| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $12M | $11M | $24M | 5.5% | -51.1% |
| Op. Income | -$32M | -$36M | -$34M | 13.0% | 8.2% |
| Gross Margin | 98.3% | 100.0% | 81.6% | -1.7pp | 16.7pp |
| Net Margin | -301.3% | -372.2% | -153.6% | 70.9pp | -147.7pp |
| EPS (Diluted) | $-1.87 | $-2.95 | $-2.66 | 36.6% | 29.7% |
| Free Cash Flow | -$49M | -$46M | -$45M | -6.8% | -9.6% |
| Item | Amount |
|---|---|
| REVENUE | $12M |
| Cost of Revenue | $196.0K |
| GROSS PROFIT | $12M |
| R&D Expenses | $27M |
| Selling & Marketing | $0 |
| General & Administrative | $16M |
| SG&A Expenses | $16M |
| Other Expenses | $0 |
| Operating Expenses | $43M |
| Cost & Expenses | $43M |
| OPERATING INCOME | -$32M |
| Interest Income | $3M |
| Interest Expense | $6M |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | -$36M |
| Income Tax Expense | -$33.0K |
| 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 | $196.0K |
| EBIT | -$30M |
| EBITDA | -$29M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$36M |
| Depreciation & Amortization | $196.0K |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$6M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | -$49M |
| Capital Expenditure | -$114.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$150M |
| Sales/Maturities of Investments | $55M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$95M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $142M |
| FREE CASH FLOW | -$49M |
| Net Change in Cash | -$2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $41M |
| Short-Term Investments | $229M |
| Net Receivables | $1M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $281M |
| PP&E (Net) | $10M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $5M |
| Tax Assets | $0 |
| Other Non-Current Assets | $5M |
| TOTAL NON-CURRENT ASSETS | $20M |
| TOTAL ASSETS | $301M |
| Account Payables | $16M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $9M |
| TOTAL CURRENT LIABILITIES | $66M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $80M |
| TOTAL NON-CURRENT LIABILITIES | $150M |
| TOTAL LIABILITIES | $216M |
| Common Stock | $2.0K |
| Additional Paid-In Capital | $3.8B |
| Retained Earnings | -$3.7B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $56.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $85M |
| Minority Interest | $0 |
| TOTAL EQUITY | $85M |
| TOTAL LIABILITIES & EQUITY | $301M |
| Total Debt | $92M |
| Net Debt | $51M |
