| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $153M | $158M | $181M | -3.3% | -15.6% |
| Op. Income | -$84M | -$109M | $27M | 22.7% | -416.4% |
| Gross Margin | -27.9% | -41.6% | 38.9% | 13.8pp | -66.8pp |
| Net Margin | -44.2% | -44.2% | 12.1% | -0.0pp | -56.3pp |
| EPS (Diluted) | $-2.22 | $-2.30 | $0.72 | 3.5% | -408.3% |
| Free Cash Flow | $16M | -$29M | $55M | 153.9% | -71.4% |
| Item | Amount |
|---|---|
| REVENUE | $153M |
| Cost of Revenue | $195M |
| GROSS PROFIT | -$43M |
| R&D Expenses | $0 |
| Selling & Marketing | $1M |
| General & Administrative | $28M |
| SG&A Expenses | $29M |
| Other Expenses | $13M |
| Operating Expenses | $42M |
| Cost & Expenses | $237M |
| OPERATING INCOME | -$84M |
| Interest Income | $150M |
| Interest Expense | $82M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$84M |
| Income Tax Expense | -$17M |
| Net Income from Continuing Ops | -$68M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$68M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$68M |
| D&A | $700.0K |
| EBIT | -$84M |
| EBITDA | -$84M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$68M |
| Depreciation & Amortization | $700.0K |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $117M |
| Change in Working Capital | -$31M |
| OPERATING CASH FLOW | $20M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $132M |
| Other Investing Activities | $167M |
| NET CASH FROM INVESTING | $295M |
| Net Debt Issuance | -$60M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | -$5M |
| Other Financing Activities | $344M |
| NET CASH FROM FINANCING | $278M |
| FREE CASH FLOW | $16M |
| Net Change in Cash | $593M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $849M |
| Short-Term Investments | $774M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.6B |
| PP&E (Net) | $40M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $8.5B |
| Tax Assets | $77M |
| Other Non-Current Assets | $618M |
| TOTAL NON-CURRENT ASSETS | $9.2B |
| TOTAL ASSETS | $10.8B |
| Account Payables | $0 |
| Short-Term Debt | $14M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $9.5B |
| TOTAL CURRENT LIABILITIES | $9.5B |
| Long-Term Debt | $76M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $102M |
| TOTAL NON-CURRENT LIABILITIES | $215M |
| TOTAL LIABILITIES | $9.7B |
| Common Stock | $300.0K |
| Additional Paid-In Capital | $389M |
| Retained Earnings | $832M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$98M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $10.8B |
| Total Debt | $126M |
| Net Debt | -$723M |
