| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $131M | $124M | $106M | 5.1% | 23.5% |
| Op. Income | -$6M | -$3M | -$21M | -93.2% | 72.7% |
| Gross Margin | 26.0% | 23.3% | 19.9% | 2.6pp | 6.0pp |
| Net Margin | -13.5% | -12.0% | -24.7% | -1.5pp | 11.2pp |
| EPS (Diluted) | $-0.51 | $-0.44 | $-1.00 | -15.9% | 49.0% |
| Free Cash Flow | -$11M | -$18M | -$19M | 37.4% | 40.4% |
| Item | Amount |
|---|---|
| REVENUE | $131M |
| Cost of Revenue | $97M |
| GROSS PROFIT | $34M |
| R&D Expenses | $0 |
| Selling & Marketing | $6M |
| General & Administrative | $18M |
| SG&A Expenses | $23M |
| Other Expenses | $16M |
| Operating Expenses | $40M |
| Cost & Expenses | $136M |
| OPERATING INCOME | -$6M |
| Interest Income | $0 |
| Interest Expense | $14M |
| Other Income/Expenses | -$13M |
| INCOME BEFORE TAX | -$19M |
| Income Tax Expense | -$1M |
| Net Income from Continuing Ops | -$18M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$18M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$18M |
| D&A | $14M |
| EBIT | -$4M |
| EBITDA | $10M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$18M |
| Depreciation & Amortization | $14M |
| Stock-Based Compensation | $1M |
| Deferred Income Tax | -$2M |
| Other Non-Cash Items | $5M |
| Change in Working Capital | -$8M |
| OPERATING CASH FLOW | -$7M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $2M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$3M |
| Net Debt Issuance | $25M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$28M |
| NET CASH FROM FINANCING | -$3M |
| FREE CASH FLOW | -$11M |
| Net Change in Cash | -$13M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $6M |
| Short-Term Investments | $0 |
| Net Receivables | $79M |
| Inventory | $45M |
| Other Current Assets | $46M |
| TOTAL CURRENT ASSETS | $176M |
| PP&E (Net) | $227M |
| Goodwill | $94M |
| Intangible Assets | $249M |
| Long-Term Investments | $6M |
| Tax Assets | $0 |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $584M |
| TOTAL ASSETS | $760M |
| Account Payables | $45M |
| Short-Term Debt | $15M |
| Deferred Revenue | $40M |
| Other Current Liabilities | $27M |
| TOTAL CURRENT LIABILITIES | $137M |
| Long-Term Debt | $390M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $21M |
| Other Non-Current Liabilities | $28M |
| TOTAL NON-CURRENT LIABILITIES | $479M |
| TOTAL LIABILITIES | $616M |
| Common Stock | $9M |
| Additional Paid-In Capital | $755M |
| Retained Earnings | -$622M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $3M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $144M |
| Minority Interest | $0 |
| TOTAL EQUITY | $144M |
| TOTAL LIABILITIES & EQUITY | $760M |
| Total Debt | $455M |
| Net Debt | $449M |
