| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $281M | — | $321M | — | -12.7% |
| Op. Income | -$79M | — | -$40M | — | -94.6% |
| Gross Margin | 43.6% | — | 52.1% | — | -8.5pp |
| Net Margin | -29.2% | — | -14.7% | — | -14.5pp |
| EPS (Diluted) | $-2.27 | — | $-1.33 | — | -70.7% |
| Free Cash Flow | -$11M | — | $82M | — | -113.7% |
| Item | Amount |
|---|---|
| REVENUE | $281M |
| Cost of Revenue | $158M |
| GROSS PROFIT | $122M |
| R&D Expenses | $0 |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $114M |
| Other Expenses | $87M |
| Operating Expenses | $201M |
| Cost & Expenses | $359M |
| OPERATING INCOME | -$79M |
| Interest Income | $4M |
| Interest Expense | $26M |
| Other Income/Expenses | -$24M |
| INCOME BEFORE TAX | -$102M |
| Income Tax Expense | -$20M |
| Net Income from Continuing Ops | -$82M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$82M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$82M |
| D&A | $84M |
| EBIT | -$76M |
| EBITDA | $8M |
| EPS | -$2 |
| EPS Diluted | -$2 |
| Item | Amount |
|---|---|
| Net Income | -$82M |
| Depreciation & Amortization | $84M |
| Stock-Based Compensation | $22M |
| Deferred Income Tax | -$21M |
| Other Non-Cash Items | $8M |
| Change in Working Capital | -$5M |
| OPERATING CASH FLOW | $6M |
| Capital Expenditure | -$17M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$78.0K |
| NET CASH FROM INVESTING | -$18M |
| Net Debt Issuance | -$25M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$1M |
| NET CASH FROM FINANCING | -$26M |
| FREE CASH FLOW | -$11M |
| Net Change in Cash | -$37M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $465M |
| Short-Term Investments | $0 |
| Net Receivables | $192M |
| Inventory | $13M |
| Other Current Assets | $35M |
| TOTAL CURRENT ASSETS | $735M |
| PP&E (Net) | $3.1B |
| Goodwill | $410M |
| Intangible Assets | $27M |
| Long-Term Investments | $38M |
| Tax Assets | $0 |
| Other Non-Current Assets | $179M |
| TOTAL NON-CURRENT ASSETS | $3.7B |
| TOTAL ASSETS | $4.4B |
| Account Payables | $34M |
| Short-Term Debt | $804M |
| Deferred Revenue | $102M |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $1.4B |
| Long-Term Debt | $525M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $128M |
| Other Non-Current Liabilities | $157M |
| TOTAL NON-CURRENT LIABILITIES | $924M |
| TOTAL LIABILITIES | $2.3B |
| Common Stock | $359.0K |
| Additional Paid-In Capital | $2.4B |
| Retained Earnings | -$302M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$6M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $2.1B |
| Minority Interest | $0 |
| TOTAL EQUITY | $2.1B |
| TOTAL LIABILITIES & EQUITY | $4.4B |
| Total Debt | $1.5B |
| Net Debt | $997M |
