| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $22M | $13M | $11M | 68.6% | 106.0% |
| Op. Income | -$37M | -$43M | -$58M | 13.8% | 36.8% |
| Gross Margin | 60.0% | 59.1% | 73.9% | 0.9pp | -13.9pp |
| Net Margin | -163.0% | -311.1% | -515.6% | 148.1pp | 352.6pp |
| EPS (Diluted) | $-0.57 | $-0.65 | $-0.89 | 12.3% | 36.0% |
| Free Cash Flow | -$48M | -$47M | -$46M | -0.6% | -4.8% |
| Item | Amount |
|---|---|
| REVENUE | $22M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $13M |
| R&D Expenses | $41M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $9M |
| Other Expenses | $0 |
| Operating Expenses | $50M |
| Cost & Expenses | $59M |
| OPERATING INCOME | -$37M |
| Interest Income | $1M |
| Interest Expense | $802.0K |
| Other Income/Expenses | $612.0K |
| INCOME BEFORE TAX | -$36M |
| Income Tax Expense | $105.0K |
| Net Income from Continuing Ops | -$36M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$36M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$36M |
| D&A | $2M |
| EBIT | -$35M |
| EBITDA | -$33M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$36M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $676.0K |
| Change in Working Capital | -$17M |
| OPERATING CASH FLOW | -$47M |
| Capital Expenditure | -$715.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$46M |
| Sales/Maturities of Investments | $9M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$38M |
| Net Debt Issuance | $70M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $70M |
| FREE CASH FLOW | -$48M |
| Net Change in Cash | -$15M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $131M |
| Short-Term Investments | $46M |
| Net Receivables | $13M |
| Inventory | $9M |
| Other Current Assets | $7M |
| TOTAL CURRENT ASSETS | $205M |
| PP&E (Net) | $39M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $40M |
| TOTAL ASSETS | $245M |
| Account Payables | $5M |
| Short-Term Debt | $0 |
| Deferred Revenue | $8M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $39M |
| Long-Term Debt | $70M |
| Deferred Revenue NC | $56M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2M |
| TOTAL NON-CURRENT LIABILITIES | $160M |
| TOTAL LIABILITIES | $199M |
| Common Stock | $632.0K |
| Additional Paid-In Capital | $1.3B |
| Retained Earnings | -$1.2B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$7.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $47M |
| Minority Interest | $0 |
| TOTAL EQUITY | $47M |
| TOTAL LIABILITIES & EQUITY | $245M |
| Total Debt | $108M |
| Net Debt | -$23M |
