| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $250M | $185M | $68M | 35.2% | 269.4% |
| Op. Income | $13M | -$62M | -$113M | 120.8% | 111.4% |
| Gross Margin | 89.5% | 80.1% | 80.6% | 9.4pp | 8.9pp |
| Net Margin | -28.5% | -24.6% | -171.5% | -4.0pp | 143.0pp |
| EPS (Diluted) | $-1.17 | $-0.96 | $-1.98 | -22.0% | 40.8% |
| Free Cash Flow | $2M | -$14M | -$66M | 118.0% | 103.7% |
| Item | Amount |
|---|---|
| REVENUE | $250M |
| Cost of Revenue | $26M |
| GROSS PROFIT | $224M |
| R&D Expenses | $78M |
| Selling & Marketing | $0 |
| General & Administrative | $131M |
| SG&A Expenses | $131M |
| Other Expenses | $2M |
| Operating Expenses | $211M |
| Cost & Expenses | $237M |
| OPERATING INCOME | $13M |
| Interest Income | $4M |
| Interest Expense | $23M |
| Other Income/Expenses | -$80M |
| INCOME BEFORE TAX | -$67M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | -$71M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$71M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$71M |
| D&A | $5M |
| EBIT | -$67M |
| EBITDA | -$62M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$71M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $36M |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $267.7K |
| Change in Working Capital | $29M |
| OPERATING CASH FLOW | $3M |
| Capital Expenditure | -$62.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$62.0K |
| Net Debt Issuance | -$8M |
| Common Stock Repurchased | -$687.9K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $2M |
| NET CASH FROM FINANCING | $45M |
| FREE CASH FLOW | $2M |
| Net Change in Cash | $53M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $630M |
| Short-Term Investments | $0 |
| Net Receivables | $172M |
| Inventory | $353M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.2B |
| PP&E (Net) | $119M |
| Goodwill | $0 |
| Intangible Assets | $4M |
| Long-Term Investments | $33M |
| Tax Assets | $0 |
| Other Non-Current Assets | $4M |
| TOTAL NON-CURRENT ASSETS | $160M |
| TOTAL ASSETS | $1.4B |
| Account Payables | $92M |
| Short-Term Debt | $564M |
| Deferred Revenue | $5M |
| Other Current Liabilities | $491M |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $387M |
| Deferred Revenue NC | $809.1K |
| Deferred Tax Liabilities | $12M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $400M |
| TOTAL LIABILITIES | $1.6B |
| Common Stock | $10M |
| Additional Paid-In Capital | $3.0B |
| Retained Earnings | -$3.2B |
| Treasury Stock | -$93.5K |
| Accum. Other Comp. Income | -$1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$204M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$204M |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $951M |
| Net Debt | $321M |
