| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $51M | $49M | $33M | 5.8% | 54.3% |
| Op. Income | -$53M | -$45M | -$44M | -16.2% | -20.0% |
| Gross Margin | 89.3% | 88.6% | 88.5% | 0.7pp | 0.8pp |
| Net Margin | -103.1% | -96.1% | -131.2% | -7.0pp | 28.1pp |
| EPS (Diluted) | $-0.82 | $-0.75 | $-0.71 | -9.3% | -15.5% |
| Free Cash Flow | -$27M | -$23M | -$25M | -14.2% | -5.6% |
| Item | Amount |
|---|---|
| REVENUE | $51M |
| Cost of Revenue | $5M |
| GROSS PROFIT | $46M |
| R&D Expenses | $46M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $52M |
| Other Expenses | $0 |
| Operating Expenses | $98M |
| Cost & Expenses | $104M |
| OPERATING INCOME | -$53M |
| Interest Income | $4M |
| Interest Expense | $5M |
| Other Income/Expenses | -$140.0K |
| INCOME BEFORE TAX | -$53M |
| Income Tax Expense | $111.0K |
| Net Income from Continuing Ops | -$53M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$53M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$54M |
| D&A | $304.0K |
| EBIT | -$48M |
| EBITDA | -$48M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$53M |
| Depreciation & Amortization | $304.0K |
| Stock-Based Compensation | $19M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $4M |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | -$27M |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$268M |
| Sales/Maturities of Investments | $62M |
| Other Investing Activities | -$40M |
| NET CASH FROM INVESTING | -$246M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $645.0K |
| NET CASH FROM FINANCING | $189M |
| FREE CASH FLOW | -$27M |
| Net Change in Cash | -$83M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $52M |
| Short-Term Investments | $364M |
| Net Receivables | $33M |
| Inventory | $0 |
| Other Current Assets | $46M |
| TOTAL CURRENT ASSETS | $495M |
| PP&E (Net) | $0 |
| Goodwill | $0 |
| Intangible Assets | $6M |
| Long-Term Investments | $671.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $6M |
| TOTAL NON-CURRENT ASSETS | $12M |
| TOTAL ASSETS | $507M |
| Account Payables | $14M |
| Short-Term Debt | $624.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $90M |
| TOTAL CURRENT LIABILITIES | $104M |
| Long-Term Debt | $147M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $103M |
| TOTAL NON-CURRENT LIABILITIES | $254M |
| TOTAL LIABILITIES | $358M |
| Common Stock | $67.0K |
| Additional Paid-In Capital | $1.5B |
| Retained Earnings | -$1.3B |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$926.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $149M |
| Minority Interest | $0 |
| TOTAL EQUITY | $149M |
| TOTAL LIABILITIES & EQUITY | $507M |
| Total Debt | $151M |
| Net Debt | $99M |
