| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $23M | $10M | $14M | 130.9% | 57.7% |
| Op. Income | -$1M | -$2M | -$6M | 50.6% | 79.8% |
| Gross Margin | 4.1% | 88.1% | -13.0% | -84.0pp | 17.1pp |
| Net Margin | -5.1% | -23.8% | -39.0% | 18.8pp | 33.9pp |
| EPS (Diluted) | $-0.04 | $-0.08 | $-0.18 | 52.2% | 79.9% |
| Free Cash Flow | -$10M | $14M | -$4M | -171.7% | -136.5% |
| Item | Amount |
|---|---|
| REVENUE | $23M |
| Cost of Revenue | $22M |
| GROSS PROFIT | $938.0K |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $2M |
| Other Expenses | $0 |
| Operating Expenses | $2M |
| Cost & Expenses | $24M |
| OPERATING INCOME | -$1M |
| Interest Income | $59.0K |
| Interest Expense | $339.0K |
| Other Income/Expenses | $29.0K |
| INCOME BEFORE TAX | -$1M |
| Income Tax Expense | $10.0K |
| Net Income from Continuing Ops | -$1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1M |
| D&A | $1M |
| EBIT | -$804.0K |
| EBITDA | $545.0K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$1M |
| Depreciation & Amortization | $1M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $225.0K |
| Change in Working Capital | -$5M |
| OPERATING CASH FLOW | -$5M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $15.0K |
| NET CASH FROM INVESTING | -$5M |
| Net Debt Issuance | -$954.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$954.0K |
| FREE CASH FLOW | -$10M |
| Net Change in Cash | -$11M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $5M |
| Short-Term Investments | $0 |
| Net Receivables | $2M |
| Inventory | $0 |
| Other Current Assets | $6M |
| TOTAL CURRENT ASSETS | $13M |
| PP&E (Net) | $27M |
| Goodwill | $0 |
| Intangible Assets | $359.0K |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $27M |
| TOTAL ASSETS | $41M |
| Account Payables | $6M |
| Short-Term Debt | $5M |
| Deferred Revenue | $4M |
| Other Current Liabilities | $1M |
| TOTAL CURRENT LIABILITIES | $17M |
| Long-Term Debt | $7M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $16.0K |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $9M |
| TOTAL LIABILITIES | $25M |
| Common Stock | $310.0K |
| Additional Paid-In Capital | $157M |
| Retained Earnings | -$140M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $15M |
| Minority Interest | $0 |
| TOTAL EQUITY | $15M |
| TOTAL LIABILITIES & EQUITY | $41M |
| Total Debt | $14M |
| Net Debt | $8M |
