| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $93M | $91M | $74M | 2.1% | 25.5% |
| Op. Income | $26M | $18M | $16M | 49.2% | 67.1% |
| Gross Margin | 64.8% | 59.2% | 58.8% | 5.6pp | 6.0pp |
| Net Margin | 22.9% | 15.5% | 17.7% | 7.4pp | 5.2pp |
| EPS (Diluted) | $1.25 | $0.83 | $0.90 | 50.6% | 38.9% |
| Free Cash Flow | $35M | $5M | -$16M | 678.9% | 318.4% |
| Item | Amount |
|---|---|
| REVENUE | $93M |
| Cost of Revenue | $33M |
| GROSS PROFIT | $60M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $20M |
| SG&A Expenses | $20M |
| Other Expenses | $13M |
| Operating Expenses | $34M |
| Cost & Expenses | $66M |
| OPERATING INCOME | $26M |
| Interest Income | $81M |
| Interest Expense | $30M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $26M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $21M |
| D&A | $3M |
| EBIT | $26M |
| EBITDA | $29M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $93M |
| Cost of Revenue | $33M |
| GROSS PROFIT | $60M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $20M |
| SG&A Expenses | $20M |
| Other Expenses | $13M |
| Operating Expenses | $34M |
| Cost & Expenses | $66M |
| OPERATING INCOME | $26M |
| Interest Income | $81M |
| Interest Expense | $30M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $26M |
| Income Tax Expense | $5M |
| Net Income from Continuing Ops | $21M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $21M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $21M |
| D&A | $3M |
| EBIT | $26M |
| EBITDA | $29M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $21M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $790.0K |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | $11M |
| Change in Working Capital | -$1M |
| OPERATING CASH FLOW | $36M |
| Capital Expenditure | -$689.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$44M |
| Sales/Maturities of Investments | $43M |
| Other Investing Activities | -$79M |
| NET CASH FROM INVESTING | -$82M |
| Net Debt Issuance | $150M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$7M |
| Other Financing Activities | -$112M |
| NET CASH FROM FINANCING | $31M |
| FREE CASH FLOW | $35M |
| Net Change in Cash | -$15M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $99M |
| Short-Term Investments | $890M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $989M |
| PP&E (Net) | $0 |
| Goodwill | $152M |
| Intangible Assets | $44M |
| Long-Term Investments | $5.5B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$5.5B |
| TOTAL NON-CURRENT ASSETS | $196M |
| TOTAL ASSETS | $7.0B |
| Account Payables | $0 |
| Short-Term Debt | $748M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $5.4B |
| TOTAL CURRENT LIABILITIES | $6.2B |
| Long-Term Debt | $62M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $91M |
| TOTAL NON-CURRENT LIABILITIES | $154M |
| TOTAL LIABILITIES | $6.3B |
| Common Stock | $215M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $530M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$68M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $676M |
| Minority Interest | $0 |
| TOTAL EQUITY | $676M |
| TOTAL LIABILITIES & EQUITY | $7.0B |
| Total Debt | $811M |
| Net Debt | $712M |
