| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $46M | $43M | $33M | 6.6% | 40.5% |
| Op. Income | -$15M | -$14M | -$15M | -10.1% | -1.1% |
| Gross Margin | 76.5% | 75.5% | 75.7% | 1.0pp | 0.8pp |
| Net Margin | -109.9% | -21.2% | -58.1% | -88.7pp | -51.8pp |
| EPS (Diluted) | $-0.61 | $-0.11 | $-0.30 | -454.5% | -103.3% |
| Free Cash Flow | -$4M | -$28M | -$11M | 85.1% | 62.9% |
| Item | Amount |
|---|---|
| REVENUE | $46M |
| Cost of Revenue | $11M |
| GROSS PROFIT | $35M |
| R&D Expenses | $17M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $33M |
| Other Expenses | $0 |
| Operating Expenses | $51M |
| Cost & Expenses | $61M |
| OPERATING INCOME | -$15M |
| Interest Income | $2M |
| Interest Expense | $27M |
| Other Income/Expenses | -$36M |
| INCOME BEFORE TAX | -$51M |
| Income Tax Expense | $30.0K |
| Net Income from Continuing Ops | -$51M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$51M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$51M |
| D&A | $2M |
| EBIT | -$24M |
| EBITDA | -$22M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$51M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $35M |
| Change in Working Capital | $7M |
| OPERATING CASH FLOW | -$3M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$1M |
| Net Debt Issuance | -$121M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $215M |
| FREE CASH FLOW | -$4M |
| Net Change in Cash | $211M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $291M |
| Short-Term Investments | $0 |
| Net Receivables | $28M |
| Inventory | $0 |
| Other Current Assets | $936.0K |
| TOTAL CURRENT ASSETS | $325M |
| PP&E (Net) | $25M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $4M |
| Tax Assets | $0 |
| Other Non-Current Assets | $9M |
| TOTAL NON-CURRENT ASSETS | $39M |
| TOTAL ASSETS | $364M |
| Account Payables | $2M |
| Short-Term Debt | $6M |
| Deferred Revenue | $520.0K |
| Other Current Liabilities | $7M |
| TOTAL CURRENT LIABILITIES | $38M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $56M |
| TOTAL NON-CURRENT LIABILITIES | $72M |
| TOTAL LIABILITIES | $110M |
| Common Stock | $83.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$512.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $255M |
| Minority Interest | $0 |
| TOTAL EQUITY | $255M |
| TOTAL LIABILITIES & EQUITY | $364M |
| Total Debt | $22M |
| Net Debt | -$269M |
