| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $67M | -$12M | $32M | 662.2% | 113.5% |
| Op. Income | $39M | -$36M | $1M | 207.5% | 2825.6% |
| Gross Margin | 53.9% | 335.0% | -2.9% | -281.0pp | 56.9pp |
| Net Margin | 56.9% | 302.1% | 3.5% | -245.3pp | 53.3pp |
| EPS (Diluted) | $0.44 | $-0.42 | $0.01 | 204.8% | 3111.7% |
| Free Cash Flow | -$72M | $62M | -$60M | -216.1% | -20.0% |
| Item | Amount |
|---|---|
| REVENUE | $67M |
| Cost of Revenue | $31M |
| GROSS PROFIT | $36M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | -$5M |
| Operating Expenses | -$2M |
| Cost & Expenses | $29M |
| OPERATING INCOME | $39M |
| Interest Income | $74M |
| Interest Expense | $31M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $39M |
| Income Tax Expense | $325.0K |
| Net Income from Continuing Ops | $38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $38M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $0 |
| EBIT | $39M |
| EBITDA | $39M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $67M |
| Cost of Revenue | $31M |
| GROSS PROFIT | $36M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | -$5M |
| Operating Expenses | -$2M |
| Cost & Expenses | $29M |
| OPERATING INCOME | $39M |
| Interest Income | $74M |
| Interest Expense | $31M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $39M |
| Income Tax Expense | $325.0K |
| Net Income from Continuing Ops | $38M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $38M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $38M |
| D&A | $0 |
| EBIT | $39M |
| EBITDA | $39M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $38M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$9M |
| Change in Working Capital | -$102M |
| OPERATING CASH FLOW | -$72M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$138M |
| Sales/Maturities of Investments | $232M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $93M |
| Net Debt Issuance | -$15M |
| Common Stock Repurchased | -$4M |
| Common Dividends Paid | -$33M |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$52M |
| FREE CASH FLOW | -$72M |
| Net Change in Cash | -$28M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $80M |
| Short-Term Investments | $0 |
| Net Receivables | $50M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $130M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $8M |
| Tax Assets | $0 |
| Other Non-Current Assets | $2.8B |
| TOTAL NON-CURRENT ASSETS | $2.8B |
| TOTAL ASSETS | $3.0B |
| Account Payables | $12M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $12M |
| Long-Term Debt | $1.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $28M |
| TOTAL NON-CURRENT LIABILITIES | $1.5B |
| TOTAL LIABILITIES | $1.5B |
| Common Stock | $881.0K |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | -$892M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.5B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.5B |
| TOTAL LIABILITIES & EQUITY | $3.0B |
| Total Debt | $1.4B |
| Net Debt | $1.4B |
