| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $42M | $22M | $102M | 87.1% | -59.1% |
| Op. Income | -$44M | -$72M | -$60M | 38.7% | 27.4% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | -83.8% | -273.2% | -48.0% | 189.4pp | -35.7pp |
| EPS (Diluted) | $-0.48 | $-0.84 | $-0.68 | 42.9% | 29.4% |
| Free Cash Flow | -$59M | -$97M | -$129M | 38.7% | 54.0% |
| Item | Amount |
|---|---|
| REVENUE | $42M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $42M |
| R&D Expenses | $65M |
| Selling & Marketing | $0 |
| General & Administrative | $22M |
| SG&A Expenses | $22M |
| Other Expenses | -$600.0K |
| Operating Expenses | $86M |
| Cost & Expenses | $86M |
| OPERATING INCOME | -$44M |
| Interest Income | $9M |
| Interest Expense | $0 |
| Other Income/Expenses | $9M |
| INCOME BEFORE TAX | -$35M |
| Income Tax Expense | $300.0K |
| Net Income from Continuing Ops | -$35M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$35M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$35M |
| D&A | $800.0K |
| EBIT | -$35M |
| EBITDA | -$34M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$35M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $7M |
| Change in Working Capital | -$33M |
| OPERATING CASH FLOW | -$59M |
| Capital Expenditure | -$100.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$110M |
| Sales/Maturities of Investments | $174M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $64M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | -$18M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$18M |
| FREE CASH FLOW | -$59M |
| Net Change in Cash | -$13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $102M |
| Short-Term Investments | $686M |
| Net Receivables | $27M |
| Inventory | $0 |
| Other Current Assets | $12M |
| TOTAL CURRENT ASSETS | $826M |
| PP&E (Net) | $14M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $4M |
| TOTAL NON-CURRENT ASSETS | $18M |
| TOTAL ASSETS | $844M |
| Account Payables | $18M |
| Short-Term Debt | $2M |
| Deferred Revenue | $88M |
| Other Current Liabilities | $21M |
| TOTAL CURRENT LIABILITIES | $145M |
| Long-Term Debt | $400.0K |
| Deferred Revenue NC | $127M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $135M |
| TOTAL LIABILITIES | $280M |
| Common Stock | $100.0K |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$1.5B |
| Treasury Stock | -$20M |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $564M |
| Minority Interest | $0 |
| TOTAL EQUITY | $564M |
| TOTAL LIABILITIES & EQUITY | $844M |
| Total Debt | $10M |
| Net Debt | -$92M |
