| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $167M | $169M | $102M | -1.2% | 63.6% |
| Op. Income | $19M | $30M | -$62M | -36.2% | 130.7% |
| Gross Margin | 56.2% | 60.6% | 12.3% | -4.4pp | 43.9pp |
| Net Margin | 8.8% | 13.6% | -47.1% | -4.8pp | 56.0pp |
| EPS (Diluted) | $0.35 | $0.55 | $-1.43 | -36.4% | 124.5% |
| Free Cash Flow | $24M | $56M | $3M | -57.8% | 814.6% |
| Item | Amount |
|---|---|
| REVENUE | $167M |
| Cost of Revenue | $73M |
| GROSS PROFIT | $94M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $40M |
| SG&A Expenses | $40M |
| Other Expenses | $35M |
| Operating Expenses | $75M |
| Cost & Expenses | $148M |
| OPERATING INCOME | $19M |
| Interest Income | $153M |
| Interest Expense | $59M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $19M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $15M |
| D&A | $1M |
| EBIT | $19M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $167M |
| Cost of Revenue | $73M |
| GROSS PROFIT | $94M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $40M |
| SG&A Expenses | $40M |
| Other Expenses | $35M |
| Operating Expenses | $75M |
| Cost & Expenses | $148M |
| OPERATING INCOME | $19M |
| Interest Income | $153M |
| Interest Expense | $59M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $19M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | $15M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $15M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $15M |
| D&A | $1M |
| EBIT | $19M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $15M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | -$1M |
| Other Non-Cash Items | $18M |
| Change in Working Capital | -$11M |
| OPERATING CASH FLOW | $23M |
| Capital Expenditure | $1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$369M |
| Sales/Maturities of Investments | $61M |
| Other Investing Activities | $231M |
| NET CASH FROM INVESTING | -$76M |
| Net Debt Issuance | $67M |
| Common Stock Repurchased | -$10M |
| Common Dividends Paid | -$4M |
| Other Financing Activities | -$6M |
| NET CASH FROM FINANCING | $47M |
| FREE CASH FLOW | $24M |
| Net Change in Cash | -$6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $624M |
| Short-Term Investments | $2M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $626M |
| PP&E (Net) | $133M |
| Goodwill | $19M |
| Intangible Assets | $0 |
| Long-Term Investments | $9.0B |
| Tax Assets | $47M |
| Other Non-Current Assets | $615M |
| TOTAL NON-CURRENT ASSETS | $9.8B |
| TOTAL ASSETS | $10.4B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $8.3B |
| TOTAL CURRENT LIABILITIES | $8.3B |
| Long-Term Debt | $926M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $129M |
| TOTAL NON-CURRENT LIABILITIES | $1.2B |
| TOTAL LIABILITIES | $9.5B |
| Common Stock | $4M |
| Additional Paid-In Capital | $327M |
| Retained Earnings | $621M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $945M |
| Minority Interest | $0 |
| TOTAL EQUITY | $945M |
| TOTAL LIABILITIES & EQUITY | $10.4B |
| Total Debt | $1.0B |
| Net Debt | $411M |
