| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $26M | $62M | $48M | -58.4% | -46.2% |
| Op. Income | $1M | $25M | $31M | -96.0% | -96.8% |
| Gross Margin | 12.8% | 64.0% | 69.4% | -51.2pp | -56.6pp |
| Net Margin | 4.7% | 45.6% | 64.9% | -40.9pp | -60.1pp |
| EPS (Diluted) | $0.01 | $0.35 | $0.51 | -96.1% | -97.3% |
| Free Cash Flow | -$118M | -$233M | -$173M | 49.2% | 31.6% |
| Item | Amount |
|---|---|
| REVENUE | $26M |
| Cost of Revenue | $23M |
| GROSS PROFIT | $3M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $442.0K |
| Operating Expenses | $2M |
| Cost & Expenses | $25M |
| OPERATING INCOME | $1M |
| Interest Income | $57M |
| Interest Expense | $23M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $1M |
| Income Tax Expense | -$222.0K |
| Net Income from Continuing Ops | $1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1M |
| D&A | $0 |
| EBIT | $1M |
| EBITDA | $1M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $26M |
| Cost of Revenue | $23M |
| GROSS PROFIT | $3M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $442.0K |
| Operating Expenses | $2M |
| Cost & Expenses | $25M |
| OPERATING INCOME | $1M |
| Interest Income | $57M |
| Interest Expense | $23M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $1M |
| Income Tax Expense | -$222.0K |
| Net Income from Continuing Ops | $1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $1M |
| D&A | $0 |
| EBIT | $1M |
| EBITDA | $1M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $1M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$150M |
| Change in Working Capital | $30M |
| OPERATING CASH FLOW | -$118M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$293M |
| Sales/Maturities of Investments | $122M |
| Other Investing Activities | $171M |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | $26M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$27M |
| Other Financing Activities | -$3M |
| NET CASH FROM FINANCING | $127M |
| FREE CASH FLOW | -$118M |
| Net Change in Cash | $9M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $111M |
| Short-Term Investments | $0 |
| Net Receivables | $14M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $128M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $2.3B |
| TOTAL ASSETS | $2.5B |
| Account Payables | $26M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $26M |
| Long-Term Debt | $1.4B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $12M |
| TOTAL NON-CURRENT LIABILITIES | $1.4B |
| TOTAL LIABILITIES | $1.4B |
| Common Stock | $96.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$123M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $1.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $2.5B |
| Total Debt | $1.4B |
| Net Debt | $1.3B |
