| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $30M | $21M | $24M | 39.2% | 22.9% |
| Op. Income | -$52M | -$63M | -$62M | 17.2% | 15.6% |
| Gross Margin | -107.9% | 57.3% | 48.8% | -165.3pp | -156.7pp |
| Net Margin | -208.3% | -331.8% | -246.3% | 123.5pp | 38.0pp |
| EPS (Diluted) | $-1.20 | $-1.38 | $-1.17 | 13.0% | -2.6% |
| Free Cash Flow | -$56M | -$50M | -$41M | -13.5% | -38.1% |
| Item | Amount |
|---|---|
| REVENUE | $30M |
| Cost of Revenue | $62M |
| GROSS PROFIT | -$32M |
| R&D Expenses | $56M |
| Selling & Marketing | $0 |
| General & Administrative | $20M |
| SG&A Expenses | $20M |
| Other Expenses | -$56M |
| Operating Expenses | $20M |
| Cost & Expenses | $82M |
| OPERATING INCOME | -$52M |
| Interest Income | $0 |
| Interest Expense | $13M |
| Other Income/Expenses | -$10M |
| INCOME BEFORE TAX | -$62M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$62M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$62M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$62M |
| D&A | $4M |
| EBIT | -$49M |
| EBITDA | -$45M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$62M |
| Depreciation & Amortization | $4M |
| Stock-Based Compensation | $9M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $3M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | -$56M |
| Capital Expenditure | -$491.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$40M |
| Sales/Maturities of Investments | $82M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $42M |
| Net Debt Issuance | -$145M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$8M |
| NET CASH FROM FINANCING | -$7M |
| FREE CASH FLOW | -$56M |
| Net Change in Cash | -$21M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $59M |
| Short-Term Investments | $215M |
| Net Receivables | $26M |
| Inventory | $0 |
| Other Current Assets | $18M |
| TOTAL CURRENT ASSETS | $332M |
| PP&E (Net) | $156M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $33M |
| Tax Assets | $0 |
| Other Non-Current Assets | $4M |
| TOTAL NON-CURRENT ASSETS | $193M |
| TOTAL ASSETS | $525M |
| Account Payables | $22M |
| Short-Term Debt | $51M |
| Deferred Revenue | $13M |
| Other Current Liabilities | $23M |
| TOTAL CURRENT LIABILITIES | $125M |
| Long-Term Debt | $150M |
| Deferred Revenue NC | $21M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $648.0K |
| TOTAL NON-CURRENT LIABILITIES | $239M |
| TOTAL LIABILITIES | $364M |
| Common Stock | $5.0K |
| Additional Paid-In Capital | $1.2B |
| Retained Earnings | -$1.1B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$652.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $161M |
| Minority Interest | $0 |
| TOTAL EQUITY | $161M |
| TOTAL LIABILITIES & EQUITY | $525M |
| Total Debt | $268M |
| Net Debt | $209M |
