| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $44M | $51M | $27M | -13.8% | 65.4% |
| Op. Income | -$26M | -$27M | -$57M | 2.8% | 54.6% |
| Gross Margin | 76.2% | 19.3% | -61.5% | 56.9pp | 137.7pp |
| Net Margin | -88.4% | -70.7% | -202.7% | -17.8pp | 114.2pp |
| EPS (Diluted) | $-2.56 | $-2.39 | $-3.58 | -7.1% | 28.5% |
| Free Cash Flow | -$65M | -$61M | -$14M | -5.6% | -369.9% |
| Item | Amount |
|---|---|
| REVENUE | $44M |
| Cost of Revenue | $11M |
| GROSS PROFIT | $34M |
| R&D Expenses | $0 |
| Selling & Marketing | $10M |
| General & Administrative | $10M |
| SG&A Expenses | $21M |
| Other Expenses | $39M |
| Operating Expenses | $60M |
| Cost & Expenses | $70M |
| OPERATING INCOME | -$26M |
| Interest Income | $17M |
| Interest Expense | $12M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | -$39M |
| Income Tax Expense | $145.0K |
| Net Income from Continuing Ops | -$39M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$39M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$39M |
| D&A | $3M |
| EBIT | -$26M |
| EBITDA | -$23M |
| EPS | -$3 |
| EPS Diluted | -$3 |
| Item | Amount |
|---|---|
| Net Income | -$39M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$28M |
| Change in Working Capital | -$925.8K |
| OPERATING CASH FLOW | -$65M |
| Capital Expenditure | -$243.9K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.4B |
| Sales/Maturities of Investments | $1.3B |
| Other Investing Activities | -$72M |
| NET CASH FROM INVESTING | -$142M |
| Net Debt Issuance | $193M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $194M |
| FREE CASH FLOW | -$65M |
| Net Change in Cash | -$11M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $86M |
| Short-Term Investments | $132M |
| Net Receivables | $47M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $265M |
| PP&E (Net) | $7M |
| Goodwill | $25M |
| Intangible Assets | $22M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.1B |
| TOTAL NON-CURRENT ASSETS | $1.1B |
| TOTAL ASSETS | $1.4B |
| Account Payables | $74M |
| Short-Term Debt | $355M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$75M |
| TOTAL CURRENT LIABILITIES | $355M |
| Long-Term Debt | $199M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $789M |
| TOTAL NON-CURRENT LIABILITIES | $987M |
| TOTAL LIABILITIES | $1.3B |
| Common Stock | $2.0K |
| Additional Paid-In Capital | $2.1B |
| Retained Earnings | -$2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $4M |
| Other Equity | -$9M |
| TOTAL STOCKHOLDERS' EQUITY | $51M |
| Minority Interest | $0 |
| TOTAL EQUITY | $51M |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $554M |
| Net Debt | $467M |
