| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $4M | $4M | $956.0K | 14.6% | 338.5% |
| Op. Income | -$2M | -$1M | -$2M | -58.4% | 29.0% |
| Gross Margin | 43.0% | 49.9% | 63.3% | -6.9pp | -20.3pp |
| Net Margin | -108.7% | -109.3% | -378.6% | 0.6pp | 269.9pp |
| EPS (Diluted) | $-0.47 | $-0.14 | $-0.17 | -235.7% | -176.5% |
| Free Cash Flow | -$879.4K | -$1M | -$2M | 40.9% | 52.7% |
| Item | Amount |
|---|---|
| REVENUE | $4M |
| Cost of Revenue | $2M |
| GROSS PROFIT | $2M |
| R&D Expenses | $938.8K |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $3M |
| Other Expenses | $0 |
| Operating Expenses | $3M |
| Cost & Expenses | $6M |
| OPERATING INCOME | -$2M |
| Interest Income | $0 |
| Interest Expense | $564.7K |
| Other Income/Expenses | -$3M |
| INCOME BEFORE TAX | -$5M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$5M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$5M |
| D&A | $39.5K |
| EBIT | -$4M |
| EBITDA | -$4M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$5M |
| Depreciation & Amortization | $39.1K |
| Stock-Based Compensation | $199.1K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | $894.9K |
| OPERATING CASH FLOW | -$879.2K |
| Capital Expenditure | -$182 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$182 |
| Net Debt Issuance | $5M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$4M |
| NET CASH FROM FINANCING | $572.3K |
| FREE CASH FLOW | -$879.4K |
| Net Change in Cash | -$307.2K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $2M |
| Short-Term Investments | $0 |
| Net Receivables | $3M |
| Inventory | $5M |
| Other Current Assets | $1M |
| TOTAL CURRENT ASSETS | $11M |
| PP&E (Net) | $794.0K |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $39.0K |
| TOTAL NON-CURRENT ASSETS | $833.0K |
| TOTAL ASSETS | $12M |
| Account Payables | $2M |
| Short-Term Debt | $5M |
| Deferred Revenue | $24.0K |
| Other Current Liabilities | $5M |
| TOTAL CURRENT LIABILITIES | $13M |
| Long-Term Debt | $4M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $4M |
| TOTAL NON-CURRENT LIABILITIES | $8M |
| TOTAL LIABILITIES | $21M |
| Common Stock | $1.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$52M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $43M |
| TOTAL STOCKHOLDERS' EQUITY | -$9M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$9M |
| TOTAL LIABILITIES & EQUITY | $12M |
| Total Debt | $10M |
| Net Debt | $8M |
