| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.2B | $982M | $395M | 23.5% | 206.7% |
| Op. Income | $19M | -$27M | $78M | 169.9% | -75.3% |
| Gross Margin | 74.2% | 73.3% | 72.5% | 0.9pp | 1.7pp |
| Net Margin | -24.0% | -32.1% | -81.7% | 8.1pp | 57.7pp |
| EPS (Diluted) | $-0.60 | $-0.78 | $-0.84 | 23.1% | 28.6% |
| Free Cash Flow | -$2.7B | -$1.3B | -$2.4B | -100.9% | -14.3% |
| Item | Amount |
|---|---|
| REVENUE | $1.2B |
| Cost of Revenue | $313M |
| GROSS PROFIT | $900M |
| R&D Expenses | $0 |
| Selling & Marketing | $37M |
| General & Administrative | $174M |
| SG&A Expenses | $211M |
| Other Expenses | $670M |
| Operating Expenses | $881M |
| Cost & Expenses | $1.2B |
| OPERATING INCOME | $19M |
| Interest Income | $0 |
| Interest Expense | $267M |
| Other Income/Expenses | -$262M |
| INCOME BEFORE TAX | -$243M |
| Income Tax Expense | $48M |
| Net Income from Continuing Ops | -$291M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$291M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$291M |
| D&A | $559M |
| EBIT | $24M |
| EBITDA | $584M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$291M |
| Depreciation & Amortization | $559M |
| Stock-Based Compensation | $145M |
| Deferred Income Tax | $46M |
| Other Non-Cash Items | $124M |
| Change in Working Capital | -$835M |
| OPERATING CASH FLOW | -$251M |
| Capital Expenditure | -$2.5B |
| Acquisitions (Net) | -$46M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $57M |
| NET CASH FROM INVESTING | -$2.4B |
| Net Debt Issuance | $2.3B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$3M |
| Other Financing Activities | -$1.6B |
| NET CASH FROM FINANCING | $2.2B |
| FREE CASH FLOW | -$2.7B |
| Net Change in Cash | -$464M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.2B |
| Short-Term Investments | $0 |
| Net Receivables | $1.9B |
| Inventory | $0 |
| Other Current Assets | $745M |
| TOTAL CURRENT ASSETS | $3.9B |
| PP&E (Net) | $20.0B |
| Goodwill | $813M |
| Intangible Assets | $206M |
| Long-Term Investments | $174M |
| Tax Assets | $0 |
| Other Non-Current Assets | $1.1B |
| TOTAL NON-CURRENT ASSETS | $22.3B |
| TOTAL ASSETS | $26.2B |
| Account Payables | $1.2B |
| Short-Term Debt | $3.6B |
| Deferred Revenue | $951M |
| Other Current Liabilities | $53.0K |
| TOTAL CURRENT LIABILITIES | $7.6B |
| Long-Term Debt | $7.4B |
| Deferred Revenue NC | $3.9B |
| Deferred Tax Liabilities | $246M |
| Other Non-Current Liabilities | $127M |
| TOTAL NON-CURRENT LIABILITIES | $14.9B |
| TOTAL LIABILITIES | $22.4B |
| Common Stock | $1.2B |
| Additional Paid-In Capital | $4.8B |
| Retained Earnings | -$2.1B |
| Treasury Stock | -$34M |
| Accum. Other Comp. Income | -$271.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.8B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.8B |
| TOTAL LIABILITIES & EQUITY | $26.2B |
| Total Debt | $14.6B |
| Net Debt | $13.4B |
