| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $87M | $82M | $52M | 6.0% | 69.1% |
| Op. Income | -$10M | $7M | -$16M | -240.4% | 37.9% |
| Gross Margin | 36.5% | 65.4% | 66.5% | -28.8pp | -30.0pp |
| Net Margin | -35.9% | -15.4% | -57.2% | -20.4pp | 21.3pp |
| EPS (Diluted) | $-0.16 | $-0.02 | $-0.15 | -561.2% | -6.7% |
| Free Cash Flow | -$4M | -$31M | -$35M | 86.4% | 87.9% |
| Item | Amount |
|---|---|
| REVENUE | $87M |
| Cost of Revenue | $55M |
| GROSS PROFIT | $32M |
| R&D Expenses | $14M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $42M |
| Other Expenses | -$14M |
| Operating Expenses | $42M |
| Cost & Expenses | $97M |
| OPERATING INCOME | -$10M |
| Interest Income | $0 |
| Interest Expense | $22M |
| Other Income/Expenses | -$21M |
| INCOME BEFORE TAX | -$31M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$31M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$31M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$31M |
| D&A | $26.0K |
| EBIT | -$9M |
| EBITDA | -$9M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$31M |
| Depreciation & Amortization | $873.0K |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $14M |
| Change in Working Capital | $10M |
| OPERATING CASH FLOW | -$4M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $11M |
| NET CASH FROM FINANCING | $11M |
| FREE CASH FLOW | -$4M |
| Net Change in Cash | $6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $92M |
| Short-Term Investments | $0 |
| Net Receivables | $119M |
| Inventory | $142M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $360M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $56.0K |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $4M |
| TOTAL ASSETS | $364M |
| Account Payables | $78M |
| Short-Term Debt | $150M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $109M |
| TOTAL CURRENT LIABILITIES | $359M |
| Long-Term Debt | $448M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $7M |
| TOTAL NON-CURRENT LIABILITIES | $456M |
| TOTAL LIABILITIES | $815M |
| Common Stock | $205.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$1.7B |
| Treasury Stock | -$55M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$451M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$451M |
| TOTAL LIABILITIES & EQUITY | $364M |
| Total Debt | $601M |
| Net Debt | $509M |
