| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $10M | $0 | — | — | — |
| Op. Income | -$13M | -$23M | — | 42.0% | — |
| Gross Margin | 96.9% | — | — | — | — |
| Net Margin | -124.8% | — | — | — | — |
| EPS (Diluted) | $-0.40 | $-0.45 | — | 11.1% | — |
| Free Cash Flow | -$10M | -$26M | — | 62.7% | — |
| Item | Amount |
|---|---|
| REVENUE | $10M |
| Cost of Revenue | $311.0K |
| GROSS PROFIT | $10M |
| R&D Expenses | $20M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $3M |
| Other Expenses | $0 |
| Operating Expenses | $23M |
| Cost & Expenses | $23M |
| OPERATING INCOME | -$13M |
| Interest Income | $862.0K |
| Interest Expense | $0 |
| Other Income/Expenses | $853.0K |
| INCOME BEFORE TAX | -$12M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$12M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$12M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$12M |
| D&A | $311.0K |
| EBIT | -$12M |
| EBITDA | -$12M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$12M |
| Depreciation & Amortization | $311.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $49.0K |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | -$10M |
| Capital Expenditure | -$131.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$39M |
| Sales/Maturities of Investments | $15M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$24M |
| Net Debt Issuance | -$445.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $1M |
| NET CASH FROM FINANCING | -$274.0K |
| FREE CASH FLOW | -$10M |
| Net Change in Cash | -$35M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $27M |
| Short-Term Investments | $49M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $5M |
| TOTAL CURRENT ASSETS | $81M |
| PP&E (Net) | $1M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1M |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $4M |
| TOTAL ASSETS | $85M |
| Account Payables | $4M |
| Short-Term Debt | $504.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $3M |
| TOTAL CURRENT LIABILITIES | $10M |
| Long-Term Debt | $257M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $257M |
| TOTAL LIABILITIES | $268M |
| Common Stock | $0 |
| Additional Paid-In Capital | $10M |
| Retained Earnings | -$193M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$183M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$183M |
| TOTAL LIABILITIES & EQUITY | $85M |
| Total Debt | $258M |
| Net Debt | $231M |
