| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $562M | $689M | $562M | -18.5% | -0.0% |
| Op. Income | -$27M | -$67M | -$26M | 59.7% | -3.2% |
| Gross Margin | 16.4% | 17.2% | 8.5% | -0.8pp | 7.8pp |
| Net Margin | -7.8% | -9.5% | -6.5% | 1.7pp | -1.2pp |
| EPS (Diluted) | $-2.41 | $-3.62 | $-2.05 | 33.4% | -17.6% |
| Free Cash Flow | -$122M | -$11M | -$29M | -1059.0% | -323.9% |
| Item | Amount |
|---|---|
| REVENUE | $562M |
| Cost of Revenue | $470M |
| GROSS PROFIT | $92M |
| R&D Expenses | $0 |
| Selling & Marketing | $23M |
| General & Administrative | $0 |
| SG&A Expenses | $23M |
| Other Expenses | $96M |
| Operating Expenses | $119M |
| Cost & Expenses | $589M |
| OPERATING INCOME | -$27M |
| Interest Income | $10M |
| Interest Expense | $35M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | -$52M |
| Income Tax Expense | -$9M |
| Net Income from Continuing Ops | -$44M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$44M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$44M |
| D&A | $69M |
| EBIT | -$27M |
| EBITDA | $41M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$44M |
| Depreciation & Amortization | $59M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$19M |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$6M |
| Capital Expenditure | -$116M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$238M |
| Sales/Maturities of Investments | $210M |
| Other Investing Activities | $175M |
| NET CASH FROM INVESTING | $32M |
| Net Debt Issuance | $101M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$8M |
| NET CASH FROM FINANCING | $91M |
| FREE CASH FLOW | -$122M |
| Net Change in Cash | $117M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $316M |
| Short-Term Investments | $640M |
| Net Receivables | $57M |
| Inventory | $0 |
| Other Current Assets | $62M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $3.0B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $35M |
| Tax Assets | $0 |
| Other Non-Current Assets | $202M |
| TOTAL NON-CURRENT ASSETS | $3.3B |
| TOTAL ASSETS | $4.4B |
| Account Payables | $55M |
| Short-Term Debt | $271M |
| Deferred Revenue | $429M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $1.1B |
| Long-Term Debt | $1.8B |
| Deferred Revenue NC | $41M |
| Deferred Tax Liabilities | $294M |
| Other Non-Current Liabilities | $58M |
| TOTAL NON-CURRENT LIABILITIES | $2.2B |
| TOTAL LIABILITIES | $3.4B |
| Common Stock | $26.0K |
| Additional Paid-In Capital | $770M |
| Retained Earnings | $927M |
| Treasury Stock | -$686M |
| Accum. Other Comp. Income | $5M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.0B |
| TOTAL LIABILITIES & EQUITY | $4.4B |
| Total Debt | $2.1B |
| Net Debt | $1.8B |
