| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $10M | $7M | $0 | 45.3% | — |
| Op. Income | -$9M | -$34M | -$3M | 74.9% | -153.7% |
| Gross Margin | 35.0% | -18.8% | — | 53.8pp | — |
| Net Margin | -131.0% | 1676.8% | — | -1807.8pp | — |
| EPS (Diluted) | $-0.08 | $0.83 | $-0.02 | -110.1% | -267.1% |
| Free Cash Flow | -$6M | -$10M | -$17M | 44.7% | 66.9% |
| Item | Amount |
|---|---|
| REVENUE | $10M |
| Cost of Revenue | $6M |
| GROSS PROFIT | $3M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $10M |
| SG&A Expenses | $10M |
| Other Expenses | $2M |
| Operating Expenses | $12M |
| Cost & Expenses | $18M |
| OPERATING INCOME | -$9M |
| Interest Income | $0 |
| Interest Expense | $5M |
| Other Income/Expenses | -$4M |
| INCOME BEFORE TAX | -$13M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$13M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$13M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$13M |
| D&A | $0 |
| EBIT | -$9M |
| EBITDA | -$9M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$13M |
| Depreciation & Amortization | $0 |
| Stock-Based Compensation | $4M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $424.5K |
| Change in Working Capital | $3M |
| OPERATING CASH FLOW | -$5M |
| Capital Expenditure | -$310.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$310.0K |
| Net Debt Issuance | $5M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $950.0K |
| NET CASH FROM FINANCING | $6M |
| FREE CASH FLOW | -$6M |
| Net Change in Cash | $473.6K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $884.5K |
| Short-Term Investments | $0 |
| Net Receivables | $22M |
| Inventory | $4M |
| Other Current Assets | $193.0K |
| TOTAL CURRENT ASSETS | $29M |
| PP&E (Net) | $380M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $380M |
| TOTAL ASSETS | $409M |
| Account Payables | $31M |
| Short-Term Debt | $169M |
| Deferred Revenue | $0 |
| Other Current Liabilities | -$36M |
| TOTAL CURRENT LIABILITIES | $265M |
| Long-Term Debt | $138M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $138M |
| TOTAL LIABILITIES | $404M |
| Common Stock | $14.9K |
| Additional Paid-In Capital | $6M |
| Retained Earnings | -$444.5K |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $5M |
| Minority Interest | $0 |
| TOTAL EQUITY | $5M |
| TOTAL LIABILITIES & EQUITY | $409M |
| Total Debt | $307M |
| Net Debt | $306M |
