| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $72M | $44M | $24M | 64.6% | 197.5% |
| Op. Income | -$38M | -$45M | -$91M | 16.9% | 58.8% |
| Gross Margin | 42.6% | 28.9% | -23.6% | 13.7pp | 66.2pp |
| Net Margin | -4.6% | -105.1% | -359.9% | 100.5pp | 355.4pp |
| EPS (Diluted) | $-0.01 | $-0.12 | $-0.26 | 93.0% | 96.8% |
| Free Cash Flow | -$95M | -$88M | -$183M | -8.8% | 48.0% |
| Item | Amount |
|---|---|
| REVENUE | $72M |
| Cost of Revenue | $41M |
| GROSS PROFIT | $31M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | $60M |
| Operating Expenses | $68M |
| Cost & Expenses | $109M |
| OPERATING INCOME | -$38M |
| Interest Income | $457.0K |
| Interest Expense | $1M |
| Other Income/Expenses | $34M |
| INCOME BEFORE TAX | -$4M |
| Income Tax Expense | -$303.0K |
| Net Income from Continuing Ops | -$3M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$3M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$3M |
| D&A | $60M |
| EBIT | -$2M |
| EBITDA | $58M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$3M |
| Depreciation & Amortization | $60M |
| Stock-Based Compensation | $8M |
| Deferred Income Tax | $464.0K |
| Other Non-Cash Items | -$109M |
| Change in Working Capital | -$7M |
| OPERATING CASH FLOW | -$50M |
| Capital Expenditure | -$45M |
| Acquisitions (Net) | -$5M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $29M |
| Other Investing Activities | -$408.0K |
| NET CASH FROM INVESTING | -$21M |
| Net Debt Issuance | $1.3B |
| Common Stock Repurchased | -$3M |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$83M |
| NET CASH FROM FINANCING | $1.2B |
| FREE CASH FLOW | -$95M |
| Net Change in Cash | $1.1B |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $0 |
| Net Receivables | $696.0K |
| Inventory | $0 |
| Other Current Assets | $207M |
| TOTAL CURRENT ASSETS | $1.4B |
| PP&E (Net) | $662M |
| Goodwill | $0 |
| Intangible Assets | $9M |
| Long-Term Investments | $42M |
| Tax Assets | $0 |
| Other Non-Current Assets | $708M |
| TOTAL NON-CURRENT ASSETS | $1.4B |
| TOTAL ASSETS | $2.8B |
| Account Payables | $12M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $534M |
| TOTAL CURRENT LIABILITIES | $570M |
| Long-Term Debt | $1.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $451M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $2.1B |
| Common Stock | $395.0K |
| Additional Paid-In Capital | $1.1B |
| Retained Earnings | -$269M |
| Treasury Stock | -$2.0K |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $783M |
| Minority Interest | $0 |
| TOTAL EQUITY | $783M |
| TOTAL LIABILITIES & EQUITY | $2.8B |
| Total Debt | $1.0B |
| Net Debt | -$163M |
