| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3.0B | $2.9B | — | 4.3% | — |
| Op. Income | -$129M | -$230M | — | 43.9% | — |
| Gross Margin | 13.4% | 10.9% | — | 2.5pp | — |
| Net Margin | -4.6% | -8.0% | — | 3.4pp | — |
| EPS (Diluted) | $-0.53 | $-0.84 | — | 36.9% | — |
| Free Cash Flow | -$974M | $500M | — | -294.8% | — |
| Item | Amount |
|---|---|
| REVENUE | $3.0B |
| Cost of Revenue | $2.6B |
| GROSS PROFIT | $400M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $529M |
| Operating Expenses | $529M |
| Cost & Expenses | $3.1B |
| OPERATING INCOME | -$129M |
| Interest Income | $0 |
| Interest Expense | $7M |
| Other Income/Expenses | -$10M |
| INCOME BEFORE TAX | -$139M |
| Income Tax Expense | -$2M |
| Net Income from Continuing Ops | -$137M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$137M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$137M |
| D&A | $7M |
| EBIT | -$132M |
| EBITDA | -$125M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$137M |
| Depreciation & Amortization | $7M |
| Stock-Based Compensation | $20M |
| Deferred Income Tax | -$175.0K |
| Other Non-Cash Items | -$8M |
| Change in Working Capital | -$847M |
| OPERATING CASH FLOW | -$965M |
| Capital Expenditure | -$9M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$173M |
| Sales/Maturities of Investments | $332M |
| Other Investing Activities | -$526.0K |
| NET CASH FROM INVESTING | $150M |
| Net Debt Issuance | $353M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | $364M |
| FREE CASH FLOW | -$974M |
| Net Change in Cash | -$450M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2.1B |
| Short-Term Investments | $888M |
| Net Receivables | $445M |
| Inventory | $0 |
| Other Current Assets | $281M |
| TOTAL CURRENT ASSETS | $3.8B |
| PP&E (Net) | $83M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $1.8B |
| Tax Assets | $0 |
| Other Non-Current Assets | $149M |
| TOTAL NON-CURRENT ASSETS | $2.0B |
| TOTAL ASSETS | $5.7B |
| Account Payables | $1.6B |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $634M |
| TOTAL CURRENT LIABILITIES | $4.0B |
| Long-Term Debt | $686M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $56M |
| TOTAL NON-CURRENT LIABILITIES | $742M |
| TOTAL LIABILITIES | $4.7B |
| Common Stock | $2.0K |
| Additional Paid-In Capital | $4.0B |
| Retained Earnings | -$2.9B |
| Treasury Stock | -$3M |
| Accum. Other Comp. Income | $16M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.0B |
| Minority Interest | $3M |
| TOTAL EQUITY | $1.0B |
| TOTAL LIABILITIES & EQUITY | $5.7B |
| Total Debt | $686M |
| Net Debt | -$1.5B |
