| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $22M | $189M | $77M | -88.1% | -70.7% |
| Op. Income | -$72M | $71M | -$49M | -200.1% | -47.4% |
| Gross Margin | 100.0% | 100.0% | 97.8% | 0.0pp | 2.2pp |
| Net Margin | -273.2% | 43.9% | -46.0% | -317.1pp | -227.2pp |
| EPS (Diluted) | $-0.84 | $1.14 | $-0.49 | -173.7% | -71.4% |
| Free Cash Flow | -$97M | -$89M | $50M | -8.2% | -294.8% |
| Item | Amount |
|---|---|
| REVENUE | $22M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $22M |
| R&D Expenses | $69M |
| Selling & Marketing | $0 |
| General & Administrative | $25M |
| SG&A Expenses | $25M |
| Other Expenses | $0 |
| Operating Expenses | $94M |
| Cost & Expenses | $94M |
| OPERATING INCOME | -$72M |
| Interest Income | $10M |
| Interest Expense | $0 |
| Other Income/Expenses | $10M |
| INCOME BEFORE TAX | -$62M |
| Income Tax Expense | -$300.0K |
| Net Income from Continuing Ops | -$61M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$61M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$61M |
| D&A | $1M |
| EBIT | -$72M |
| EBITDA | -$70M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$61M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | -$43M |
| OPERATING CASH FLOW | -$95M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$118M |
| Sales/Maturities of Investments | $248M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $129M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $500.0K |
| FREE CASH FLOW | -$97M |
| Net Change in Cash | $34M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $115M |
| Short-Term Investments | $746M |
| Net Receivables | $11M |
| Inventory | $0 |
| Other Current Assets | $17M |
| TOTAL CURRENT ASSETS | $890M |
| PP&E (Net) | $15M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $4M |
| TOTAL NON-CURRENT ASSETS | $20M |
| TOTAL ASSETS | $909M |
| Account Payables | $17M |
| Short-Term Debt | $0 |
| Deferred Revenue | $103M |
| Other Current Liabilities | $11M |
| TOTAL CURRENT LIABILITIES | $158M |
| Long-Term Debt | $500.0K |
| Deferred Revenue NC | $134M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $142M |
| TOTAL LIABILITIES | $300M |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$1.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $609M |
| Minority Interest | $0 |
| TOTAL EQUITY | $609M |
| TOTAL LIABILITIES & EQUITY | $909M |
| Total Debt | $10M |
| Net Debt | -$105M |
