| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $142M | $107M | $93M | 32.5% | 52.4% |
| Op. Income | -$366M | -$313M | -$213M | -17.0% | -71.5% |
| Gross Margin | 79.4% | 73.9% | 77.3% | 5.5pp | 2.0pp |
| Net Margin | -260.0% | -299.5% | -236.0% | 39.5pp | -23.9pp |
| EPS (Diluted) | $-1.75 | $-1.70 | $-1.27 | -2.9% | -37.8% |
| Free Cash Flow | -$222M | -$209M | -$185M | -6.3% | -20.4% |
| Item | Amount |
|---|---|
| REVENUE | $142M |
| Cost of Revenue | $29M |
| GROSS PROFIT | $113M |
| R&D Expenses | $186M |
| Selling & Marketing | $0 |
| General & Administrative | $186M |
| SG&A Expenses | $186M |
| Other Expenses | $106M |
| Operating Expenses | $479M |
| Cost & Expenses | $508M |
| OPERATING INCOME | -$366M |
| Interest Income | $18M |
| Interest Expense | $20M |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | -$369M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$370M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$370M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$370M |
| D&A | $4M |
| EBIT | -$350M |
| EBITDA | -$346M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$370M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $31M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $101M |
| Change in Working Capital | $14M |
| OPERATING CASH FLOW | -$220M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$1.2B |
| Sales/Maturities of Investments | $425M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$762M |
| Net Debt Issuance | -$747.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $33M |
| FREE CASH FLOW | -$222M |
| Net Change in Cash | -$950M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $335M |
| Short-Term Investments | $1.3B |
| Net Receivables | $65M |
| Inventory | $121M |
| Other Current Assets | $66M |
| TOTAL CURRENT ASSETS | $1.9B |
| PP&E (Net) | $117M |
| Goodwill | $136M |
| Intangible Assets | $85M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $92M |
| TOTAL NON-CURRENT ASSETS | $429M |
| TOTAL ASSETS | $2.4B |
| Account Payables | $80M |
| Short-Term Debt | $12M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $325M |
| TOTAL CURRENT LIABILITIES | $417M |
| Long-Term Debt | $704M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $265M |
| TOTAL NON-CURRENT LIABILITIES | $998M |
| TOTAL LIABILITIES | $1.4B |
| Common Stock | $2M |
| Additional Paid-In Capital | $6.2B |
| Retained Earnings | -$5.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $946M |
| Minority Interest | $0 |
| TOTAL EQUITY | $946M |
| TOTAL LIABILITIES & EQUITY | $2.4B |
| Total Debt | $745M |
| Net Debt | $410M |
