| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $81M | $79M | $95M | 3.1% | -14.9% |
| Op. Income | -$65M | -$26M | -$41M | -149.0% | -58.8% |
| Gross Margin | 4.7% | 6.4% | -0.2% | -1.7pp | 4.8pp |
| Net Margin | -180.8% | -1191.4% | -477.4% | 1010.6pp | 296.6pp |
| EPS (Diluted) | $-0.46 | $-0.04 | $-1.56 | -1003.1% | 70.5% |
| Free Cash Flow | -$123M | -$87M | -$25M | -40.7% | -384.8% |
| Item | Amount |
|---|---|
| REVENUE | $81M |
| Cost of Revenue | $77M |
| GROSS PROFIT | $4M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $69M |
| Other Expenses | $0 |
| Operating Expenses | $69M |
| Cost & Expenses | $147M |
| OPERATING INCOME | -$65M |
| Interest Income | $821.0K |
| Interest Expense | $0 |
| Other Income/Expenses | -$81M |
| INCOME BEFORE TAX | -$147M |
| Income Tax Expense | $125.0K |
| NET INCOME | -$147M |
| D&A | $19M |
| EBIT | -$147M |
| EBITDA | -$127M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$147M |
| Depreciation & Amortization | $19M |
| Stock-Based Compensation | $30M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $11M |
| Change in Working Capital | $219M |
| OPERATING CASH FLOW | $132M |
| Capital Expenditure | -$255M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$10M |
| NET CASH FROM INVESTING | -$254M |
| Net Debt Issuance | -$547.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$5M |
| NET CASH FROM FINANCING | -$5M |
| FREE CASH FLOW | -$123M |
| Net Change in Cash | -$128M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $453M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $608M |
| TOTAL CURRENT ASSETS | $1.1B |
| PP&E (Net) | $1.2B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $48M |
| TOTAL NON-CURRENT ASSETS | $1.2B |
| TOTAL ASSETS | $2.3B |
| Account Payables | $212M |
| Short-Term Debt | $0 |
| Deferred Revenue | $84M |
| Other Current Liabilities | $374M |
| TOTAL CURRENT LIABILITIES | $670M |
| Long-Term Debt | $1.1B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.7B |
| TOTAL NON-CURRENT LIABILITIES | $2.8B |
| TOTAL LIABILITIES | $3.4B |
| Common Stock | $3.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$4.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $3.1B |
| TOTAL STOCKHOLDERS' EQUITY | -$1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | -$1.1B |
| TOTAL LIABILITIES & EQUITY | $2.3B |
| Total Debt | $1.1B |
| Net Debt | $606M |
