| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $48M | $82M | $83M | -42.0% | -42.6% |
| Op. Income | -$31M | $18M | $24M | -269.5% | -230.6% |
| Gross Margin | -62.0% | 70.2% | 63.6% | -132.2pp | -125.6pp |
| Net Margin | -62.4% | 18.6% | 24.0% | -81.0pp | -86.4pp |
| EPS (Diluted) | $-1.55 | $0.86 | $1.28 | -280.2% | -221.1% |
| Free Cash Flow | $4M | $26M | $20M | -82.9% | -77.4% |
| Item | Amount |
|---|---|
| REVENUE | $48M |
| Cost of Revenue | $77M |
| GROSS PROFIT | -$29M |
| R&D Expenses | $0 |
| Selling & Marketing | $1M |
| General & Administrative | $487.0K |
| SG&A Expenses | $2M |
| Other Expenses | -$122.0K |
| Operating Expenses | $2M |
| Cost & Expenses | $79M |
| OPERATING INCOME | -$31M |
| Interest Income | $91M |
| Interest Expense | $29M |
| Other Income/Expenses | -$6M |
| INCOME BEFORE TAX | -$37M |
| Income Tax Expense | -$8M |
| Net Income from Continuing Ops | -$30M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$30M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$30M |
| D&A | $1M |
| EBIT | $13M |
| EBITDA | $15M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$30M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $1M |
| Other Non-Cash Items | $54M |
| Change in Working Capital | -$22M |
| OPERATING CASH FLOW | $8M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$462M |
| Sales/Maturities of Investments | $565M |
| Other Investing Activities | $152M |
| NET CASH FROM INVESTING | $251M |
| Net Debt Issuance | $29M |
| Common Stock Repurchased | -$7M |
| Common Dividends Paid | -$3M |
| Other Financing Activities | $54M |
| NET CASH FROM FINANCING | $74M |
| FREE CASH FLOW | $4M |
| Net Change in Cash | $333M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $699M |
| Short-Term Investments | $904M |
| Net Receivables | $35M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $1.6B |
| PP&E (Net) | $133M |
| Goodwill | $78M |
| Intangible Assets | $23M |
| Long-Term Investments | $3.6B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$3.6B |
| TOTAL NON-CURRENT ASSETS | $233M |
| TOTAL ASSETS | $6.4B |
| Account Payables | $0 |
| Short-Term Debt | $42M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $5.1B |
| TOTAL CURRENT LIABILITIES | $5.1B |
| Long-Term Debt | $440M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $77M |
| TOTAL NON-CURRENT LIABILITIES | $517M |
| TOTAL LIABILITIES | $5.6B |
| Common Stock | $249.0K |
| Additional Paid-In Capital | $658M |
| Retained Earnings | $187M |
| Treasury Stock | -$138M |
| Accum. Other Comp. Income | $5M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $712M |
| Minority Interest | $0 |
| TOTAL EQUITY | $712M |
| TOTAL LIABILITIES & EQUITY | $6.4B |
| Total Debt | $482M |
| Net Debt | -$218M |
