| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $230M | $198M | $199M | 15.9% | 15.7% |
| Op. Income | $144M | $171M | $265M | -16.0% | -45.8% |
| Gross Margin | 92.2% | 95.6% | 95.1% | -3.4pp | -2.9pp |
| Net Margin | -0.3% | 17.9% | 68.7% | -18.1pp | -69.0pp |
| EPS (Diluted) | $-0.27 | $0.17 | $1.41 | -258.8% | -119.1% |
| Free Cash Flow | -$137M | -$7M | $41M | -1750.5% | -431.9% |
| Item | Amount |
|---|---|
| REVENUE | $230M |
| Cost of Revenue | $19M |
| GROSS PROFIT | $212M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $67M |
| Operating Expenses | $67M |
| Cost & Expenses | $86M |
| OPERATING INCOME | $144M |
| Interest Income | $209M |
| Interest Expense | $144M |
| Other Income/Expenses | -$144M |
| INCOME BEFORE TAX | -$329.0K |
| Income Tax Expense | $251.0K |
| Net Income from Continuing Ops | -$580.0K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$580.0K |
| Net Income Deductions | -$21M |
| BOTTOM LINE NET INCOME | -$580.0K |
| D&A | $948.0K |
| EBIT | $144M |
| EBITDA | $145M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$580.0K |
| Depreciation & Amortization | $948.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $59M |
| Change in Working Capital | -$196M |
| OPERATING CASH FLOW | -$137M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.4B |
| Sales/Maturities of Investments | $1.1B |
| Other Investing Activities | $365M |
| NET CASH FROM INVESTING | $58M |
| Net Debt Issuance | $372M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $321M |
| FREE CASH FLOW | -$137M |
| Net Change in Cash | $241M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $491M |
| Short-Term Investments | $0 |
| Net Receivables | $297M |
| Inventory | $0 |
| Other Current Assets | -$789M |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $3.9B |
| Tax Assets | $0 |
| Other Non-Current Assets | $10.5B |
| TOTAL NON-CURRENT ASSETS | $14.3B |
| TOTAL ASSETS | $15.1B |
| Account Payables | $0 |
| Short-Term Debt | $5.4B |
| Deferred Revenue | $0 |
| Other Current Liabilities | $320M |
| TOTAL CURRENT LIABILITIES | $5.7B |
| Long-Term Debt | $6.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $326M |
| TOTAL NON-CURRENT LIABILITIES | $7.2B |
| TOTAL LIABILITIES | $12.5B |
| Common Stock | $811.0K |
| Additional Paid-In Capital | $3.5B |
| Retained Earnings | -$2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $149M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.6B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.6B |
| TOTAL LIABILITIES & EQUITY | $15.1B |
| Total Debt | $12.2B |
| Net Debt | $11.7B |
