| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $147M | — | $102M | — | 43.4% |
| Op. Income | $25M | — | $14M | — | 83.2% |
| Gross Margin | 72.9% | — | 25.5% | — | 47.4pp |
| Net Margin | 3.8% | — | -192.9% | — | 196.7pp |
| EPS (Diluted) | $-0.13 | — | $-19.25 | — | 99.3% |
| Free Cash Flow | $4M | — | -$2M | — | 310.2% |
| Item | Amount |
|---|---|
| REVENUE | $147M |
| Cost of Revenue | $40M |
| GROSS PROFIT | $107M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $13M |
| SG&A Expenses | $13M |
| Other Expenses | $69M |
| Operating Expenses | $82M |
| Cost & Expenses | $122M |
| OPERATING INCOME | $25M |
| Interest Income | $0 |
| Interest Expense | $24M |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | $537.0K |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $6M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$2M |
| D&A | $29M |
| EBIT | $30M |
| EBITDA | $59M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| REVENUE | $147M |
| Cost of Revenue | $40M |
| GROSS PROFIT | $107M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $13M |
| SG&A Expenses | $13M |
| Other Expenses | $69M |
| Operating Expenses | $82M |
| Cost & Expenses | $122M |
| OPERATING INCOME | $25M |
| Interest Income | $0 |
| Interest Expense | $24M |
| Other Income/Expenses | -$20M |
| INCOME BEFORE TAX | $6M |
| Income Tax Expense | $537.0K |
| Net Income from Continuing Ops | $5M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | $6M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$2M |
| D&A | $29M |
| EBIT | $30M |
| EBITDA | $59M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | $6M |
| Depreciation & Amortization | $29M |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $536.0K |
| Other Non-Cash Items | $7M |
| Change in Working Capital | -$16M |
| OPERATING CASH FLOW | $27M |
| Capital Expenditure | -$23M |
| Acquisitions (Net) | -$753.0K |
| Purchases of Investments | -$753.0K |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $753.0K |
| NET CASH FROM INVESTING | -$24M |
| Net Debt Issuance | $6M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$68.0K |
| FREE CASH FLOW | $4M |
| Net Change in Cash | $3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $28M |
| Short-Term Investments | $0 |
| Net Receivables | $80M |
| Inventory | $0 |
| Other Current Assets | $4M |
| TOTAL CURRENT ASSETS | $112M |
| PP&E (Net) | $1.9B |
| Goodwill | $0 |
| Intangible Assets | $157M |
| Long-Term Investments | $274M |
| Tax Assets | $0 |
| Other Non-Current Assets | $20M |
| TOTAL NON-CURRENT ASSETS | $2.3B |
| TOTAL ASSETS | $2.4B |
| Account Payables | $36M |
| Short-Term Debt | $17M |
| Deferred Revenue | $9M |
| Other Current Liabilities | $78M |
| TOTAL CURRENT LIABILITIES | $147M |
| Long-Term Debt | $1.1B |
| Deferred Revenue NC | $20M |
| Deferred Tax Liabilities | $76M |
| Other Non-Current Liabilities | $8M |
| TOTAL NON-CURRENT LIABILITIES | $1.2B |
| TOTAL LIABILITIES | $1.3B |
| Common Stock | $187.0K |
| Additional Paid-In Capital | $636M |
| Retained Earnings | -$195M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $691M |
| Minority Interest | $406M |
| TOTAL EQUITY | $1.1B |
| TOTAL LIABILITIES & EQUITY | $2.4B |
| Total Debt | $1.1B |
| Net Debt | $1.1B |
