| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $311M | $393M | — | -20.7% | — |
| Op. Income | $96M | -$25M | — | 484.4% | — |
| Gross Margin | 52.5% | -0.4% | — | 53.0pp | — |
| Net Margin | -39.9% | -22.3% | — | -17.6pp | — |
| EPS (Diluted) | $-0.26 | $-0.18 | — | -44.4% | — |
| Free Cash Flow | -$28M | $45M | — | -161.7% | — |
| Item | Amount |
|---|---|
| REVENUE | $311M |
| Cost of Revenue | $148M |
| GROSS PROFIT | $164M |
| R&D Expenses | $0 |
| Selling & Marketing | $55M |
| General & Administrative | $13M |
| SG&A Expenses | $68M |
| Other Expenses | $0 |
| Operating Expenses | $68M |
| Cost & Expenses | $216M |
| OPERATING INCOME | $96M |
| Interest Income | $0 |
| Interest Expense | $50M |
| Other Income/Expenses | -$202M |
| INCOME BEFORE TAX | -$106M |
| Income Tax Expense | $18M |
| NET INCOME | -$124M |
| D&A | $142M |
| EBIT | -$57M |
| EBITDA | $85M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$124M |
| Depreciation & Amortization | $143M |
| Stock-Based Compensation | $5M |
| Deferred Income Tax | -$950.0K |
| Other Non-Cash Items | -$51M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | -$28M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$71M |
| NET CASH FROM INVESTING | -$71M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $125M |
| NET CASH FROM FINANCING | $125M |
| FREE CASH FLOW | -$28M |
| Net Change in Cash | $26M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $64M |
| Short-Term Investments | $0 |
| Net Receivables | $59M |
| Inventory | $164M |
| Other Current Assets | $63M |
| TOTAL CURRENT ASSETS | $366M |
| PP&E (Net) | $4.2B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $516M |
| TOTAL NON-CURRENT ASSETS | $4.7B |
| TOTAL ASSETS | $5.1B |
| Account Payables | $201M |
| Short-Term Debt | $250M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $81M |
| TOTAL CURRENT LIABILITIES | $705M |
| Long-Term Debt | $2.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $744M |
| TOTAL NON-CURRENT LIABILITIES | $3.5B |
| TOTAL LIABILITIES | $4.2B |
| Common Stock | $5M |
| Additional Paid-In Capital | $2.5B |
| Retained Earnings | -$1.4B |
| Treasury Stock | -$237M |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $899M |
| Minority Interest | $0 |
| TOTAL EQUITY | $899M |
| TOTAL LIABILITIES & EQUITY | $5.1B |
| Total Debt | $3.0B |
| Net Debt | $2.9B |
