| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $86M | $86M | $90M | -0.4% | -5.3% |
| Op. Income | $42M | $44M | $51M | -4.4% | -18.4% |
| Gross Margin | 51.2% | 53.3% | 59.0% | -2.2pp | -7.8pp |
| Net Margin | 19.6% | 20.6% | 19.2% | -1.0pp | 0.4pp |
| EPS (Diluted) | $0.31 | $0.33 | $0.32 | -6.1% | -3.1% |
| Free Cash Flow | $37M | $27M | $48M | 38.5% | -22.7% |
| Item | Amount |
|---|---|
| REVENUE | $86M |
| Cost of Revenue | $42M |
| GROSS PROFIT | $44M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $0 |
| Operating Expenses | $2M |
| Cost & Expenses | $44M |
| OPERATING INCOME | $42M |
| Interest Income | $975.0K |
| Interest Expense | $23M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | $17M |
| Income Tax Expense | $18.0K |
| Net Income from Continuing Ops | $17M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $17M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $17M |
| D&A | $19M |
| EBIT | $42M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $86M |
| Cost of Revenue | $42M |
| GROSS PROFIT | $44M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $0 |
| Operating Expenses | $2M |
| Cost & Expenses | $44M |
| OPERATING INCOME | $42M |
| Interest Income | $975.0K |
| Interest Expense | $23M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | $17M |
| Income Tax Expense | $18.0K |
| Net Income from Continuing Ops | $17M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $17M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $17M |
| D&A | $19M |
| EBIT | $42M |
| EBITDA | $61M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $17M |
| Depreciation & Amortization | $19M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$974.0K |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $37M |
| 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 | $72M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$41M |
| Other Financing Activities | -$3M |
| NET CASH FROM FINANCING | $29M |
| FREE CASH FLOW | $37M |
| Net Change in Cash | $66M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $479M |
| Short-Term Investments | $0 |
| Net Receivables | $158.0K |
| Inventory | $8M |
| Other Current Assets | $54M |
| TOTAL CURRENT ASSETS | $540M |
| PP&E (Net) | $2.1B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $20M |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $2.1B |
| TOTAL ASSETS | $2.7B |
| Account Payables | $9M |
| Short-Term Debt | $50M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $56M |
| TOTAL CURRENT LIABILITIES | $174M |
| Long-Term Debt | $759M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $85.0K |
| TOTAL NON-CURRENT LIABILITIES | $1.8B |
| TOTAL LIABILITIES | $1.9B |
| Common Stock | $545.0K |
| Additional Paid-In Capital | $966M |
| Retained Earnings | -$224M |
| Treasury Stock | -$4M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $738M |
| Minority Interest | $0 |
| TOTAL EQUITY | $738M |
| TOTAL LIABILITIES & EQUITY | $2.7B |
| Total Debt | $1.9B |
| Net Debt | $1.4B |
