| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $770.0K | $503.0K | — | 53.1% | — |
| Op. Income | -$30M | -$25M | — | -18.2% | — |
| Gross Margin | -16.9% | 100.0% | — | -116.9pp | — |
| Net Margin | -35056.5% | -22609.5% | — | -12447.0pp | — |
| EPS (Diluted) | $-3.89 | $-0.71 | — | -447.9% | — |
| Free Cash Flow | -$80M | -$23M | — | -243.9% | — |
| Item | Amount |
|---|---|
| REVENUE | $770.0K |
| Cost of Revenue | $900.0K |
| GROSS PROFIT | -$130.0K |
| R&D Expenses | $13M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $16M |
| Other Expenses | $0 |
| Operating Expenses | $30M |
| Cost & Expenses | $31M |
| OPERATING INCOME | -$30M |
| Interest Income | $0 |
| Interest Expense | $941.0K |
| Other Income/Expenses | -$240M |
| INCOME BEFORE TAX | -$270M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$270M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$270M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$270M |
| D&A | $900.0K |
| EBIT | -$269M |
| EBITDA | -$268M |
| EPS | -$4 |
| EPS Diluted | -$4 |
| Item | Amount |
|---|---|
| Net Income | -$270M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $216M |
| Change in Working Capital | -$14M |
| OPERATING CASH FLOW | -$68M |
| Capital Expenditure | -$12M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$6M |
| NET CASH FROM INVESTING | -$18M |
| Net Debt Issuance | $32M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $38M |
| NET CASH FROM FINANCING | $216M |
| FREE CASH FLOW | -$80M |
| Net Change in Cash | $146M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $146M |
| Short-Term Investments | $0 |
| Net Receivables | $706.0K |
| Inventory | $0 |
| Other Current Assets | $5M |
| TOTAL CURRENT ASSETS | $152M |
| PP&E (Net) | $25M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1M |
| Tax Assets | $0 |
| Other Non-Current Assets | $26.0K |
| TOTAL NON-CURRENT ASSETS | $26M |
| TOTAL ASSETS | $178M |
| Account Payables | $3M |
| Short-Term Debt | $24M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $7M |
| TOTAL CURRENT LIABILITIES | $35M |
| Long-Term Debt | $12M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $124M |
| TOTAL NON-CURRENT LIABILITIES | $140M |
| TOTAL LIABILITIES | $174M |
| Common Stock | $17.0K |
| Additional Paid-In Capital | $560M |
| Retained Earnings | -$780M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $4M |
| Minority Interest | $0 |
| TOTAL EQUITY | $4M |
| TOTAL LIABILITIES & EQUITY | $178M |
| Total Debt | $40M |
| Net Debt | -$107M |
