| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $77M | $88M | $20M | -12.7% | 280.4% |
| Op. Income | -$37M | -$21M | -$14M | -71.7% | -157.8% |
| Gross Margin | 55.1% | 68.9% | 59.7% | -13.7pp | -4.6pp |
| Net Margin | -50.4% | -18.1% | -68.9% | -32.2pp | 18.5pp |
| EPS (Diluted) | $-0.25 | $-0.10 | $-0.09 | -153.0% | -190.0% |
| Free Cash Flow | -$58M | -$17M | -$38M | -247.2% | -53.9% |
| Item | Amount |
|---|---|
| REVENUE | $77M |
| Cost of Revenue | $34M |
| GROSS PROFIT | $42M |
| R&D Expenses | $4M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $75M |
| Other Expenses | $0 |
| Operating Expenses | $79M |
| Cost & Expenses | $113M |
| OPERATING INCOME | -$37M |
| Interest Income | $2M |
| Interest Expense | $4M |
| Other Income/Expenses | -$2M |
| INCOME BEFORE TAX | -$39M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$39M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$39M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$39M |
| D&A | $0 |
| EBIT | -$35M |
| EBITDA | -$35M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$39M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$43M |
| Change in Working Capital | $23M |
| OPERATING CASH FLOW | -$58M |
| Capital Expenditure | -$375.8K |
| Acquisitions (Net) | -$2M |
| Purchases of Investments | -$6M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$366.9K |
| NET CASH FROM INVESTING | -$18M |
| Net Debt Issuance | $104M |
| Common Stock Repurchased | -$132.9K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$74M |
| NET CASH FROM FINANCING | $132M |
| FREE CASH FLOW | -$58M |
| Net Change in Cash | $63M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $63M |
| Short-Term Investments | $0 |
| Net Receivables | $35M |
| Inventory | $2M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $123M |
| PP&E (Net) | $3M |
| Goodwill | $0 |
| Intangible Assets | $46M |
| Long-Term Investments | $24M |
| Tax Assets | $0 |
| Other Non-Current Assets | $89.9K |
| TOTAL NON-CURRENT ASSETS | $74M |
| TOTAL ASSETS | $197M |
| Account Payables | $11M |
| Short-Term Debt | $10M |
| Deferred Revenue | $51M |
| Other Current Liabilities | $42M |
| TOTAL CURRENT LIABILITIES | $113M |
| Long-Term Debt | $42M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $47M |
| TOTAL LIABILITIES | $160M |
| Common Stock | $16.9K |
| Additional Paid-In Capital | $207M |
| Retained Earnings | -$176M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $32M |
| Minority Interest | $6M |
| TOTAL EQUITY | $37M |
| TOTAL LIABILITIES & EQUITY | $197M |
| Total Debt | $53M |
| Net Debt | -$10M |
