| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $31M | $16M | — | 97.9% | — |
| Op. Income | -$62M | -$54M | — | -14.4% | — |
| Gross Margin | 27.6% | 25.7% | — | 1.9pp | — |
| Net Margin | -433.5% | -410.2% | — | -23.3pp | — |
| EPS (Diluted) | $-0.95 | $-0.56 | — | -70.0% | — |
| Free Cash Flow | -$62M | -$37M | — | -66.3% | — |
| Item | Amount |
|---|---|
| REVENUE | $31M |
| Cost of Revenue | $22M |
| GROSS PROFIT | $8M |
| R&D Expenses | $49M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $22M |
| Other Expenses | $0 |
| Operating Expenses | $71M |
| Cost & Expenses | $93M |
| OPERATING INCOME | -$62M |
| Interest Income | $0 |
| Interest Expense | $1M |
| Other Income/Expenses | -$71M |
| INCOME BEFORE TAX | -$133M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$133M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$133M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$140M |
| D&A | $6M |
| EBIT | -$132M |
| EBITDA | -$126M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$133M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $78M |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$53M |
| Capital Expenditure | -$9M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$9M |
| Net Debt Issuance | -$150M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$5M |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | $836M |
| FREE CASH FLOW | -$62M |
| Net Change in Cash | $790M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $996M |
| Short-Term Investments | $0 |
| Net Receivables | $8M |
| Inventory | $0 |
| Other Current Assets | $5M |
| TOTAL CURRENT ASSETS | $1.0B |
| PP&E (Net) | $157M |
| Goodwill | $17M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $60M |
| TOTAL NON-CURRENT ASSETS | $233M |
| TOTAL ASSETS | $1.3B |
| Account Payables | $31M |
| Short-Term Debt | $8M |
| Deferred Revenue | $95M |
| Other Current Liabilities | $23M |
| TOTAL CURRENT LIABILITIES | $165M |
| Long-Term Debt | $23M |
| Deferred Revenue NC | $75M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $32M |
| TOTAL NON-CURRENT LIABILITIES | $142M |
| TOTAL LIABILITIES | $307M |
| Common Stock | $16.0K |
| Additional Paid-In Capital | $1.9B |
| Retained Earnings | -$979M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $949M |
| Minority Interest | $0 |
| TOTAL EQUITY | $949M |
| TOTAL LIABILITIES & EQUITY | $1.3B |
| Total Debt | $44M |
| Net Debt | -$952M |
