0K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $80.0K |
| Net Income Deductions | -$3M |
| BOTTOM LINE NET INCOME | $80.0K |
| D&A | $23M |
| EBIT | $22M |
| EBITDA | $45M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | $80.0K |
| Depreciation & Amortization | $23M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$164.0K |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | $26M |
| Capital Expenditure | -$9M |
| Acquisitions (Net) | -$27.0K |
| Purchases of Investments | -$20M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$12M |
| NET CASH FROM INVESTING | -$41M |
| Net Debt Issuance | $103M |
| Common Stock Repurchased | -$11.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$65M |
| NET CASH FROM FINANCING | $10M |
| FREE CASH FLOW | $18M |
| Net Change in Cash | -$5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $50M |
| Short-Term Investments | $0 |
| Net Receivables | $248M |
| Inventory | $0 |
| Other Current Assets | -$37M |
| TOTAL CURRENT ASSETS | $260M |
| PP&E (Net) | $111M |
| Goodwill | $0 |
| Intangible Assets | $80M |
| Long-Term Investments | $2.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | $93M |
| TOTAL NON-CURRENT ASSETS | $2.3B |
| TOTAL ASSETS | $2.6B |
| Account Payables | $81M |
| Short-Term Debt | $32M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$81M |
| TOTAL CURRENT LIABILITIES | $32M |
| Long-Term Debt | $1.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$1M |
| TOTAL NON-CURRENT LIABILITIES | $1.7B |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $804.0K |
| Additional Paid-In Capital | $724M |
| Retained Earnings | -$258M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $870.0K |
| TOTAL STOCKHOLDERS' EQUITY | $639M |
| Minority Interest | $205M |
| TOTAL EQUITY | $844M |
| TOTAL LIABILITIES & EQUITY | $2.6B |
| Total Debt | $1.7B |
| Net Debt | $1.7B |
