| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $6M | $22M | $22M | -74.5% | -74.7% |
| Op. Income | -$62M | -$41M | -$31M | -50.2% | -100.0% |
| Gross Margin | 100.0% | 100.0% | 99.5% | 0.0pp | 0.5pp |
| Net Margin | -1485.1% | -214.5% | -96.1% | -1270.6pp | -1389.0pp |
| EPS (Diluted) | $-0.68 | $-0.39 | $-0.20 | -75.8% | -241.2% |
| Free Cash Flow | -$47M | -$44M | -$42M | -8.8% | -12.8% |
| Item | Amount |
|---|---|
| REVENUE | $6M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $6M |
| R&D Expenses | $53M |
| Selling & Marketing | $0 |
| General & Administrative | $15M |
| SG&A Expenses | $15M |
| Other Expenses | -$25.7K |
| Operating Expenses | $68M |
| Cost & Expenses | $68M |
| OPERATING INCOME | -$62M |
| Interest Income | $5M |
| Interest Expense | $285.3K |
| Other Income/Expenses | -$21M |
| INCOME BEFORE TAX | -$83M |
| Income Tax Expense | -$1M |
| Net Income from Continuing Ops | -$82M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$82M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$82M |
| D&A | $4M |
| EBIT | -$83M |
| EBITDA | -$80M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$82M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | -$1M |
| Other Non-Cash Items | $25M |
| Change in Working Capital | $5M |
| OPERATING CASH FLOW | -$46M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$26M |
| Sales/Maturities of Investments | $103M |
| Other Investing Activities | -$152.0K |
| NET CASH FROM INVESTING | $75M |
| Net Debt Issuance | -$860.5K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$850.0K |
| FREE CASH FLOW | -$47M |
| Net Change in Cash | $16M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $300M |
| Short-Term Investments | $259M |
| Net Receivables | $3M |
| Inventory | $0 |
| Other Current Assets | $13M |
| TOTAL CURRENT ASSETS | $589M |
| PP&E (Net) | $71M |
| Goodwill | $0 |
| Intangible Assets | $2M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $74M |
| TOTAL ASSETS | $663M |
| Account Payables | $5M |
| Short-Term Debt | $0 |
| Deferred Revenue | $29M |
| Other Current Liabilities | $10M |
| TOTAL CURRENT LIABILITIES | $67M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $32M |
| Deferred Tax Liabilities | $4M |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $53M |
| TOTAL LIABILITIES | $120M |
| Common Stock | $1M |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | -$818M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$9M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $543M |
| Minority Interest | $0 |
| TOTAL EQUITY | $543M |
| TOTAL LIABILITIES & EQUITY | $663M |
| Total Debt | $20M |
| Net Debt | -$280M |
