| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $185M | $118M | $42M | 56.6% | 339.0% |
| Op. Income | -$62M | -$122M | -$156M | 49.2% | 60.3% |
| Gross Margin | 80.1% | 82.6% | 68.2% | -2.5pp | 12.0pp |
| Net Margin | -24.6% | -93.7% | -303.9% | 69.1pp | 279.3pp |
| EPS (Diluted) | $-0.96 | $-1.85 | $-2.23 | 48.1% | 57.1% |
| Free Cash Flow | -$14M | -$18M | -$72M | 22.2% | 81.1% |
| Item | Amount |
|---|---|
| REVENUE | $185M |
| Cost of Revenue | $37M |
| GROSS PROFIT | $148M |
| R&D Expenses | $84M |
| Selling & Marketing | $0 |
| General & Administrative | $124M |
| SG&A Expenses | $124M |
| Other Expenses | $2M |
| Operating Expenses | $210M |
| Cost & Expenses | $247M |
| OPERATING INCOME | -$62M |
| Interest Income | $64M |
| Interest Expense | $39M |
| Other Income/Expenses | $21M |
| INCOME BEFORE TAX | -$41M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | -$45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$45M |
| D&A | $5M |
| EBIT | -$2M |
| EBITDA | $3M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$45M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $35M |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $44M |
| Change in Working Capital | -$51M |
| OPERATING CASH FLOW | -$9M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$5M |
| Net Debt Issuance | -$6M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $15M |
| NET CASH FROM FINANCING | $8M |
| FREE CASH FLOW | -$14M |
| Net Change in Cash | -$28M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $578M |
| Short-Term Investments | $0 |
| Net Receivables | $129M |
| Inventory | $355M |
| Other Current Assets | $13M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $109M |
| Goodwill | $0 |
| Intangible Assets | $4M |
| Long-Term Investments | $41M |
| Tax Assets | $0 |
| Other Non-Current Assets | $3M |
| TOTAL NON-CURRENT ASSETS | $158M |
| TOTAL ASSETS | $1.3B |
| Account Payables | $110M |
| Short-Term Debt | $541M |
| Deferred Revenue | $2M |
| Other Current Liabilities | $440M |
| TOTAL CURRENT LIABILITIES | $1.1B |
| Long-Term Debt | $386M |
| Deferred Revenue NC | $809.1K |
| Deferred Tax Liabilities | $11M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $398M |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $10M |
| Additional Paid-In Capital | $2.9B |
| Retained Earnings | -$3.1B |
| Treasury Stock | -$93.5K |
| Accum. Other Comp. Income | $361.3K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$219M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$219M |
| TOTAL LIABILITIES & EQUITY | $1.3B |
| Total Debt | $927M |
| Net Debt | $349M |
