| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $47M | $26M | $35M | 82.6% | 34.7% |
| Op. Income | $20M | $1M | $17M | 1874.2% | 15.7% |
| Gross Margin | 52.2% | 12.8% | 53.4% | 39.4pp | -1.3pp |
| Net Margin | 40.9% | 4.7% | 48.3% | 36.2pp | -7.4pp |
| EPS (Diluted) | $0.24 | $0.01 | $0.25 | 1664.7% | -4.0% |
| Free Cash Flow | $27M | -$118M | -$155M | 122.9% | 117.4% |
| Item | Amount |
|---|---|
| REVENUE | $47M |
| Cost of Revenue | $23M |
| GROSS PROFIT | $25M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $3M |
| Operating Expenses | $5M |
| Cost & Expenses | $27M |
| OPERATING INCOME | $20M |
| Interest Income | $58M |
| Interest Expense | $23M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $20M |
| Income Tax Expense | $503.0K |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $19M |
| D&A | $0 |
| EBIT | $20M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $47M |
| Cost of Revenue | $23M |
| GROSS PROFIT | $25M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $3M |
| Operating Expenses | $5M |
| Cost & Expenses | $27M |
| OPERATING INCOME | $20M |
| Interest Income | $58M |
| Interest Expense | $23M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $20M |
| Income Tax Expense | $503.0K |
| Net Income from Continuing Ops | $19M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $19M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $19M |
| D&A | $0 |
| EBIT | $20M |
| EBITDA | $20M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $19M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | $4M |
| OPERATING CASH FLOW | $27M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$208M |
| Sales/Maturities of Investments | $146M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$62M |
| Net Debt Issuance | $25M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | -$30M |
| Other Financing Activities | -$75.0K |
| NET CASH FROM FINANCING | $27M |
| FREE CASH FLOW | $27M |
| Net Change in Cash | -$9M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $103M |
| Short-Term Investments | $0 |
| Net Receivables | $13M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $116M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2.4B |
| Tax Assets | $0 |
| Other Non-Current Assets | $2M |
| TOTAL NON-CURRENT ASSETS | $2.4B |
| TOTAL ASSETS | $2.5B |
| Account Payables | $31M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $31M |
| 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 | $99.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$134M |
| 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 |
