| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $287M | $213M | $62M | 35.0% | 362.0% |
| Op. Income | -$114M | -$47M | -$116M | -141.5% | 2.0% |
| Gross Margin | 93.7% | 95.7% | 96.5% | -2.0pp | -2.8pp |
| Net Margin | -39.8% | -19.9% | -172.0% | -19.9pp | 132.3pp |
| EPS (Diluted) | $-5.08 | $-1.90 | $-4.92 | -167.4% | -3.3% |
| Free Cash Flow | $79M | -$47M | -$68M | 267.9% | 216.6% |
| Item | Amount |
|---|---|
| REVENUE | $287M |
| Cost of Revenue | $18M |
| GROSS PROFIT | $269M |
| R&D Expenses | $174M |
| Selling & Marketing | $0 |
| General & Administrative | $209M |
| SG&A Expenses | $209M |
| Other Expenses | $0 |
| Operating Expenses | $383M |
| Cost & Expenses | $401M |
| OPERATING INCOME | -$114M |
| Interest Income | $10M |
| Interest Expense | $7M |
| Other Income/Expenses | -$215.0K |
| INCOME BEFORE TAX | -$114M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$114M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$114M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$114M |
| D&A | $358.0K |
| EBIT | -$107M |
| EBITDA | -$106M |
| EPS | -$5 |
| EPS Diluted | -$5 |
| Item | Amount |
|---|---|
| Net Income | -$114M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $26M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $2M |
| Change in Working Capital | $163M |
| OPERATING CASH FLOW | $80M |
| Capital Expenditure | -$857.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$478M |
| Sales/Maturities of Investments | $275M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$207M |
| Net Debt Issuance | $219M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $237M |
| FREE CASH FLOW | $79M |
| Net Change in Cash | $110M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $296M |
| Short-Term Investments | $814M |
| Net Receivables | $113M |
| Inventory | $69M |
| Other Current Assets | $5M |
| TOTAL CURRENT ASSETS | $1.3B |
| PP&E (Net) | $8M |
| Goodwill | $0 |
| Intangible Assets | $7M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $16M |
| TOTAL ASSETS | $1.4B |
| Account Payables | $45M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $391M |
| Long-Term Debt | $340M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $345M |
| TOTAL LIABILITIES | $737M |
| Common Stock | $2.0K |
| Additional Paid-In Capital | $2.7B |
| Retained Earnings | -$2.0B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $626M |
| Minority Interest | $0 |
| TOTAL EQUITY | $626M |
| TOTAL LIABILITIES & EQUITY | $1.4B |
| Total Debt | $346M |
| Net Debt | $51M |
