| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $486M | $578M | $515M | -15.9% | -5.7% |
| Op. Income | $125M | $176M | $434M | -28.8% | -71.1% |
| Gross Margin | 28.7% | 37.2% | 40.4% | -8.5pp | -11.7pp |
| Net Margin | -26.6% | 17.2% | 57.9% | -43.8pp | -84.5pp |
| EPS (Diluted) | $-1.33 | $1.00 | $2.96 | -233.0% | -144.9% |
| Free Cash Flow | $71M | $31M | $4M | 128.6% | 1708.8% |
| Item | Amount |
|---|---|
| REVENUE | $486M |
| Cost of Revenue | $346M |
| GROSS PROFIT | $140M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $14M |
| SG&A Expenses | $14M |
| Other Expenses | $0 |
| Operating Expenses | $14M |
| Cost & Expenses | $360M |
| OPERATING INCOME | $125M |
| Interest Income | $0 |
| Interest Expense | $43M |
| Other Income/Expenses | -$294M |
| INCOME BEFORE TAX | -$169M |
| Income Tax Expense | -$40M |
| Net Income from Continuing Ops | -$129M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$129M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$129M |
| D&A | $199M |
| EBIT | -$126M |
| EBITDA | $74M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$129M |
| Depreciation & Amortization | $520M |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$58M |
| Change in Working Capital | $87M |
| OPERATING CASH FLOW | $423M |
| Capital Expenditure | -$353M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$353M |
| Net Debt Issuance | -$21M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$44M |
| Other Financing Activities | -$54.0K |
| NET CASH FROM FINANCING | -$65M |
| FREE CASH FLOW | $71M |
| Net Change in Cash | $6M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $32M |
| Short-Term Investments | $0 |
| Net Receivables | $351M |
| Inventory | $0 |
| Other Current Assets | $136M |
| TOTAL CURRENT ASSETS | $542M |
| PP&E (Net) | $4.9B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1M |
| Tax Assets | $0 |
| Other Non-Current Assets | $11M |
| TOTAL NON-CURRENT ASSETS | $5.0B |
| TOTAL ASSETS | $5.5B |
| Account Payables | $160M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $335M |
| TOTAL CURRENT LIABILITIES | $495M |
| Long-Term Debt | $2.3B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $263M |
| Other Non-Current Liabilities | $145M |
| TOTAL NON-CURRENT LIABILITIES | $2.8B |
| TOTAL LIABILITIES | $3.2B |
| Common Stock | $500.0K |
| Additional Paid-In Capital | $1.7B |
| Retained Earnings | $552M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.2B |
| TOTAL LIABILITIES & EQUITY | $5.5B |
| Total Debt | $2.3B |
| Net Debt | $2.3B |
