| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $27M | $54M | — | -48.9% | — |
| Op. Income | -$13M | $6M | — | -308.4% | — |
| Gross Margin | 16.0% | 31.8% | — | -15.7pp | — |
| Net Margin | -49.1% | -6.3% | — | -42.8pp | — |
| EPS (Diluted) | $-1.64 | $-0.12 | — | -1266.7% | — |
| Free Cash Flow | -$58M | $32M | — | -283.8% | — |
| Item | Amount |
|---|---|
| REVENUE | $27M |
| Cost of Revenue | $23M |
| GROSS PROFIT | $4M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | $11M |
| Operating Expenses | $18M |
| Cost & Expenses | $41M |
| OPERATING INCOME | -$13M |
| Interest Income | $275.0K |
| Interest Expense | $2M |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | -$11M |
| Income Tax Expense | $2M |
| Net Income from Continuing Ops | -$13M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$13M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$13M |
| D&A | $8M |
| EBIT | -$9M |
| EBITDA | -$480.0K |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$13M |
| Depreciation & Amortization | $8M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $9M |
| Change in Working Capital | -$62M |
| OPERATING CASH FLOW | -$58M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $37M |
| Purchases of Investments | -$118M |
| Sales/Maturities of Investments | $154M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $73M |
| Net Debt Issuance | -$1M |
| Common Stock Repurchased | -$1M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $17M |
| NET CASH FROM FINANCING | $14M |
| FREE CASH FLOW | -$58M |
| Net Change in Cash | $29M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $152M |
| Short-Term Investments | $0 |
| Net Receivables | $727M |
| Inventory | $0 |
| Other Current Assets | $10M |
| TOTAL CURRENT ASSETS | $890M |
| PP&E (Net) | $446.0K |
| Goodwill | $57M |
| Intangible Assets | $17M |
| Long-Term Investments | $666M |
| Tax Assets | $0 |
| Other Non-Current Assets | $11M |
| TOTAL NON-CURRENT ASSETS | $751M |
| TOTAL ASSETS | $1.6B |
| Account Payables | $14M |
| Short-Term Debt | $0 |
| Deferred Revenue | $363M |
| Other Current Liabilities | $787M |
| TOTAL CURRENT LIABILITIES | $1.2B |
| Long-Term Debt | $91M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $244M |
| TOTAL NON-CURRENT LIABILITIES | $335M |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $13.0K |
| Additional Paid-In Capital | $177M |
| Retained Earnings | -$81M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $33M |
| Other Equity | $1M |
| TOTAL STOCKHOLDERS' EQUITY | $131M |
| Minority Interest | $0 |
| TOTAL EQUITY | $131M |
| TOTAL LIABILITIES & EQUITY | $1.6B |
| Total Debt | $91M |
| Net Debt | -$61M |
