| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $38M | $30M | $43M | 26.4% | -11.4% |
| Op. Income | -$24M | -$33M | -$28M | 26.7% | 13.3% |
| Gross Margin | 97.2% | 95.7% | 96.4% | 1.6pp | 0.9pp |
| Net Margin | -98.2% | -78.2% | 55.6% | -20.0pp | -153.8pp |
| EPS (Diluted) | $-4.32 | $-2.77 | $-2.97 | -56.0% | -45.5% |
| Free Cash Flow | -$19M | -$39M | -$38M | 52.0% | 51.4% |
| Item | Amount |
|---|---|
| REVENUE | $38M |
| Cost of Revenue | $1M |
| GROSS PROFIT | $37M |
| R&D Expenses | $33M |
| Selling & Marketing | $0 |
| General & Administrative | $28M |
| SG&A Expenses | $28M |
| Other Expenses | $0 |
| Operating Expenses | $61M |
| Cost & Expenses | $62M |
| OPERATING INCOME | -$24M |
| Interest Income | $613.0K |
| Interest Expense | $11M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | -$37M |
| Income Tax Expense | $40.0K |
| Net Income from Continuing Ops | -$37M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$37M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$37M |
| D&A | $78.0K |
| EBIT | -$26M |
| EBITDA | -$26M |
| EPS | -$4 |
| EPS Diluted | -$4 |
| Item | Amount |
|---|---|
| Net Income | -$37M |
| Depreciation & Amortization | -$42.0K |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $5M |
| Change in Working Capital | $10M |
| OPERATING CASH FLOW | -$19M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $18M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $18M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $356.0K |
| FREE CASH FLOW | -$19M |
| Net Change in Cash | -$48.0K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $39M |
| Short-Term Investments | $13M |
| Net Receivables | $33M |
| Inventory | $5M |
| Other Current Assets | $8M |
| TOTAL CURRENT ASSETS | $98M |
| PP&E (Net) | $5M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $7M |
| TOTAL ASSETS | $105M |
| Account Payables | $3M |
| Short-Term Debt | $31M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $2M |
| TOTAL CURRENT LIABILITIES | $99M |
| Long-Term Debt | $152M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $86M |
| TOTAL NON-CURRENT LIABILITIES | $245M |
| TOTAL LIABILITIES | $344M |
| Common Stock | $13.0K |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | -$1.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$251.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$239M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$239M |
| TOTAL LIABILITIES & EQUITY | $105M |
| Total Debt | $191M |
| Net Debt | $152M |
