| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $195M | $164M | $137M | 18.5% | 42.4% |
| Op. Income | -$36M | -$43M | -$66M | 14.8% | 44.8% |
| Gross Margin | 41.5% | 39.7% | 28.5% | 1.8pp | 13.1pp |
| Net Margin | -19.3% | -26.8% | -49.6% | 7.5pp | 30.3pp |
| EPS (Diluted) | $-0.51 | $-0.60 | $-0.95 | 15.0% | 46.3% |
| Free Cash Flow | $3M | $3M | $14M | -23.5% | -81.6% |
| Item | Amount |
|---|---|
| REVENUE | $195M |
| Cost of Revenue | $114M |
| GROSS PROFIT | $81M |
| R&D Expenses | $0 |
| Selling & Marketing | $57M |
| General & Administrative | $35M |
| SG&A Expenses | $92M |
| Other Expenses | $25M |
| Operating Expenses | $117M |
| Cost & Expenses | $231M |
| OPERATING INCOME | -$36M |
| Interest Income | $2M |
| Interest Expense | $0 |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$36M |
| Income Tax Expense | $1M |
| Net Income from Continuing Ops | -$38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$38M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$38M |
| D&A | $3M |
| EBIT | -$36M |
| EBITDA | -$33M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$38M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $17M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | $20M |
| OPERATING CASH FLOW | $5M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$206M |
| Sales/Maturities of Investments | $149M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$59M |
| Net Debt Issuance | $16M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $9M |
| NET CASH FROM FINANCING | $24M |
| FREE CASH FLOW | $3M |
| Net Change in Cash | -$31M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $346M |
| Short-Term Investments | $241M |
| Net Receivables | $395M |
| Inventory | $0 |
| Other Current Assets | -$231M |
| TOTAL CURRENT ASSETS | $751M |
| PP&E (Net) | $15M |
| Goodwill | $19M |
| Intangible Assets | $8M |
| Long-Term Investments | $464M |
| Tax Assets | $0 |
| Other Non-Current Assets | -$464M |
| TOTAL NON-CURRENT ASSETS | $42M |
| TOTAL ASSETS | $1.9B |
| Account Payables | $27M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1.2B |
| TOTAL CURRENT LIABILITIES | $1.3B |
| Long-Term Debt | $139M |
| Deferred Revenue NC | $50M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | -$50M |
| TOTAL NON-CURRENT LIABILITIES | $152M |
| TOTAL LIABILITIES | $1.4B |
| Common Stock | $0 |
| Additional Paid-In Capital | $2.0B |
| Retained Earnings | -$1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $5M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $516M |
| Minority Interest | $0 |
| TOTAL EQUITY | $516M |
| TOTAL LIABILITIES & EQUITY | $1.9B |
| Total Debt | $152M |
| Net Debt | -$194M |
