| Metric | Q2 2025 | Q1 2025 | Q2 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $205M | $187M | $152M | 9.4% | 35.2% |
| Op. Income | -$168M | -$725M | -$74M | 76.8% | -128.9% |
| Gross Margin | 73.1% | 48.8% | 76.6% | 24.3pp | -3.6pp |
| Net Margin | -86.3% | -390.8% | -53.5% | 304.5pp | -32.8pp |
| EPS (Diluted) | $-0.98 | $-4.15 | $-0.46 | 76.3% | -113.4% |
| Free Cash Flow | -$32M | -$37M | -$13M | 13.8% | -138.0% |
| Item | Amount |
|---|---|
| REVENUE | $205M |
| Cost of Revenue | $55M |
| GROSS PROFIT | $150M |
| R&D Expenses | $86M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $232M |
| Other Expenses | $0 |
| Operating Expenses | $318M |
| Cost & Expenses | $373M |
| OPERATING INCOME | -$168M |
| Interest Income | $7M |
| Interest Expense | $10M |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | -$173M |
| Income Tax Expense | $4M |
| Net Income from Continuing Ops | -$177M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$177M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$177M |
| D&A | $7M |
| EBIT | -$162M |
| EBITDA | -$156M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$177M |
| Depreciation & Amortization | $29M |
| Stock-Based Compensation | $105M |
| Deferred Income Tax | $2M |
| Other Non-Cash Items | $7M |
| Change in Working Capital | $6M |
| OPERATING CASH FLOW | -$27M |
| Capital Expenditure | -$5M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$407M |
| Sales/Maturities of Investments | $55M |
| Other Investing Activities | -$4M |
| NET CASH FROM INVESTING | -$356M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$80M |
| NET CASH FROM FINANCING | $22M |
| FREE CASH FLOW | -$32M |
| Net Change in Cash | -$360M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $142M |
| Short-Term Investments | $459M |
| Net Receivables | $138M |
| Inventory | -$51M |
| Other Current Assets | $149M |
| TOTAL CURRENT ASSETS | $889M |
| PP&E (Net) | $46M |
| Goodwill | $100M |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $183M |
| TOTAL NON-CURRENT ASSETS | $329M |
| TOTAL ASSETS | $1.2B |
| Account Payables | $10M |
| Short-Term Debt | $10M |
| Deferred Revenue | $626M |
| Other Current Liabilities | $70M |
| TOTAL CURRENT LIABILITIES | $777M |
| Long-Term Debt | $307M |
| Deferred Revenue NC | $575M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $59M |
| TOTAL NON-CURRENT LIABILITIES | $941M |
| TOTAL LIABILITIES | $1.7B |
| Common Stock | $4.0K |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$2.6B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$2M |
| Other Equity | $876M |
| TOTAL STOCKHOLDERS' EQUITY | -$499M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$499M |
| TOTAL LIABILITIES & EQUITY | $1.2B |
| Total Debt | $317M |
| Net Debt | $175M |
