| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $40M | $35M | $30M | 15.3% | 32.5% |
| Op. Income | $15M | $19M | $8M | -18.9% | 77.1% |
| Gross Margin | 67.2% | 46.1% | 30.6% | 21.1pp | 36.6pp |
| Net Margin | 40.1% | 56.6% | 84.8% | -16.6pp | -44.7pp |
| EPS (Diluted) | $0.43 | $0.53 | $0.69 | -18.9% | -37.7% |
| Free Cash Flow | $6M | $5M | $11M | 14.8% | -45.5% |
| Item | Amount |
|---|---|
| REVENUE | $40M |
| Cost of Revenue | $13M |
| GROSS PROFIT | $27M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | $9M |
| Operating Expenses | $12M |
| Cost & Expenses | $25M |
| OPERATING INCOME | $15M |
| Interest Income | $0 |
| Interest Expense | $916.0K |
| Other Income/Expenses | $913.0K |
| INCOME BEFORE TAX | $16M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $16M |
| D&A | $11M |
| EBIT | $17M |
| EBITDA | $28M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $40M |
| Cost of Revenue | $13M |
| GROSS PROFIT | $27M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | $9M |
| Operating Expenses | $12M |
| Cost & Expenses | $25M |
| OPERATING INCOME | $15M |
| Interest Income | $0 |
| Interest Expense | $916.0K |
| Other Income/Expenses | $913.0K |
| INCOME BEFORE TAX | $16M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $16M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $16M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $16M |
| D&A | $11M |
| EBIT | $17M |
| EBITDA | $28M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $16M |
| Depreciation & Amortization | $11M |
| Stock-Based Compensation | $688.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $254.0K |
| Change in Working Capital | -$3M |
| OPERATING CASH FLOW | $25M |
| Capital Expenditure | -$19M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$3M |
| NET CASH FROM INVESTING | -$22M |
| Net Debt Issuance | -$180.0K |
| Common Stock Repurchased | -$476.0K |
| Common Dividends Paid | -$4M |
| Other Financing Activities | -$19.0K |
| NET CASH FROM FINANCING | -$4M |
| FREE CASH FLOW | $6M |
| Net Change in Cash | -$2M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $101M |
| Short-Term Investments | $0 |
| Net Receivables | $27M |
| Inventory | $0 |
| Other Current Assets | $5M |
| TOTAL CURRENT ASSETS | $137M |
| PP&E (Net) | $408M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $75M |
| TOTAL NON-CURRENT ASSETS | $482M |
| TOTAL ASSETS | $619M |
| Account Payables | $24M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $10M |
| TOTAL CURRENT LIABILITIES | $63M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $63M |
| TOTAL NON-CURRENT LIABILITIES | $64M |
| TOTAL LIABILITIES | $127M |
| Common Stock | $37.0K |
| Additional Paid-In Capital | $984M |
| Retained Earnings | -$491M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $492M |
| Minority Interest | $0 |
| TOTAL EQUITY | $492M |
| TOTAL LIABILITIES & EQUITY | $619M |
| Total Debt | $1M |
| Net Debt | -$100M |
