| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $9M | $7M | $7M | 17.7% | 32.6% |
| Op. Income | -$3M | -$4M | -$3M | 17.7% | -8.8% |
| Gross Margin | 86.0% | 87.3% | 83.8% | -1.3pp | 2.2pp |
| Net Margin | -39.2% | -49.7% | -38.1% | 10.5pp | -1.1pp |
| EPS (Diluted) | $-0.40 | $-0.44 | $-0.31 | 9.1% | -29.0% |
| Free Cash Flow | -$2M | -$648.0K | -$1M | -158.2% | -22.7% |
| Item | Amount |
|---|---|
| REVENUE | $9M |
| Cost of Revenue | $1M |
| GROSS PROFIT | $7M |
| R&D Expenses | $662.0K |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $10M |
| Other Expenses | $0 |
| Operating Expenses | $10M |
| Cost & Expenses | $12M |
| OPERATING INCOME | -$3M |
| Interest Income | $62.0K |
| Interest Expense | $208.0K |
| Other Income/Expenses | -$521.0K |
| INCOME BEFORE TAX | -$3M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$3M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$3M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$3M |
| D&A | $153.0K |
| EBIT | -$3M |
| EBITDA | -$3M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$3M |
| Depreciation & Amortization | $153.0K |
| Stock-Based Compensation | $415.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $116.0K |
| Change in Working Capital | $1M |
| OPERATING CASH FLOW | -$2M |
| Capital Expenditure | -$4.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | -$1M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$1M |
| Net Debt Issuance | $7M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $80.0K |
| NET CASH FROM FINANCING | $7M |
| FREE CASH FLOW | -$2M |
| Net Change in Cash | $4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $8M |
| Short-Term Investments | $5M |
| Net Receivables | $1M |
| Inventory | $1M |
| Other Current Assets | $1M |
| TOTAL CURRENT ASSETS | $17M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $243.0K |
| TOTAL NON-CURRENT ASSETS | $4M |
| TOTAL ASSETS | $21M |
| Account Payables | $3M |
| Short-Term Debt | $465.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $5M |
| TOTAL CURRENT LIABILITIES | $12M |
| Long-Term Debt | $7M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $10M |
| TOTAL LIABILITIES | $22M |
| Common Stock | $8.0K |
| Additional Paid-In Capital | $187M |
| Retained Earnings | -$188M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$15.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$1M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$1M |
| TOTAL LIABILITIES & EQUITY | $21M |
| Total Debt | $11M |
| Net Debt | $3M |
