| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $51M | $35M | $28M | 47.5% | 80.6% |
| Op. Income | -$27M | -$50M | -$44M | 46.8% | 39.5% |
| Gross Margin | 19.3% | -60.0% | -29.9% | 79.3pp | 49.2pp |
| Net Margin | -70.7% | -145.3% | -145.5% | 74.6pp | 74.9pp |
| EPS (Diluted) | $-2.39 | $-3.33 | $-0.16 | 28.2% | -1393.8% |
| Free Cash Flow | -$61M | -$60M | -$224M | -2.8% | 72.5% |
| Item | Amount |
|---|---|
| REVENUE | $51M |
| Cost of Revenue | $41M |
| GROSS PROFIT | $10M |
| R&D Expenses | $0 |
| Selling & Marketing | $11M |
| General & Administrative | $12M |
| SG&A Expenses | $23M |
| Other Expenses | $14M |
| Operating Expenses | $37M |
| Cost & Expenses | $78M |
| OPERATING INCOME | -$27M |
| Interest Income | $2M |
| Interest Expense | $10M |
| Other Income/Expenses | -$9M |
| INCOME BEFORE TAX | -$36M |
| Income Tax Expense | $94.0K |
| Net Income from Continuing Ops | -$36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$36M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$36M |
| D&A | $4M |
| EBIT | -$26M |
| EBITDA | -$23M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$36M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$33M |
| Change in Working Capital | $5M |
| OPERATING CASH FLOW | -$61M |
| Capital Expenditure | -$425.3K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.4B |
| Sales/Maturities of Investments | $1.4B |
| Other Investing Activities | -$213M |
| NET CASH FROM INVESTING | -$233M |
| Net Debt Issuance | $258M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $258M |
| FREE CASH FLOW | -$61M |
| Net Change in Cash | -$38M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $87M |
| Short-Term Investments | $134M |
| Net Receivables | $40M |
| Inventory | $0 |
| Other Current Assets | $882M |
| TOTAL CURRENT ASSETS | $1.2B |
| PP&E (Net) | $7M |
| Goodwill | $25M |
| Intangible Assets | $21M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $5M |
| TOTAL NON-CURRENT ASSETS | $58M |
| TOTAL ASSETS | $1.2B |
| Account Payables | $64M |
| Short-Term Debt | $572M |
| Deferred Revenue | $482M |
| Other Current Liabilities | $7M |
| TOTAL CURRENT LIABILITIES | $1.1B |
| Long-Term Debt | $200M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$200M |
| TOTAL NON-CURRENT LIABILITIES | $30M |
| TOTAL LIABILITIES | $1.2B |
| Common Stock | $2.0K |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $6M |
| Other Equity | -$9M |
| TOTAL STOCKHOLDERS' EQUITY | $77M |
| Minority Interest | $0 |
| TOTAL EQUITY | $77M |
| TOTAL LIABILITIES & EQUITY | $1.2B |
| Total Debt | $578M |
| Net Debt | $490M |
