| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $107M | $128M | $142M | -16.3% | -24.5% |
| Op. Income | $47M | $60M | $42M | -21.4% | 12.2% |
| Gross Margin | 32.5% | 37.0% | 32.7% | -4.5pp | -0.2pp |
| Net Margin | 41.7% | 43.7% | 24.8% | -2.0pp | 17.0pp |
| EPS (Diluted) | $0.28 | $0.35 | $0.22 | -20.0% | 27.3% |
| Free Cash Flow | $22M | $44M | $52M | -48.9% | -57.3% |
| Item | Amount |
|---|---|
| REVENUE | $107M |
| Cost of Revenue | $72M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | -$17M |
| Operating Expenses | -$13M |
| Cost & Expenses | $60M |
| OPERATING INCOME | $47M |
| Interest Income | $936.0K |
| Interest Expense | $3M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | $45M |
| Income Tax Expense | $93.0K |
| Net Income from Continuing Ops | $45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $45M |
| D&A | $26M |
| EBIT | $47M |
| EBITDA | $73M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $107M |
| Cost of Revenue | $72M |
| GROSS PROFIT | $35M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | -$17M |
| Operating Expenses | -$13M |
| Cost & Expenses | $60M |
| OPERATING INCOME | $47M |
| Interest Income | $936.0K |
| Interest Expense | $3M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | $45M |
| Income Tax Expense | $93.0K |
| Net Income from Continuing Ops | $45M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $45M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $45M |
| D&A | $26M |
| EBIT | $47M |
| EBITDA | $73M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $45M |
| Depreciation & Amortization | $26M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$14M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | $61M |
| Capital Expenditure | -$39M |
| Acquisitions (Net) | $50M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$1.0K |
| NET CASH FROM INVESTING | $12M |
| Net Debt Issuance | -$35M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$39M |
| Other Financing Activities | -$365.0K |
| NET CASH FROM FINANCING | -$74M |
| FREE CASH FLOW | $22M |
| Net Change in Cash | -$1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $81M |
| Short-Term Investments | $0 |
| Net Receivables | $34M |
| Inventory | $23M |
| Other Current Assets | $1M |
| TOTAL CURRENT ASSETS | $147M |
| PP&E (Net) | $1.2B |
| Goodwill | $1M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $12M |
| TOTAL NON-CURRENT ASSETS | $1.3B |
| TOTAL ASSETS | $1.4B |
| Account Payables | $22M |
| Short-Term Debt | $32M |
| Deferred Revenue | $7M |
| Other Current Liabilities | $1M |
| TOTAL CURRENT LIABILITIES | $61M |
| Long-Term Debt | $237M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $5M |
| TOTAL NON-CURRENT LIABILITIES | $242M |
| TOTAL LIABILITIES | $302M |
| Common Stock | $2M |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$133M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $64.0K |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $269M |
| Net Debt | $187M |
