| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $389M | $383M | $374M | 1.6% | 4.0% |
| Op. Income | -$15M | -$7M | $50M | -102.4% | -129.8% |
| Gross Margin | 16.3% | 18.3% | 17.0% | -2.0pp | -0.7pp |
| Net Margin | -42.2% | -23.9% | -26.4% | -18.3pp | -15.8pp |
| EPS (Diluted) | $-0.68 | $-0.38 | $-0.41 | -78.9% | -65.9% |
| Free Cash Flow | -$49M | $53M | $21M | -193.0% | -333.2% |
| Item | Amount |
|---|---|
| REVENUE | $389M |
| Cost of Revenue | $325M |
| GROSS PROFIT | $63M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $13M |
| SG&A Expenses | $13M |
| Other Expenses | $65M |
| Operating Expenses | $78M |
| Cost & Expenses | $404M |
| OPERATING INCOME | -$15M |
| Interest Income | $0 |
| Interest Expense | $50M |
| Other Income/Expenses | -$149M |
| INCOME BEFORE TAX | -$164M |
| Income Tax Expense | $337.0K |
| Net Income from Continuing Ops | -$164M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$164M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$164M |
| D&A | $65M |
| EBIT | -$119M |
| EBITDA | -$54M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$164M |
| Depreciation & Amortization | $65M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $66M |
| Change in Working Capital | -$17M |
| OPERATING CASH FLOW | -$49M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $6M |
| NET CASH FROM INVESTING | $6M |
| Net Debt Issuance | $123M |
| Common Stock Repurchased | -$954.0K |
| Common Dividends Paid | -$2M |
| Other Financing Activities | -$16M |
| NET CASH FROM FINANCING | $104M |
| FREE CASH FLOW | -$49M |
| Net Change in Cash | $61M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $201M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $267M |
| TOTAL CURRENT ASSETS | $468M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $22M |
| Long-Term Investments | $121M |
| Tax Assets | $0 |
| Other Non-Current Assets | $4.1B |
| TOTAL NON-CURRENT ASSETS | $4.2B |
| TOTAL ASSETS | $4.7B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $18M |
| TOTAL CURRENT LIABILITIES | $30M |
| Long-Term Debt | $2.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $242M |
| TOTAL NON-CURRENT LIABILITIES | $3.0B |
| TOTAL LIABILITIES | $3.0B |
| Common Stock | $2M |
| Additional Paid-In Capital | $4.6B |
| Retained Earnings | -$2.9B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $19.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.7B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.7B |
| TOTAL LIABILITIES & EQUITY | $4.7B |
| Total Debt | $2.7B |
| Net Debt | $2.5B |
