| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $1M | $2M | $4M | -39.4% | -69.3% |
| Op. Income | $179.5K | -$989.2K | $360.7K | 118.1% | -50.2% |
| Gross Margin | 78.5% | 94.1% | 95.6% | -15.5pp | -17.1pp |
| Net Margin | 15.3% | -47.9% | 9.2% | 63.2pp | 6.0pp |
| EPS (Diluted) | $0.06 | $-0.33 | $0.13 | 117.5% | -55.6% |
| Free Cash Flow | -$538.0K | -$674.6K | $502.4K | 20.2% | -207.1% |
| Item | Amount |
|---|---|
| REVENUE | $1M |
| Cost of Revenue | $252.6K |
| GROSS PROFIT | $923.7K |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | -$2M |
| Operating Expenses | $744.2K |
| Cost & Expenses | $996.8K |
| OPERATING INCOME | $179.5K |
| Interest Income | $510.8K |
| Interest Expense | $252.6K |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $179.5K |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $179.5K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $179.5K |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $179.5K |
| D&A | $637 |
| EBIT | $179.5K |
| EBITDA | $180.1K |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $1M |
| Cost of Revenue | $252.6K |
| GROSS PROFIT | $923.7K |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $3M |
| SG&A Expenses | $3M |
| Other Expenses | -$2M |
| Operating Expenses | $744.2K |
| Cost & Expenses | $996.8K |
| OPERATING INCOME | $179.5K |
| Interest Income | $510.8K |
| Interest Expense | $252.6K |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $179.5K |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | $179.5K |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $179.5K |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | $179.5K |
| D&A | $637 |
| EBIT | $179.5K |
| EBITDA | $180.1K |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $179.5K |
| Depreciation & Amortization | $637 |
| Stock-Based Compensation | $596.1K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$2M |
| Change in Working Capital | $188.4K |
| OPERATING CASH FLOW | -$538.0K |
| Capital Expenditure | -$3 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $385.6K |
| NET CASH FROM INVESTING | $385.6K |
| Net Debt Issuance | $550.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $766.8K |
| FREE CASH FLOW | -$538.0K |
| Net Change in Cash | $614.4K |
| Item | Amount |
|---|---|
| Cash & Equivalents | $861.7K |
| Short-Term Investments | $0 |
| Net Receivables | $7M |
| Inventory | $0 |
| Other Current Assets | $3M |
| TOTAL CURRENT ASSETS | $11M |
| PP&E (Net) | $586.3K |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $2M |
| Tax Assets | $0 |
| Other Non-Current Assets | $481.3K |
| TOTAL NON-CURRENT ASSETS | $3M |
| TOTAL ASSETS | $14M |
| Account Payables | $946.4K |
| Short-Term Debt | $180.0K |
| Deferred Revenue | $25.2K |
| Other Current Liabilities | $4M |
| TOTAL CURRENT LIABILITIES | $5M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $763.7K |
| TOTAL NON-CURRENT LIABILITIES | $1M |
| TOTAL LIABILITIES | $7M |
| Common Stock | $291 |
| Additional Paid-In Capital | $129M |
| Retained Earnings | -$122M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $7M |
| Minority Interest | $0 |
| TOTAL EQUITY | $7M |
| TOTAL LIABILITIES & EQUITY | $14M |
| Total Debt | $753.4K |
| Net Debt | -$108.3K |
