| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $13M | $11M | $9M | 15.7% | 40.2% |
| Op. Income | -$49M | -$39M | -$34M | -26.7% | -44.8% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | -362.7% | -333.1% | -324.9% | -29.6pp | -37.8pp |
| EPS (Diluted) | $-0.21 | $-0.17 | $-0.14 | -23.5% | -50.0% |
| Free Cash Flow | -$36M | -$47M | $0 | 23.2% | — |
| Item | Amount |
|---|---|
| REVENUE | $13M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $13M |
| R&D Expenses | $53M |
| Selling & Marketing | $0 |
| General & Administrative | $9M |
| SG&A Expenses | $9M |
| Other Expenses | $0 |
| Operating Expenses | $62M |
| Cost & Expenses | $62M |
| OPERATING INCOME | -$49M |
| Interest Income | $687.0K |
| Interest Expense | $3M |
| Other Income/Expenses | $893.0K |
| INCOME BEFORE TAX | -$48M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$48M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$48M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$48M |
| D&A | $6.0K |
| EBIT | -$45M |
| EBITDA | -$45M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$48M |
| Depreciation & Amortization | $220.0K |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $6M |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | -$36M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$30M |
| Sales/Maturities of Investments | $47M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $17M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $2M |
| FREE CASH FLOW | -$36M |
| Net Change in Cash | -$17M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $9M |
| Short-Term Investments | $171M |
| Net Receivables | $10M |
| Inventory | $0 |
| Other Current Assets | $14M |
| TOTAL CURRENT ASSETS | $204M |
| PP&E (Net) | $4M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $407.0K |
| TOTAL NON-CURRENT ASSETS | $5M |
| TOTAL ASSETS | $209M |
| Account Payables | $1M |
| Short-Term Debt | $919.0K |
| Deferred Revenue | $24M |
| Other Current Liabilities | $24M |
| TOTAL CURRENT LIABILITIES | $62M |
| Long-Term Debt | $198M |
| Deferred Revenue NC | $27M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $229M |
| TOTAL LIABILITIES | $291M |
| Common Stock | $24.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$5M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$82M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$82M |
| TOTAL LIABILITIES & EQUITY | $209M |
| Total Debt | $203M |
| Net Debt | $194M |
