| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $120M | $181M | $62M | -33.8% | 93.1% |
| Op. Income | $87M | $145M | $32M | -40.4% | 169.8% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | 71.8% | 79.7% | 50.7% | -8.0pp | 21.1pp |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | NaN% | NaN% |
| Free Cash Flow | $149M | $63M | $119M | 137.5% | 24.8% |
| Item | Amount |
|---|---|
| REVENUE | $120M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $120M |
| R&D Expenses | $0 |
| Selling & Marketing | $18M |
| General & Administrative | $15M |
| SG&A Expenses | $33M |
| Other Expenses | $0 |
| Operating Expenses | $33M |
| Cost & Expenses | $33M |
| OPERATING INCOME | $87M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$330.0K |
| INCOME BEFORE TAX | $86M |
| Income Tax Expense | $66.0K |
| Net Income from Continuing Ops | $86M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $86M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $86M |
| D&A | $0 |
| EBIT | $0 |
| EBITDA | $0 |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $120M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $120M |
| R&D Expenses | $0 |
| Selling & Marketing | $18M |
| General & Administrative | $15M |
| SG&A Expenses | $33M |
| Other Expenses | $0 |
| Operating Expenses | $33M |
| Cost & Expenses | $33M |
| OPERATING INCOME | $87M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | -$330.0K |
| INCOME BEFORE TAX | $86M |
| Income Tax Expense | $66.0K |
| Net Income from Continuing Ops | $86M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $86M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $86M |
| D&A | $0 |
| EBIT | $0 |
| EBITDA | $0 |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $86M |
| Depreciation & Amortization | $12M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$28M |
| Change in Working Capital | $80M |
| OPERATING CASH FLOW | $150M |
| Capital Expenditure | -$1M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$823M |
| NET CASH FROM INVESTING | -$825M |
| Net Debt Issuance | $834M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$261M |
| NET CASH FROM FINANCING | $573M |
| FREE CASH FLOW | $149M |
| Net Change in Cash | -$102M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $245M |
| Short-Term Investments | $162M |
| Net Receivables | $212M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $619M |
| PP&E (Net) | $83M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $83M |
| TOTAL ASSETS | $37.8B |
| Account Payables | $0 |
| Short-Term Debt | $4.2B |
| Deferred Revenue | $32M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $4.3B |
| Long-Term Debt | $27.5B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2.9B |
| TOTAL NON-CURRENT LIABILITIES | $30.5B |
| TOTAL LIABILITIES | $34.7B |
| Common Stock | $966.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | $1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $1.9B |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.0B |
| Minority Interest | $21M |
| TOTAL EQUITY | $3.0B |
| TOTAL LIABILITIES & EQUITY | $37.8B |
| Total Debt | $31.8B |
| Net Debt | $31.5B |
