| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $157M | $452M | $134M | -65.3% | 17.1% |
| Op. Income | -$160M | $140M | -$149M | -214.6% | -7.8% |
| Gross Margin | 98.5% | 99.1% | 99.2% | -0.6pp | -0.7pp |
| Net Margin | -82.1% | 27.3% | -105.0% | -109.4pp | 22.9pp |
| EPS (Diluted) | $-0.80 | $0.68 | $-0.95 | -217.6% | 15.8% |
| Free Cash Flow | -$135M | $137M | -$124M | -198.3% | -8.6% |
| Item | Amount |
|---|---|
| REVENUE | $157M |
| Cost of Revenue | $2M |
| GROSS PROFIT | $154M |
| R&D Expenses | $218M |
| Selling & Marketing | $0 |
| General & Administrative | $97M |
| SG&A Expenses | $97M |
| Other Expenses | $9.0K |
| Operating Expenses | $315M |
| Cost & Expenses | $317M |
| OPERATING INCOME | -$160M |
| Interest Income | $24M |
| Interest Expense | $22M |
| Other Income/Expenses | $32M |
| INCOME BEFORE TAX | -$128M |
| Income Tax Expense | $213.0K |
| Net Income from Continuing Ops | -$129M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$129M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$129M |
| D&A | $5M |
| EBIT | -$108M |
| EBITDA | -$103M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$129M |
| Depreciation & Amortization | $12M |
| Stock-Based Compensation | $31M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$115M |
| Change in Working Capital | $70M |
| OPERATING CASH FLOW | -$131M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$324M |
| Sales/Maturities of Investments | $422M |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | $91M |
| Net Debt Issuance | -$41.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $81M |
| FREE CASH FLOW | -$135M |
| Net Change in Cash | $41M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $338M |
| Short-Term Investments | $1.9B |
| Net Receivables | $25M |
| Inventory | $10M |
| Other Current Assets | $244M |
| TOTAL CURRENT ASSETS | $2.5B |
| PP&E (Net) | $348M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $52M |
| Tax Assets | $0 |
| Other Non-Current Assets | $114M |
| TOTAL NON-CURRENT ASSETS | $514M |
| TOTAL ASSETS | $3.0B |
| Account Payables | $14M |
| Short-Term Debt | $631M |
| Deferred Revenue | $77M |
| Other Current Liabilities | $82M |
| TOTAL CURRENT LIABILITIES | $903M |
| Long-Term Debt | $596M |
| Deferred Revenue NC | $108M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $545M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $2.4B |
| Common Stock | $161.0K |
| Additional Paid-In Capital | $3.0B |
| Retained Earnings | -$2.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$26M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $618M |
| Minority Interest | $0 |
| TOTAL EQUITY | $618M |
| TOTAL LIABILITIES & EQUITY | $3.0B |
| Total Debt | $1.5B |
| Net Debt | $1.2B |
