| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $12M | — | $26M | — | -53.2% |
| Op. Income | $8M | — | $19M | — | -59.8% |
| Gross Margin | 63.3% | — | 78.7% | — | -15.5pp |
| Net Margin | 63.5% | — | 73.9% | — | -10.4pp |
| EPS (Diluted) | $0.33 | — | $0.88 | — | -62.5% |
| Free Cash Flow | $12M | — | $54M | — | -77.6% |
| Item | Amount |
|---|---|
| REVENUE | $12M |
| Cost of Revenue | $4M |
| GROSS PROFIT | $8M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | -$3M |
| Operating Expenses | -$28.0K |
| Cost & Expenses | $4M |
| OPERATING INCOME | $8M |
| Interest Income | $21M |
| Interest Expense | $4M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $7M |
| D&A | $0 |
| EBIT | $8M |
| EBITDA | $8M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $12M |
| Cost of Revenue | $4M |
| GROSS PROFIT | $8M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | -$3M |
| Operating Expenses | -$28.0K |
| Cost & Expenses | $4M |
| OPERATING INCOME | $8M |
| Interest Income | $21M |
| Interest Expense | $4M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $7M |
| D&A | $0 |
| EBIT | $8M |
| EBITDA | $8M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $8M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | $12M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$73M |
| Sales/Maturities of Investments | $82M |
| Other Investing Activities | -$1M |
| NET CASH FROM INVESTING | $8M |
| Net Debt Issuance | $365.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$11M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$8M |
| FREE CASH FLOW | $12M |
| Net Change in Cash | $13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $15M |
| Short-Term Investments | $0 |
| Net Receivables | $8M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $23M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $112M |
| Tax Assets | $0 |
| Other Non-Current Assets | $645M |
| TOTAL NON-CURRENT ASSETS | $757M |
| TOTAL ASSETS | $780M |
| Account Payables | $5M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $5M |
| Long-Term Debt | $282M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $286M |
| TOTAL LIABILITIES | $291M |
| Common Stock | $44.0K |
| Additional Paid-In Capital | $495M |
| Retained Earnings | $5M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | -$25M |
| TOTAL STOCKHOLDERS' EQUITY | $489M |
| Minority Interest | $0 |
| TOTAL EQUITY | $489M |
| TOTAL LIABILITIES & EQUITY | $780M |
| Total Debt | $282M |
| Net Debt | $267M |
