| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $302M | $354M | $355M | -14.7% | -14.9% |
| Op. Income | -$125M | $49M | $81M | -356.6% | -254.1% |
| Gross Margin | 46.6% | 35.3% | 39.9% | 11.2pp | 6.7pp |
| Net Margin | 18.1% | 10.7% | 17.3% | 7.4pp | 0.8pp |
| EPS (Diluted) | $0.97 | $0.60 | $0.00 | 61.7% | Infinity% |
| Free Cash Flow | $41M | -$114M | -$497M | 136.0% | 108.3% |
| Item | Amount |
|---|---|
| REVENUE | $302M |
| Cost of Revenue | $203M |
| GROSS PROFIT | $141M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $37M |
| SG&A Expenses | $37M |
| Other Expenses | $39M |
| Operating Expenses | $76M |
| Cost & Expenses | $427M |
| OPERATING INCOME | -$125M |
| Interest Income | $287M |
| Interest Expense | $174M |
| Other Income/Expenses | $190M |
| INCOME BEFORE TAX | $65M |
| Income Tax Expense | $10M |
| Net Income from Continuing Ops | $55M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $55M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $44M |
| D&A | $765.0K |
| EBIT | $238M |
| EBITDA | $239M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $55M |
| Depreciation & Amortization | $765.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$16M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | $30M |
| Capital Expenditure | $11M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $380M |
| Sales/Maturities of Investments | $142M |
| Other Investing Activities | -$714M |
| NET CASH FROM INVESTING | -$181M |
| Net Debt Issuance | -$1.1B |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$15M |
| Other Financing Activities | $1.2B |
| NET CASH FROM FINANCING | $102M |
| FREE CASH FLOW | $41M |
| Net Change in Cash | -$49M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $12M |
| Short-Term Investments | $885M |
| Net Receivables | $82M |
| Inventory | $0 |
| Other Current Assets | $10.5B |
| TOTAL CURRENT ASSETS | $11.5B |
| PP&E (Net) | $75M |
| Goodwill | $8M |
| Intangible Assets | $213M |
| Long-Term Investments | $17.0B |
| Tax Assets | $0 |
| Other Non-Current Assets | -$17.2B |
| TOTAL NON-CURRENT ASSETS | $83M |
| TOTAL ASSETS | $19.4B |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $13.9B |
| TOTAL CURRENT LIABILITIES | $13.9B |
| Long-Term Debt | $2.9B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $29M |
| Other Non-Current Liabilities | $263M |
| TOTAL NON-CURRENT LIABILITIES | $3.2B |
| TOTAL LIABILITIES | $17.1B |
| Common Stock | $242M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.4B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$211.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.2B |
| TOTAL LIABILITIES & EQUITY | $19.4B |
| Total Debt | $2.9B |
| Net Debt | $2.9B |
