| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $33M | $16M | $2M | 106.8% | 1471.6% |
| Op. Income | -$53M | -$48M | -$22M | -11.7% | -144.6% |
| Gross Margin | 74.8% | 68.3% | 94.6% | 6.5pp | -19.8pp |
| Net Margin | -157.4% | -285.6% | -925.0% | 128.2pp | 767.6pp |
| EPS (Diluted) | $-0.52 | $-0.46 | $-0.20 | -13.0% | -160.0% |
| Free Cash Flow | -$47M | -$40M | -$15M | -19.2% | -223.4% |
| Item | Amount |
|---|---|
| REVENUE | $33M |
| Cost of Revenue | $8M |
| GROSS PROFIT | $24M |
| R&D Expenses | $3M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $75M |
| Other Expenses | $0 |
| Operating Expenses | $78M |
| Cost & Expenses | $86M |
| OPERATING INCOME | -$53M |
| Interest Income | $0 |
| Interest Expense | $0 |
| Other Income/Expenses | $2M |
| INCOME BEFORE TAX | -$51M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$51M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$51M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$51M |
| D&A | $2M |
| EBIT | -$51M |
| EBITDA | -$49M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$51M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $6M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | -$1M |
| OPERATING CASH FLOW | -$47M |
| Capital Expenditure | -$197.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$127M |
| Sales/Maturities of Investments | $89M |
| Other Investing Activities | -$6M |
| NET CASH FROM INVESTING | -$45M |
| Net Debt Issuance | $97M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $3M |
| NET CASH FROM FINANCING | $100M |
| FREE CASH FLOW | -$47M |
| Net Change in Cash | $8M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $60M |
| Short-Term Investments | $229M |
| Net Receivables | $36M |
| Inventory | $8M |
| Other Current Assets | $6M |
| TOTAL CURRENT ASSETS | $339M |
| PP&E (Net) | $3M |
| Goodwill | $0 |
| Intangible Assets | $15M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $17M |
| TOTAL NON-CURRENT ASSETS | $34M |
| TOTAL ASSETS | $373M |
| Account Payables | $8M |
| Short-Term Debt | $583.0K |
| Deferred Revenue | $0 |
| Other Current Liabilities | $42M |
| TOTAL CURRENT LIABILITIES | $51M |
| Long-Term Debt | $949.0K |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $173M |
| TOTAL NON-CURRENT LIABILITIES | $174M |
| TOTAL LIABILITIES | $225M |
| Common Stock | $10.0K |
| Additional Paid-In Capital | $401M |
| Retained Earnings | -$253M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$7.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $148M |
| Minority Interest | $0 |
| TOTAL EQUITY | $148M |
| TOTAL LIABILITIES & EQUITY | $373M |
| Total Debt | $2M |
| Net Debt | -$58M |
