| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $44M | $38M | $39M | 16.1% | 13.6% |
| Op. Income | -$15M | -$24M | -$26M | 37.6% | 42.1% |
| Gross Margin | 95.2% | 97.2% | 96.6% | -2.0pp | -1.4pp |
| Net Margin | -75.2% | -98.2% | -82.7% | 23.0pp | 7.5pp |
| EPS (Diluted) | $-3.82 | $-4.32 | $-3.85 | 11.6% | 0.8% |
| Free Cash Flow | -$6M | -$19M | -$19M | 68.7% | 69.9% |
| Item | Amount |
|---|---|
| REVENUE | $44M |
| Cost of Revenue | $2M |
| GROSS PROFIT | $42M |
| R&D Expenses | $31M |
| Selling & Marketing | $0 |
| General & Administrative | $27M |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $57M |
| Cost & Expenses | $59M |
| OPERATING INCOME | -$15M |
| Interest Income | $553.0K |
| Interest Expense | $11M |
| Other Income/Expenses | -$18M |
| INCOME BEFORE TAX | -$33M |
| Income Tax Expense | $34.0K |
| Net Income from Continuing Ops | -$33M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$33M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$33M |
| D&A | $78.0K |
| EBIT | -$23M |
| EBITDA | -$23M |
| EPS | -$4 |
| EPS Diluted | -$4 |
| Item | Amount |
|---|---|
| Net Income | -$33M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $13M |
| Change in Working Capital | $14M |
| OPERATING CASH FLOW | -$6M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $5M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $5M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $0 |
| FREE CASH FLOW | -$6M |
| Net Change in Cash | -$1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $38M |
| Short-Term Investments | $8M |
| Net Receivables | $32M |
| Inventory | $4M |
| Other Current Assets | $8M |
| TOTAL CURRENT ASSETS | $90M |
| PP&E (Net) | $5M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $350.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $6M |
| TOTAL ASSETS | $96M |
| Account Payables | $5M |
| Short-Term Debt | $14M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $67M |
| TOTAL CURRENT LIABILITIES | $87M |
| Long-Term Debt | $177M |
| Deferred Revenue NC | $73M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $22M |
| TOTAL NON-CURRENT LIABILITIES | $278M |
| TOTAL LIABILITIES | $365M |
| Common Stock | $13.0K |
| Additional Paid-In Capital | $1.4B |
| Retained Earnings | -$1.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$259.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$269M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$269M |
| TOTAL LIABILITIES & EQUITY | $96M |
| Total Debt | $196M |
| Net Debt | $159M |
