| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $7M | $0 | $3M | — | 116.7% |
| Op. Income | -$20M | -$32M | -$34M | 36.6% | 40.6% |
| Gross Margin | 93.5% | — | 100.0% | — | -6.5pp |
| Net Margin | -303.5% | — | -1075.7% | — | 772.2pp |
| EPS (Diluted) | $-0.26 | $-0.41 | $-0.43 | 36.6% | 39.5% |
| Free Cash Flow | -$19M | -$26M | -$27M | 26.7% | 30.1% |
| Item | Amount |
|---|---|
| REVENUE | $7M |
| Cost of Revenue | $425.0K |
| GROSS PROFIT | $6M |
| R&D Expenses | $22M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $5M |
| Other Expenses | $0 |
| Operating Expenses | $26M |
| Cost & Expenses | $27M |
| OPERATING INCOME | -$20M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $693.0K |
| INCOME BEFORE TAX | -$20M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$20M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$20M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$20M |
| D&A | $425.0K |
| EBIT | -$20M |
| EBITDA | -$19M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$20M |
| Depreciation & Amortization | $425.0K |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $334.0K |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | -$19M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $40M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $40M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $5.0K |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$5.0K |
| NET CASH FROM FINANCING | -$5.0K |
| FREE CASH FLOW | -$19M |
| Net Change in Cash | $22M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $48M |
| Short-Term Investments | $7M |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $3M |
| TOTAL CURRENT ASSETS | $58M |
| PP&E (Net) | $33M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $3M |
| Tax Assets | $0 |
| Other Non-Current Assets | $110.0K |
| TOTAL NON-CURRENT ASSETS | $36M |
| TOTAL ASSETS | $95M |
| Account Payables | $3M |
| Short-Term Debt | $3M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $6M |
| TOTAL CURRENT LIABILITIES | $18M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $3M |
| TOTAL NON-CURRENT LIABILITIES | $18M |
| TOTAL LIABILITIES | $36M |
| Common Stock | $5.0K |
| Additional Paid-In Capital | $725M |
| Retained Earnings | -$667M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $59M |
| Minority Interest | $0 |
| TOTAL EQUITY | $59M |
| TOTAL LIABILITIES & EQUITY | $95M |
| Total Debt | $18M |
| Net Debt | -$30M |
