| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $13M | $5M | $0 | 150.0% | — |
| Op. Income | -$19M | -$17M | -$13M | -12.0% | -45.9% |
| Gross Margin | 99.0% | 100.0% | — | -1.0pp | — |
| Net Margin | -133.6% | -298.2% | — | 164.6pp | — |
| EPS (Diluted) | $-0.59 | $-0.53 | $-0.38 | -11.3% | -55.3% |
| Free Cash Flow | -$9M | -$12M | -$11M | 23.2% | 16.2% |
| Item | Amount |
|---|---|
| REVENUE | $13M |
| Cost of Revenue | $125.0K |
| GROSS PROFIT | $12M |
| R&D Expenses | $4M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $27M |
| Other Expenses | $0 |
| Operating Expenses | $31M |
| Cost & Expenses | $31M |
| OPERATING INCOME | -$19M |
| Interest Income | $2M |
| Interest Expense | $0 |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | -$17M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$17M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$17M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$17M |
| D&A | $125.0K |
| EBIT | -$17M |
| EBITDA | -$17M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$17M |
| Depreciation & Amortization | $125.0K |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$779.0K |
| Change in Working Capital | $5M |
| OPERATING CASH FLOW | -$9M |
| Capital Expenditure | -$439.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$56M |
| Sales/Maturities of Investments | $52M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $598.0K |
| FREE CASH FLOW | -$9M |
| Net Change in Cash | -$12M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $25M |
| Short-Term Investments | $177M |
| Net Receivables | $0 |
| Inventory | $949.0K |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $207M |
| PP&E (Net) | $2M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $4M |
| TOTAL ASSETS | $211M |
| Account Payables | $4M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $12M |
| TOTAL CURRENT LIABILITIES | $16M |
| Long-Term Debt | $461.0K |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $461.0K |
| TOTAL LIABILITIES | $17M |
| Common Stock | $1.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$191M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $227.0K |
| Other Equity | $385M |
| TOTAL STOCKHOLDERS' EQUITY | $194M |
| Minority Interest | $0 |
| TOTAL EQUITY | $194M |
| TOTAL LIABILITIES & EQUITY | $211M |
| Total Debt | $461.0K |
| Net Debt | -$25M |
