| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $21M | $15M | $0 | 35.7% | — |
| Op. Income | -$80M | -$73M | -$60M | -10.1% | -33.6% |
| Gross Margin | 84.5% | 100.0% | — | -15.5pp | — |
| Net Margin | -357.2% | -432.5% | — | 75.3pp | — |
| EPS (Diluted) | $-0.85 | $-0.75 | $-0.63 | -13.3% | -34.9% |
| Free Cash Flow | -$83M | -$30M | -$43M | -175.2% | -91.5% |
| Item | Amount |
|---|---|
| REVENUE | $21M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $18M |
| R&D Expenses | $68M |
| Selling & Marketing | $0 |
| General & Administrative | $33M |
| SG&A Expenses | $33M |
| Other Expenses | -$3M |
| Operating Expenses | $98M |
| Cost & Expenses | $101M |
| OPERATING INCOME | -$80M |
| Interest Income | $6M |
| Interest Expense | $0 |
| Other Income/Expenses | $6M |
| INCOME BEFORE TAX | -$74M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$74M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$74M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$74M |
| D&A | $164.0K |
| EBIT | -$74M |
| EBITDA | -$74M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$74M |
| Depreciation & Amortization | $164.0K |
| Stock-Based Compensation | $11M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $27M |
| Change in Working Capital | -$44M |
| OPERATING CASH FLOW | -$81M |
| Capital Expenditure | -$3M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $97M |
| NET CASH FROM INVESTING | $94M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $0 |
| FREE CASH FLOW | -$83M |
| Net Change in Cash | $13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $95M |
| Short-Term Investments | $454M |
| Net Receivables | $39M |
| Inventory | $0 |
| Other Current Assets | $32M |
| TOTAL CURRENT ASSETS | $621M |
| PP&E (Net) | $15M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $14M |
| TOTAL NON-CURRENT ASSETS | $29M |
| TOTAL ASSETS | $649M |
| Account Payables | $5M |
| Short-Term Debt | $6M |
| Deferred Revenue | $49M |
| Other Current Liabilities | $48M |
| TOTAL CURRENT LIABILITIES | $121M |
| Long-Term Debt | $5M |
| Deferred Revenue NC | $269M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $286M |
| TOTAL LIABILITIES | $407M |
| Common Stock | $9.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $918.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $243M |
| Minority Interest | $0 |
| TOTAL EQUITY | $243M |
| TOTAL LIABILITIES & EQUITY | $649M |
| Total Debt | $19M |
| Net Debt | -$76M |
