| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $75M | $155M | $58M | -51.5% | 29.8% |
| Op. Income | -$17M | $34M | -$8M | -149.6% | -118.4% |
| Gross Margin | -5.7% | 34.9% | 15.4% | -40.6pp | -21.2pp |
| Net Margin | 5.2% | 18.7% | -8.7% | -13.5pp | 13.9pp |
| EPS (Diluted) | $0.19 | $1.59 | $-0.30 | -88.1% | 163.3% |
| Free Cash Flow | $6M | $49M | -$34M | -88.4% | 116.7% |
| Item | Amount |
|---|---|
| REVENUE | $75M |
| Cost of Revenue | $79M |
| GROSS PROFIT | -$4M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $10M |
| SG&A Expenses | $10M |
| Other Expenses | -$200.0K |
| Operating Expenses | $12M |
| Cost & Expenses | $92M |
| OPERATING INCOME | -$17M |
| Interest Income | $13M |
| Interest Expense | $3M |
| Other Income/Expenses | $9M |
| INCOME BEFORE TAX | -$8M |
| Income Tax Expense | -$12M |
| Net Income from Continuing Ops | $4M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $4M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $4M |
| D&A | $2M |
| EBIT | -$5M |
| EBITDA | -$3M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $4M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $600.0K |
| Deferred Income Tax | -$12M |
| Other Non-Cash Items | $1M |
| Change in Working Capital | $15M |
| OPERATING CASH FLOW | $10M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$4M |
| Net Debt Issuance | $782M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$400.0K |
| NET CASH FROM FINANCING | $782M |
| FREE CASH FLOW | $6M |
| Net Change in Cash | $788M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.6B |
| Short-Term Investments | $0 |
| Net Receivables | $61M |
| Inventory | $416M |
| Other Current Assets | $56M |
| TOTAL CURRENT ASSETS | $2.2B |
| PP&E (Net) | $21M |
| Goodwill | $0 |
| Intangible Assets | $24M |
| Long-Term Investments | $3M |
| Tax Assets | $26M |
| Other Non-Current Assets | $8M |
| TOTAL NON-CURRENT ASSETS | $80M |
| TOTAL ASSETS | $2.2B |
| Account Payables | $36M |
| Short-Term Debt | $40M |
| Deferred Revenue | $155M |
| Other Current Liabilities | $239M |
| TOTAL CURRENT LIABILITIES | $626M |
| Long-Term Debt | $1.2B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $82M |
| TOTAL NON-CURRENT LIABILITIES | $1.3B |
| TOTAL LIABILITIES | $1.9B |
| Common Stock | $2M |
| Additional Paid-In Capital | $378M |
| Retained Earnings | -$16M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$700.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $363M |
| Minority Interest | $0 |
| TOTAL EQUITY | $363M |
| TOTAL LIABILITIES & EQUITY | $2.2B |
| Total Debt | $1.2B |
| Net Debt | -$418M |
