| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $15M | $20M | $17M | -28.3% | -13.5% |
| Op. Income | -$781.0K | $2M | $3M | -140.9% | -124.4% |
| Gross Margin | 23.1% | 28.9% | 36.2% | -5.8pp | -13.1pp |
| Net Margin | -7.7% | 13.1% | 18.1% | -20.8pp | -25.7pp |
| EPS (Diluted) | $-0.02 | $0.04 | $0.04 | -140.9% | -139.8% |
| Free Cash Flow | -$3M | -$654.0K | $3M | -347.9% | -204.6% |
| Item | Amount |
|---|---|
| REVENUE | $15M |
| Cost of Revenue | $11M |
| GROSS PROFIT | $3M |
| R&D Expenses | $1M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $3M |
| Other Expenses | $0 |
| Operating Expenses | $4M |
| Cost & Expenses | $15M |
| OPERATING INCOME | -$781.0K |
| Interest Income | $0 |
| Interest Expense | $339.0K |
| Other Income/Expenses | -$339.0K |
| INCOME BEFORE TAX | -$1M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$1M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$1M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$1M |
| D&A | $225.0K |
| EBIT | -$781.0K |
| EBITDA | -$556.0K |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$1M |
| Depreciation & Amortization | $225.0K |
| Stock-Based Compensation | $122.0K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $0 |
| Change in Working Capital | -$2M |
| OPERATING CASH FLOW | -$3M |
| Capital Expenditure | -$418.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$418.0K |
| Net Debt Issuance | -$786.0K |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $36.0K |
| NET CASH FROM FINANCING | -$750.0K |
| FREE CASH FLOW | -$3M |
| Net Change in Cash | -$4M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $429.0K |
| Short-Term Investments | $0 |
| Net Receivables | $10M |
| Inventory | $19M |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $33M |
| PP&E (Net) | $21M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $0 |
| TOTAL NON-CURRENT ASSETS | $21M |
| TOTAL ASSETS | $54M |
| Account Payables | $5M |
| Short-Term Debt | $5M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $1M |
| TOTAL CURRENT LIABILITIES | $18M |
| Long-Term Debt | $11M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $252.0K |
| TOTAL NON-CURRENT LIABILITIES | $19M |
| TOTAL LIABILITIES | $37M |
| Common Stock | $705.0K |
| Additional Paid-In Capital | $115M |
| Retained Earnings | -$99M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $17M |
| Minority Interest | $0 |
| TOTAL EQUITY | $17M |
| TOTAL LIABILITIES & EQUITY | $54M |
| Total Debt | $25M |
| Net Debt | $25M |
