| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $25M | $24M | $22M | 3.0% | 12.0% |
| Op. Income | -$2M | -$2M | -$4M | 4.5% | 53.8% |
| Gross Margin | 49.0% | 48.6% | 42.1% | 0.4pp | 6.9pp |
| Net Margin | -7.6% | -8.2% | -18.4% | 0.6pp | 10.8pp |
| EPS (Diluted) | $-0.10 | $-0.10 | $-0.19 | 2.5% | 49.4% |
| Free Cash Flow | -$70.0K | $2M | -$4M | -103.7% | 98.1% |
| Item | Amount |
|---|---|
| REVENUE | $25M |
| Cost of Revenue | $13M |
| GROSS PROFIT | $12M |
| R&D Expenses | $0 |
| Selling & Marketing | $137.0K |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | $5M |
| Operating Expenses | $14M |
| Cost & Expenses | $26M |
| OPERATING INCOME | -$2M |
| Interest Income | $24M |
| Interest Expense | $12M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$2M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$2M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$2M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$2M |
| D&A | $1M |
| EBIT | -$2M |
| EBITDA | -$453.0K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$2M |
| Depreciation & Amortization | -$633.0K |
| Stock-Based Compensation | $998.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$1M |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | -$255.0K |
| Capital Expenditure | $185.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$2M |
| Sales/Maturities of Investments | $11M |
| Other Investing Activities | -$34M |
| NET CASH FROM INVESTING | -$25M |
| Net Debt Issuance | -$42M |
| Common Stock Repurchased | -$8M |
| Common Dividends Paid | -$1M |
| Other Financing Activities | $78M |
| NET CASH FROM FINANCING | $27M |
| FREE CASH FLOW | -$70.0K |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $44M |
| Short-Term Investments | $274M |
| Net Receivables | $9M |
| Inventory | $0 |
| Other Current Assets | $1.7B |
| TOTAL CURRENT ASSETS | $2.0B |
| PP&E (Net) | $49M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1.7B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$1.7B |
| TOTAL NON-CURRENT ASSETS | $49M |
| TOTAL ASSETS | $2.2B |
| Account Payables | $0 |
| Short-Term Debt | $23M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $23M |
| Long-Term Debt | $301M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.5B |
| TOTAL NON-CURRENT LIABILITIES | $1.8B |
| TOTAL LIABILITIES | $1.8B |
| Common Stock | $285.0K |
| Additional Paid-In Capital | $280M |
| Retained Earnings | $146M |
| Treasury Stock | -$76M |
| Accum. Other Comp. Income | -$17M |
| Other Equity | -$18M |
| TOTAL STOCKHOLDERS' EQUITY | $314M |
| Minority Interest | $0 |
| TOTAL EQUITY | $314M |
| TOTAL LIABILITIES & EQUITY | $2.2B |
| Total Debt | $344M |
| Net Debt | $300M |
