| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $70M | $239M | $85M | -70.6% | -16.6% |
| Op. Income | -$178M | $106M | -$134M | -268.5% | -32.8% |
| Gross Margin | 69.5% | 94.1% | 28.3% | -24.6pp | 41.2pp |
| Net Margin | -287.3% | 44.5% | -143.5% | -331.8pp | -143.8pp |
| EPS (Diluted) | $-1.25 | $0.60 | $-0.76 | -308.3% | -64.5% |
| Free Cash Flow | $106M | -$128M | -$147M | 182.8% | 172.0% |
| Item | Amount |
|---|---|
| REVENUE | $70M |
| Cost of Revenue | $21M |
| GROSS PROFIT | $49M |
| R&D Expenses | $98M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $32M |
| Other Expenses | $97M |
| Operating Expenses | $227M |
| Cost & Expenses | $248M |
| OPERATING INCOME | -$178M |
| Interest Income | $0 |
| Interest Expense | $5M |
| Other Income/Expenses | -$25M |
| INCOME BEFORE TAX | -$203M |
| Income Tax Expense | -$657.0K |
| Net Income from Continuing Ops | -$202M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$202M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$202M |
| D&A | $7M |
| EBIT | -$198M |
| EBITDA | -$191M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$202M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $9M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $129M |
| Change in Working Capital | $166M |
| OPERATING CASH FLOW | $108M |
| Capital Expenditure | -$2M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$235M |
| Sales/Maturities of Investments | $101M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$137M |
| Net Debt Issuance | $42M |
| Common Stock Repurchased | $820.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $42M |
| FREE CASH FLOW | $106M |
| Net Change in Cash | $14M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $268M |
| Short-Term Investments | $495M |
| Net Receivables | $34M |
| Inventory | $14M |
| Other Current Assets | $164M |
| TOTAL CURRENT ASSETS | $975M |
| PP&E (Net) | $73M |
| Goodwill | $113M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $19M |
| TOTAL NON-CURRENT ASSETS | $205M |
| TOTAL ASSETS | $1.2B |
| Account Payables | $15M |
| Short-Term Debt | $0 |
| Deferred Revenue | $104M |
| Other Current Liabilities | $190M |
| TOTAL CURRENT LIABILITIES | $430M |
| Long-Term Debt | $244M |
| Deferred Revenue NC | $397M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $263M |
| TOTAL NON-CURRENT LIABILITIES | $907M |
| TOTAL LIABILITIES | $1.3B |
| Common Stock | $2M |
| Additional Paid-In Capital | $4.5B |
| Retained Earnings | -$4.6B |
| Treasury Stock | -$103M |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$157M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$157M |
| TOTAL LIABILITIES & EQUITY | $1.2B |
| Total Debt | $251M |
| Net Debt | -$17M |
