| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | -$93M | $48M | $196M | -293.9% | -147.6% |
| Op. Income | -$140M | -$66.0K | $144M | -211893.9% | -196.9% |
| Gross Margin | 133.7% | 30.9% | 81.4% | 102.8pp | 52.3pp |
| Net Margin | 150.3% | -0.1% | 73.8% | 150.4pp | 76.5pp |
| EPS (Diluted) | $-0.39 | $-0.07 | $0.20 | -449.3% | -295.0% |
| Free Cash Flow | $79M | $279M | -$22M | -71.8% | 452.9% |
| Item | Amount |
|---|---|
| REVENUE | -$93M |
| Cost of Revenue | $31M |
| GROSS PROFIT | -$124M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $11M |
| SG&A Expenses | $11M |
| Other Expenses | $4M |
| Operating Expenses | $15M |
| Cost & Expenses | $47M |
| OPERATING INCOME | -$140M |
| Interest Income | $159M |
| Interest Expense | $31M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | -$140M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$140M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$140M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$171M |
| D&A | $0 |
| EBIT | -$140M |
| EBITDA | -$140M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$140M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $234M |
| Change in Working Capital | -$15M |
| OPERATING CASH FLOW | $79M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $0 |
| Net Debt Issuance | -$31M |
| Common Stock Repurchased | -$2M |
| Common Dividends Paid | -$78M |
| Other Financing Activities | $1M |
| NET CASH FROM FINANCING | -$84M |
| FREE CASH FLOW | $79M |
| Net Change in Cash | -$5M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $52M |
| Short-Term Investments | $0 |
| Net Receivables | $0 |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $54M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $6.9B |
| TOTAL NON-CURRENT ASSETS | $6.9B |
| TOTAL ASSETS | $7.0B |
| Account Payables | $42M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $87M |
| Long-Term Debt | $2.0B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1.6B |
| TOTAL NON-CURRENT LIABILITIES | $3.7B |
| TOTAL LIABILITIES | $3.8B |
| Common Stock | $447.0K |
| Additional Paid-In Capital | $4.3B |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $3.2B |
| Minority Interest | $0 |
| TOTAL EQUITY | $3.2B |
| TOTAL LIABILITIES & EQUITY | $7.0B |
| Total Debt | $2.0B |
| Net Debt | $2.0B |
