| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $180M | $186M | $204M | -3.1% | -11.5% |
| Op. Income | -$4M | $4M | $7M | -217.2% | -164.5% |
| Gross Margin | 66.6% | 68.1% | 62.5% | -1.5pp | 4.1pp |
| Net Margin | -11.3% | -6.9% | -5.1% | -4.4pp | -6.3pp |
| EPS (Diluted) | $-1.17 | $-0.74 | $-0.61 | -58.1% | -91.8% |
| Free Cash Flow | -$5M | -$9M | $598.0K | 45.3% | -945.0% |
| Item | Amount |
|---|---|
| REVENUE | $180M |
| Cost of Revenue | $60M |
| GROSS PROFIT | $120M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $94M |
| SG&A Expenses | $94M |
| Other Expenses | $31M |
| Operating Expenses | $124M |
| Cost & Expenses | $185M |
| OPERATING INCOME | -$4M |
| Interest Income | $377.0K |
| Interest Expense | $17M |
| Other Income/Expenses | -$16M |
| INCOME BEFORE TAX | -$21M |
| Income Tax Expense | -$167.0K |
| Net Income from Continuing Ops | -$20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$20M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$20M |
| D&A | $13M |
| EBIT | -$3M |
| EBITDA | $10M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$20M |
| Depreciation & Amortization | $13M |
| Stock-Based Compensation | $577.0K |
| Deferred Income Tax | -$230.0K |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | $10M |
| OPERATING CASH FLOW | -$659.0K |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $490.0K |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | -$276.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | -$5M |
| Net Change in Cash | -$6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $90M |
| Short-Term Investments | $0 |
| Net Receivables | $134M |
| Inventory | $0 |
| Other Current Assets | $41M |
| TOTAL CURRENT ASSETS | $265M |
| PP&E (Net) | $224M |
| Goodwill | $0 |
| Intangible Assets | $65M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $524M |
| TOTAL NON-CURRENT ASSETS | $813M |
| TOTAL ASSETS | $1.1B |
| Account Payables | $101M |
| Short-Term Debt | $52M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$28M |
| TOTAL CURRENT LIABILITIES | $152M |
| Long-Term Debt | $792M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $4M |
| Other Non-Current Liabilities | $187M |
| TOTAL NON-CURRENT LIABILITIES | $983M |
| TOTAL LIABILITIES | $1.1B |
| Common Stock | $0 |
| Additional Paid-In Capital | $360M |
| Retained Earnings | -$370M |
| Treasury Stock | -$47M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$57M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$57M |
| TOTAL LIABILITIES & EQUITY | $1.1B |
| Total Debt | $844M |
| Net Debt | $754M |
