| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $281M | — | $151M | — | 85.9% |
| Op. Income | -$1.4B | — | $1M | — | -104523.1% |
| Gross Margin | 73.8% | — | 58.4% | — | 15.4pp |
| Net Margin | -487.6% | — | 5.4% | — | -493.0pp |
| EPS (Diluted) | $-6.99 | — | $0.04 | — | -18789.8% |
| Free Cash Flow | $91M | — | $276M | — | -67.0% |
| Item | Amount |
|---|---|
| REVENUE | $281M |
| Cost of Revenue | $74M |
| GROSS PROFIT | $207M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $128M |
| SG&A Expenses | $128M |
| Other Expenses | $1.4B |
| Operating Expenses | $1.6B |
| Cost & Expenses | $1.6B |
| OPERATING INCOME | -$1.4B |
| Interest Income | $22M |
| Interest Expense | $16M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$1.4B |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | -$1.4B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$1.4B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1.4B |
| D&A | $10M |
| EBIT | -$1.3B |
| EBITDA | -$1.3B |
| EPS | -$7 |
| EPS Diluted | -$7 |
| Item | Amount |
|---|---|
| Net Income | -$1.4B |
| Depreciation & Amortization | $10M |
| Stock-Based Compensation | $17M |
| Deferred Income Tax | -$1M |
| Other Non-Cash Items | $1.3B |
| Change in Working Capital | $79M |
| OPERATING CASH FLOW | $74M |
| Capital Expenditure | $17M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $273M |
| Sales/Maturities of Investments | -$116M |
| Other Investing Activities | -$230M |
| NET CASH FROM INVESTING | -$56M |
| Net Debt Issuance | $387M |
| Common Stock Repurchased | -$175M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$3M |
| NET CASH FROM FINANCING | $209M |
| FREE CASH FLOW | $91M |
| Net Change in Cash | $217M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.7B |
| Short-Term Investments | $65M |
| Net Receivables | $4.9B |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $6.6B |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $212M |
| Long-Term Investments | $813M |
| Tax Assets | $0 |
| Other Non-Current Assets | $224M |
| TOTAL NON-CURRENT ASSETS | $1.2B |
| TOTAL ASSETS | $7.9B |
| Account Payables | $273M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $273M |
| Long-Term Debt | $122M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $6.8B |
| TOTAL NON-CURRENT LIABILITIES | $6.9B |
| TOTAL LIABILITIES | $7.2B |
| Common Stock | $0 |
| Additional Paid-In Capital | $2.2B |
| Retained Earnings | -$1.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $676M |
| Minority Interest | $28M |
| TOTAL EQUITY | $704M |
| TOTAL LIABILITIES & EQUITY | $7.9B |
| Total Debt | $122M |
| Net Debt | -$1.6B |
