| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $42M | $22M | $11M | 92.2% | 271.8% |
| Op. Income | $38M | $15M | $7M | 148.6% | 485.0% |
| Gross Margin | 84.8% | 70.8% | 42.4% | 14.1pp | 42.4pp |
| Net Margin | 91.5% | 70.7% | 58.1% | 20.7pp | 33.3pp |
| EPS (Diluted) | $1.05 | $0.42 | $0.19 | 150.0% | 452.6% |
| Free Cash Flow | $10M | $63M | $21M | -84.6% | -53.3% |
| Item | Amount |
|---|---|
| REVENUE | $42M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $36M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | -$5M |
| Operating Expenses | -$3M |
| Cost & Expenses | $4M |
| OPERATING INCOME | $38M |
| Interest Income | $21M |
| Interest Expense | $6M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $38M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $38M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $0 |
| EBIT | $38M |
| EBITDA | $38M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $42M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $36M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | -$5M |
| Operating Expenses | -$3M |
| Cost & Expenses | $4M |
| OPERATING INCOME | $38M |
| Interest Income | $21M |
| Interest Expense | $6M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $38M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $38M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $0 |
| EBIT | $38M |
| EBITDA | $38M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $38M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$37M |
| Change in Working Capital | $8M |
| OPERATING CASH FLOW | $10M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$187M |
| Sales/Maturities of Investments | $6M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$182M |
| Net Debt Issuance | $205M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$34M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $172M |
| FREE CASH FLOW | $10M |
| Net Change in Cash | $473.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2M |
| Short-Term Investments | $0 |
| Net Receivables | $9M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $11M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $857M |
| TOTAL NON-CURRENT ASSETS | $857M |
| TOTAL ASSETS | $869M |
| Account Payables | $31M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $31M |
| Long-Term Debt | $341M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $39M |
| TOTAL NON-CURRENT LIABILITIES | $380M |
| TOTAL LIABILITIES | $410M |
| Common Stock | $37.0K |
| Additional Paid-In Capital | $444M |
| Retained Earnings | -$17M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $31M |
| TOTAL STOCKHOLDERS' EQUITY | $458M |
| Minority Interest | $0 |
| TOTAL EQUITY | $458M |
| TOTAL LIABILITIES & EQUITY | $869M |
| Total Debt | $341M |
| Net Debt | $339M |
