| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $198M | $203M | $177M | -2.5% | 11.8% |
| Op. Income | $171M | $288M | $176M | -40.6% | -2.8% |
| Gross Margin | 95.6% | 93.1% | 95.8% | 2.6pp | -0.1pp |
| Net Margin | 17.9% | 82.3% | 31.9% | -64.4pp | -14.1pp |
| EPS (Diluted) | $0.17 | $1.77 | $0.43 | -90.4% | -60.5% |
| Free Cash Flow | -$7M | $49M | $69M | -115.2% | -110.8% |
| Item | Amount |
|---|---|
| REVENUE | $198M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $190M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $0 |
| Operating Expenses | $0 |
| Cost & Expenses | $27M |
| OPERATING INCOME | $171M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$135M |
| INCOME BEFORE TAX | $36M |
| Income Tax Expense | $409.0K |
| Net Income from Continuing Ops | $35M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $35M |
| Net Income Deductions | -$21M |
| BOTTOM LINE NET INCOME | $35M |
| D&A | $949.0K |
| EBIT | $171M |
| EBITDA | $172M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $198M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $190M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $0 |
| Operating Expenses | $0 |
| Cost & Expenses | $27M |
| OPERATING INCOME | $171M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$135M |
| INCOME BEFORE TAX | $36M |
| Income Tax Expense | $409.0K |
| Net Income from Continuing Ops | $35M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $35M |
| Net Income Deductions | -$21M |
| BOTTOM LINE NET INCOME | $35M |
| D&A | $949.0K |
| EBIT | $171M |
| EBITDA | $172M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $35M |
| Depreciation & Amortization | $949.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$75M |
| Change in Working Capital | $31M |
| OPERATING CASH FLOW | -$7M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.8B |
| Sales/Maturities of Investments | $206M |
| Other Investing Activities | $363M |
| NET CASH FROM INVESTING | -$1.2B |
| Net Debt Issuance | $1.3B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $1.2B |
| FREE CASH FLOW | -$7M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $250M |
| Short-Term Investments | $0 |
| Net Receivables | $75M |
| Inventory | $0 |
| Other Current Assets | -$325M |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $0 |
| TOTAL ASSETS | $14.9B |
| Account Payables | $0 |
| Short-Term Debt | $4.9B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $501M |
| TOTAL CURRENT LIABILITIES | $5.4B |
| Long-Term Debt | $6.8B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$6.8B |
| TOTAL NON-CURRENT LIABILITIES | $0 |
| TOTAL LIABILITIES | $12.2B |
| Common Stock | $810.0K |
| Additional Paid-In Capital | $3.5B |
| Retained Earnings | -$1.9B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $152M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.6B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.6B |
| TOTAL LIABILITIES & EQUITY | $14.9B |
| Total Debt | $11.7B |
| Net Debt | $11.5B |
