| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $21M | $31M | $38M | -31.2% | -44.7% |
| Op. Income | $8M | $17M | $25M | -52.3% | -68.0% |
| Gross Margin | 55.5% | 67.1% | 73.5% | -11.6pp | -18.1pp |
| Net Margin | 38.2% | 55.0% | 65.9% | -16.8pp | -27.7pp |
| EPS (Diluted) | $0.22 | $0.45 | $0.65 | -51.1% | -66.2% |
| Free Cash Flow | $19M | -$297.0K | $26M | 6333.3% | -28.6% |
| Item | Amount |
|---|---|
| REVENUE | $21M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $12M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $2M |
| Operating Expenses | $4M |
| Cost & Expenses | $13M |
| OPERATING INCOME | $8M |
| Interest Income | $35M |
| Interest Expense | $9M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $0 |
| EBIT | $8M |
| EBITDA | $8M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $21M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $12M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $2M |
| SG&A Expenses | $2M |
| Other Expenses | $2M |
| Operating Expenses | $4M |
| Cost & Expenses | $13M |
| OPERATING INCOME | $8M |
| Interest Income | $35M |
| Interest Expense | $9M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $8M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $8M |
| D&A | $0 |
| EBIT | $8M |
| EBITDA | $8M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $8M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $5M |
| Change in Working Capital | $5M |
| OPERATING CASH FLOW | $19M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $128M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $128M |
| Net Debt Issuance | -$73M |
| Common Stock Repurchased | -$4M |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | -$90M |
| FREE CASH FLOW | $19M |
| Net Change in Cash | $2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $8M |
| Short-Term Investments | $0 |
| Net Receivables | $8M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $16M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $946M |
| Tax Assets | $0 |
| Other Non-Current Assets | $1M |
| TOTAL NON-CURRENT ASSETS | $947M |
| TOTAL ASSETS | $963M |
| Account Payables | $0 |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $640.0K |
| TOTAL CURRENT LIABILITIES | $30M |
| Long-Term Debt | $444M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $444M |
| TOTAL LIABILITIES | $474M |
| Common Stock | $361.0K |
| Additional Paid-In Capital | $546M |
| Retained Earnings | -$56M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $490M |
| Minority Interest | $0 |
| TOTAL EQUITY | $490M |
| TOTAL LIABILITIES & EQUITY | $963M |
| Total Debt | $444M |
| Net Debt | $436M |
