| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $118M | $94M | $93M | 26.1% | 26.8% |
| Op. Income | $9M | $17M | $17M | -47.4% | -47.5% |
| Gross Margin | 49.1% | 59.5% | 59.0% | -10.3pp | -9.9pp |
| Net Margin | 6.0% | 14.9% | 15.0% | -8.9pp | -9.0pp |
| EPS (Diluted) | $0.20 | $0.62 | $0.61 | -67.7% | -67.2% |
| Free Cash Flow | $5M | $18M | $22M | -72.4% | -77.8% |
| Item | Amount |
|---|---|
| REVENUE | $118M |
| Cost of Revenue | $60M |
| GROSS PROFIT | $58M |
| R&D Expenses | $0 |
| Selling & Marketing | $754.0K |
| General & Administrative | $24M |
| SG&A Expenses | $25M |
| Other Expenses | $24M |
| Operating Expenses | $49M |
| Cost & Expenses | $109M |
| OPERATING INCOME | $9M |
| Interest Income | $109M |
| Interest Expense | $42M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $9M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $7M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $7M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $6M |
| D&A | $3M |
| EBIT | $9M |
| EBITDA | $12M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $118M |
| Cost of Revenue | $60M |
| GROSS PROFIT | $58M |
| R&D Expenses | $0 |
| Selling & Marketing | $754.0K |
| General & Administrative | $24M |
| SG&A Expenses | $25M |
| Other Expenses | $24M |
| Operating Expenses | $49M |
| Cost & Expenses | $109M |
| OPERATING INCOME | $9M |
| Interest Income | $109M |
| Interest Expense | $42M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $9M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | $7M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $7M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $6M |
| D&A | $3M |
| EBIT | $9M |
| EBITDA | $12M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $7M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $791.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $13M |
| Change in Working Capital | -$17M |
| OPERATING CASH FLOW | $7M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$75M |
| Sales/Maturities of Investments | $320M |
| Other Investing Activities | -$45M |
| NET CASH FROM INVESTING | $197M |
| Net Debt Issuance | -$255M |
| Common Stock Repurchased | -$1.0K |
| Common Dividends Paid | -$5M |
| Other Financing Activities | $70M |
| NET CASH FROM FINANCING | -$192M |
| FREE CASH FLOW | $5M |
| Net Change in Cash | $13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $438M |
| Short-Term Investments | $377M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $816M |
| PP&E (Net) | $150M |
| Goodwill | $94M |
| Intangible Assets | $37M |
| Long-Term Investments | $6.8B |
| Tax Assets | $0 |
| Other Non-Current Assets | $341M |
| TOTAL NON-CURRENT ASSETS | $7.4B |
| TOTAL ASSETS | $8.3B |
| Account Payables | $0 |
| Short-Term Debt | $182M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $6.9B |
| TOTAL CURRENT LIABILITIES | $7.1B |
| Long-Term Debt | $105M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $179M |
| TOTAL NON-CURRENT LIABILITIES | $328M |
| TOTAL LIABILITIES | $7.4B |
| Common Stock | $0 |
| Additional Paid-In Capital | $422M |
| Retained Earnings | $398M |
| Treasury Stock | -$2M |
| Accum. Other Comp. Income | -$31M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $844M |
| Minority Interest | $0 |
| TOTAL EQUITY | $844M |
| TOTAL LIABILITIES & EQUITY | $8.3B |
| Total Debt | $331M |
| Net Debt | -$107M |
