| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $295M | $139M | $63M | 112.7% | 371.5% |
| Op. Income | $202M | $82M | $11M | 145.1% | 1808.4% |
| Gross Margin | 73.1% | 65.6% | 25.9% | 7.5pp | 47.1pp |
| Net Margin | 68.3% | 56.4% | 13.0% | 12.0pp | 55.4pp |
| EPS (Diluted) | $0.86 | $0.33 | $0.04 | 160.6% | 2050.0% |
| Free Cash Flow | -$410M | $609M | -$23M | -167.4% | -1683.9% |
| Item | Amount |
|---|---|
| REVENUE | $295M |
| Cost of Revenue | $79M |
| GROSS PROFIT | $215M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | $8M |
| Operating Expenses | $14M |
| Cost & Expenses | $93M |
| OPERATING INCOME | $202M |
| Interest Income | $290M |
| Interest Expense | $79M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $202M |
| Income Tax Expense | $194.0K |
| Net Income from Continuing Ops | $201M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $201M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $201M |
| D&A | $0 |
| EBIT | $281M |
| EBITDA | $281M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| REVENUE | $295M |
| Cost of Revenue | $79M |
| GROSS PROFIT | $215M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $6M |
| SG&A Expenses | $6M |
| Other Expenses | $8M |
| Operating Expenses | $14M |
| Cost & Expenses | $93M |
| OPERATING INCOME | $202M |
| Interest Income | $290M |
| Interest Expense | $79M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $202M |
| Income Tax Expense | $194.0K |
| Net Income from Continuing Ops | $201M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $201M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $201M |
| D&A | $0 |
| EBIT | $281M |
| EBITDA | $281M |
| EPS | $1 |
| EPS Diluted | $1 |
| Item | Amount |
|---|---|
| Net Income | $201M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$613M |
| Change in Working Capital | $1M |
| OPERATING CASH FLOW | -$410M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$819M |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $819M |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | -$419M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $1.0K |
| Other Financing Activities | -$990.0K |
| NET CASH FROM FINANCING | -$420M |
| FREE CASH FLOW | -$410M |
| Net Change in Cash | -$830M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $171M |
| Short-Term Investments | $0 |
| Net Receivables | $88M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $259M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $12.8B |
| TOTAL NON-CURRENT ASSETS | $12.8B |
| TOTAL ASSETS | $13.0B |
| Account Payables | $163M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $163M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4.9B |
| TOTAL NON-CURRENT LIABILITIES | $4.9B |
| TOTAL LIABILITIES | $5.1B |
| Common Stock | $5M |
| Additional Paid-In Capital | $7.7B |
| Retained Earnings | $315M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $8.0B |
| Minority Interest | $0 |
| TOTAL EQUITY | $8.0B |
| TOTAL LIABILITIES & EQUITY | $13.0B |
| Total Debt | $0 |
| Net Debt | -$171M |
