| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $42M | -$10M | $17M | 520.3% | 144.3% |
| Op. Income | $31M | -$20M | $8M | 252.4% | 306.4% |
| Gross Margin | 81.0% | 182.9% | 53.3% | -101.9pp | 27.7pp |
| Net Margin | 73.9% | 210.1% | 42.8% | -136.2pp | 31.1pp |
| EPS (Diluted) | $0.67 | $-0.50 | $0.20 | 234.0% | 235.0% |
| Free Cash Flow | $8M | $50M | $13M | -82.9% | -35.3% |
| Item | Amount |
|---|---|
| REVENUE | $42M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $34M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $1M |
| SG&A Expenses | $1M |
| Other Expenses | $1M |
| Operating Expenses | $3M |
| Cost & Expenses | $10M |
| OPERATING INCOME | $31M |
| Interest Income | $24M |
| Interest Expense | $8M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $31M |
| Income Tax Expense | $373.0K |
| Net Income from Continuing Ops | $31M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $31M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $31M |
| D&A | $0 |
| EBIT | $31M |
| EBITDA | $31M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $42M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $34M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $1M |
| SG&A Expenses | $1M |
| Other Expenses | $1M |
| Operating Expenses | $3M |
| Cost & Expenses | $10M |
| OPERATING INCOME | $31M |
| Interest Income | $24M |
| Interest Expense | $8M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $31M |
| Income Tax Expense | $373.0K |
| Net Income from Continuing Ops | $31M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $31M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $31M |
| D&A | $0 |
| EBIT | $31M |
| EBITDA | $31M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $31M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$20M |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | $8M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$38M |
| Sales/Maturities of Investments | $80M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $42M |
| Net Debt Issuance | $2M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$882.0K |
| FREE CASH FLOW | $8M |
| Net Change in Cash | $51M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $128M |
| Short-Term Investments | $2M |
| Net Receivables | $16M |
| Inventory | $0 |
| Other Current Assets | -$147M |
| TOTAL CURRENT ASSETS | $0 |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $0 |
| TOTAL ASSETS | $759M |
| Account Payables | $0 |
| Short-Term Debt | $112M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $19M |
| TOTAL CURRENT LIABILITIES | $131M |
| Long-Term Debt | $312M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$312M |
| TOTAL NON-CURRENT LIABILITIES | $0 |
| TOTAL LIABILITIES | $444M |
| Common Stock | $49.0K |
| Additional Paid-In Capital | $551M |
| Retained Earnings | -$236M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $316M |
| Minority Interest | $0 |
| TOTAL EQUITY | $316M |
| TOTAL LIABILITIES & EQUITY | $759M |
| Total Debt | $424M |
| Net Debt | $296M |
