| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1.0B | $988M | $948M | 4.0% | 8.4% |
| Op. Income | -$1.7B | -$964M | -$485M | -74.0% | -245.8% |
| Gross Margin | 84.3% | 39.4% | 40.6% | 45.0pp | 43.7pp |
| Net Margin | -187.1% | -94.9% | -52.1% | -92.1pp | -135.0pp |
| EPS (Diluted) | $-2.06 | $-1.06 | $-0.58 | -94.3% | -255.2% |
| Free Cash Flow | $235M | $104M | $136M | 126.0% | 72.8% |
| Item | Amount |
|---|---|
| REVENUE | $1.0B |
| Cost of Revenue | $161M |
| GROSS PROFIT | $867M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $46M |
| SG&A Expenses | $46M |
| Other Expenses | $2.5B |
| Operating Expenses | $2.5B |
| Cost & Expenses | $2.7B |
| OPERATING INCOME | -$1.7B |
| Interest Income | $12M |
| Interest Expense | $610M |
| Other Income/Expenses | -$220M |
| INCOME BEFORE TAX | -$1.9B |
| Income Tax Expense | $26M |
| Net Income from Continuing Ops | -$1.9B |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$1.9B |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1.9B |
| D&A | $161M |
| EBIT | -$1.7B |
| EBITDA | -$1.6B |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$1.9B |
| Depreciation & Amortization | $161M |
| Stock-Based Compensation | $10M |
| Deferred Income Tax | $11M |
| Other Non-Cash Items | $2.0B |
| Change in Working Capital | -$33M |
| OPERATING CASH FLOW | $246M |
| Capital Expenditure | -$11M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $34M |
| NET CASH FROM INVESTING | $23M |
| Net Debt Issuance | -$210M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $419M |
| NET CASH FROM FINANCING | $209M |
| FREE CASH FLOW | $235M |
| Net Change in Cash | $478M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $1.3B |
| Short-Term Investments | $0 |
| Net Receivables | $574M |
| Inventory | $382M |
| Other Current Assets | $211M |
| TOTAL CURRENT ASSETS | $2.4B |
| PP&E (Net) | $12.7B |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $95M |
| Other Non-Current Assets | $974M |
| TOTAL NON-CURRENT ASSETS | $13.8B |
| TOTAL ASSETS | $16.2B |
| Account Payables | $232M |
| Short-Term Debt | $1.4B |
| Deferred Revenue | $197M |
| Other Current Liabilities | $429M |
| TOTAL CURRENT LIABILITIES | $2.2B |
| Long-Term Debt | $4.8B |
| Deferred Revenue NC | $110M |
| Deferred Tax Liabilities | $403M |
| Other Non-Current Liabilities | $499M |
| TOTAL NON-CURRENT LIABILITIES | $5.9B |
| TOTAL LIABILITIES | $8.1B |
| Common Stock | $110M |
| Additional Paid-In Capital | $15.6B |
| Retained Earnings | -$7.5B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$143M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $8.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $8.1B |
| TOTAL LIABILITIES & EQUITY | $16.2B |
| Total Debt | $6.2B |
| Net Debt | $5.0B |
