| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $137M | $170M | $166M | -19.7% | -17.6% |
| Op. Income | -$72M | $42M | $27M | -273.1% | -368.7% |
| Gross Margin | -25.1% | 62.7% | 51.0% | -87.8pp | -76.1pp |
| Net Margin | -36.7% | 17.8% | 12.1% | -54.6pp | -48.9pp |
| EPS (Diluted) | $-0.55 | $0.33 | $0.23 | -265.2% | -331.9% |
| Free Cash Flow | $12M | $34M | $24M | -64.6% | -50.1% |
| Item | Amount |
|---|---|
| REVENUE | $137M |
| Cost of Revenue | $171M |
| GROSS PROFIT | -$34M |
| R&D Expenses | $0 |
| Selling & Marketing | $2M |
| General & Administrative | $54M |
| SG&A Expenses | $54M |
| Other Expenses | -$16M |
| Operating Expenses | $38M |
| Cost & Expenses | $209M |
| OPERATING INCOME | -$72M |
| Interest Income | $216M |
| Interest Expense | $84M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$72M |
| Income Tax Expense | -$22M |
| Net Income from Continuing Ops | -$50M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$50M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$50M |
| D&A | $0 |
| EBIT | -$72M |
| EBITDA | -$72M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$50M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | -$4M |
| Other Non-Cash Items | $74M |
| Change in Working Capital | -$14M |
| OPERATING CASH FLOW | $15M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $215M |
| Other Investing Activities | $1.5B |
| NET CASH FROM INVESTING | $1.7B |
| Net Debt Issuance | -$632M |
| Common Stock Repurchased | -$2M |
| Common Dividends Paid | -$12M |
| Other Financing Activities | -$345M |
| NET CASH FROM FINANCING | -$991M |
| FREE CASH FLOW | $12M |
| Net Change in Cash | $714M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $439M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.7B |
| PP&E (Net) | $243M |
| Goodwill | $353M |
| Intangible Assets | $198M |
| Long-Term Investments | $18.1B |
| Tax Assets | $178M |
| Other Non-Current Assets | $2.1B |
| TOTAL NON-CURRENT ASSETS | $21.2B |
| TOTAL ASSETS | $22.8B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $18.9B |
| TOTAL CURRENT LIABILITIES | $18.9B |
| Long-Term Debt | $1.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $330M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $20.4B |
| Common Stock | $896.0K |
| Additional Paid-In Capital | $2.2B |
| Retained Earnings | $414M |
| Treasury Stock | -$142M |
| Accum. Other Comp. Income | -$29M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.4B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.4B |
| TOTAL LIABILITIES & EQUITY | $22.8B |
| Total Debt | $1.2B |
| Net Debt | -$48M |
