| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $143M | $125M | $33M | 14.1% | 338.9% |
| Op. Income | -$59M | -$11M | -$117M | -442.1% | 49.6% |
| Gross Margin | -7.3% | 28.7% | -232.0% | -36.1pp | 224.7pp |
| Net Margin | -102.2% | -6.1% | -251.9% | -96.1pp | 149.7pp |
| EPS (Diluted) | $-1.78 | $-0.09 | $-1.23 | -1807.8% | -44.7% |
| Free Cash Flow | $9M | -$17M | $13M | 151.3% | -36.1% |
| Item | Amount |
|---|---|
| REVENUE | $143M |
| Cost of Revenue | $154M |
| GROSS PROFIT | -$11M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $24M |
| SG&A Expenses | $24M |
| Other Expenses | $25M |
| Operating Expenses | $48M |
| Cost & Expenses | $202M |
| OPERATING INCOME | -$59M |
| Interest Income | $135M |
| Interest Expense | $89M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$59M |
| Income Tax Expense | $87M |
| Net Income from Continuing Ops | -$146M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$146M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$146M |
| D&A | $2M |
| EBIT | -$59M |
| EBITDA | -$57M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$146M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | $83M |
| Other Non-Cash Items | $61M |
| Change in Working Capital | $9M |
| OPERATING CASH FLOW | $9M |
| Capital Expenditure | -$620.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$320M |
| Sales/Maturities of Investments | $265M |
| Other Investing Activities | $266M |
| NET CASH FROM INVESTING | $210M |
| Net Debt Issuance | -$247M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $699M |
| NET CASH FROM FINANCING | $452M |
| FREE CASH FLOW | $9M |
| Net Change in Cash | $671M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.7B |
| Short-Term Investments | $1.6B |
| Net Receivables | $45M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $3.3B |
| PP&E (Net) | $35M |
| Goodwill | $0 |
| Intangible Assets | $3M |
| Long-Term Investments | $8.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | $229M |
| TOTAL NON-CURRENT ASSETS | $8.6B |
| TOTAL ASSETS | $11.9B |
| Account Payables | $0 |
| Short-Term Debt | $22M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $9.3B |
| TOTAL CURRENT LIABILITIES | $9.3B |
| Long-Term Debt | $1.6B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $103M |
| TOTAL NON-CURRENT LIABILITIES | $1.7B |
| TOTAL LIABILITIES | $11.0B |
| Common Stock | $83.0K |
| Additional Paid-In Capital | $855M |
| Retained Earnings | -$22M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $918M |
| Minority Interest | $0 |
| TOTAL EQUITY | $918M |
| TOTAL LIABILITIES & EQUITY | $11.9B |
| Total Debt | $1.6B |
| Net Debt | -$131M |
