| Metric | Q2 2026 | Q1 2026 | Q2 2025 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $87M | $46M | $23M | 91.3% | 285.3% |
| Op. Income | -$9M | $36M | -$4M | -125.7% | -105.9% |
| Gross Margin | 4.7% | 34.7% | 5.1% | -30.0pp | -0.4pp |
| Net Margin | -18.1% | 76.8% | -33.8% | -94.9pp | 15.7pp |
| EPS (Diluted) | $-0.07 | $0.18 | $-0.06 | -138.9% | -8.4% |
| Free Cash Flow | -$39M | -$37M | -$21M | -4.9% | -83.3% |
| Item | Amount |
|---|---|
| REVENUE | $87M |
| Cost of Revenue | $83M |
| GROSS PROFIT | $4M |
| R&D Expenses | $0 |
| Selling & Marketing | $567.0K |
| General & Administrative | $13M |
| SG&A Expenses | $13M |
| Other Expenses | $0 |
| Operating Expenses | $13M |
| Cost & Expenses | $96M |
| OPERATING INCOME | -$9M |
| Interest Income | $0 |
| Interest Expense | $328.0K |
| Other Income/Expenses | -$6M |
| INCOME BEFORE TAX | -$15M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$16M |
| D&A | $38M |
| EBIT | -$14M |
| EBITDA | $24M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$16M |
| Depreciation & Amortization | $38M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$15M |
| Change in Working Capital | -$24M |
| OPERATING CASH FLOW | -$11M |
| Capital Expenditure | -$28M |
| Acquisitions (Net) | -$9M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$9M |
| NET CASH FROM INVESTING | -$46M |
| Net Debt Issuance | -$17M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $788.1K |
| NET CASH FROM FINANCING | $54M |
| FREE CASH FLOW | -$39M |
| Net Change in Cash | -$2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $23M |
| Short-Term Investments | $26M |
| Net Receivables | $17M |
| Inventory | $0 |
| Other Current Assets | $71M |
| TOTAL CURRENT ASSETS | $137M |
| PP&E (Net) | $469M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $87M |
| TOTAL NON-CURRENT ASSETS | $556M |
| TOTAL ASSETS | $693M |
| Account Payables | $31M |
| Short-Term Debt | $7M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $12M |
| TOTAL CURRENT LIABILITIES | $54M |
| Long-Term Debt | $11M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $2M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $15M |
| TOTAL LIABILITIES | $68M |
| Common Stock | $0 |
| Additional Paid-In Capital | $872M |
| Retained Earnings | -$255M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $7M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $625M |
| Minority Interest | $0 |
| TOTAL EQUITY | $625M |
| TOTAL LIABILITIES & EQUITY | $693M |
| Total Debt | $23M |
| Net Debt | $507.0K |
