| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $91M | — | $115M | — | -21.3% |
| Op. Income | -$2M | — | $6M | — | -129.5% |
| Gross Margin | 11.2% | — | 16.6% | — | -5.4pp |
| Net Margin | -15.6% | — | -21.6% | — | 6.0pp |
| EPS (Diluted) | $-0.30 | — | $-9.04 | — | 96.7% |
| Free Cash Flow | -$1M | — | $11M | — | -112.2% |
| Item | Amount |
|---|---|
| REVENUE | $91M |
| Cost of Revenue | $81M |
| GROSS PROFIT | $10M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $11M |
| Other Expenses | $1M |
| Operating Expenses | $12M |
| Cost & Expenses | $93M |
| OPERATING INCOME | -$2M |
| Interest Income | $69.0K |
| Interest Expense | $3M |
| Other Income/Expenses | -$10M |
| INCOME BEFORE TAX | -$12M |
| Income Tax Expense | $3M |
| Net Income from Continuing Ops | -$14M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$14M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$14M |
| D&A | $2M |
| EBIT | -$2M |
| EBITDA | $411.0K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$14M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $4M |
| Other Non-Cash Items | $5M |
| Change in Working Capital | $2M |
| OPERATING CASH FLOW | -$661.0K |
| Capital Expenditure | -$716.0K |
| Acquisitions (Net) | -$82M |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$218.0K |
| NET CASH FROM INVESTING | -$83M |
| Net Debt Issuance | $43M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$12.0K |
| NET CASH FROM FINANCING | $43M |
| FREE CASH FLOW | -$1M |
| Net Change in Cash | -$15M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $42M |
| Short-Term Investments | $0 |
| Net Receivables | $20M |
| Inventory | $17M |
| Other Current Assets | $36M |
| TOTAL CURRENT ASSETS | $115M |
| PP&E (Net) | $38M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $4M |
| Tax Assets | $318.0K |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $44M |
| TOTAL ASSETS | $159M |
| Account Payables | $57M |
| Short-Term Debt | $70M |
| Deferred Revenue | $6M |
| Other Current Liabilities | $19M |
| TOTAL CURRENT LIABILITIES | $170M |
| Long-Term Debt | $27M |
| Deferred Revenue NC | $6M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2M |
| TOTAL NON-CURRENT LIABILITIES | $42M |
| TOTAL LIABILITIES | $212M |
| Common Stock | $273M |
| Additional Paid-In Capital | $0 |
| Retained Earnings | -$326M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$53M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$53M |
| TOTAL LIABILITIES & EQUITY | $159M |
| Total Debt | $103M |
| Net Debt | $61M |
