| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $52M | $51M | $53M | 2.6% | -0.4% |
| Op. Income | -$10M | -$7M | -$8M | -37.4% | -17.4% |
| Gross Margin | 42.3% | 17.2% | 20.1% | 25.1pp | 22.2pp |
| Net Margin | -20.4% | -21.6% | -24.7% | 1.3pp | 4.4pp |
| EPS (Diluted) | $-0.33 | $-0.34 | $-0.40 | 3.4% | 18.2% |
| Free Cash Flow | -$250.3K | -$171.7K | -$2M | -45.8% | 86.8% |
| Item | Amount |
|---|---|
| REVENUE | $52M |
| Cost of Revenue | $30M |
| GROSS PROFIT | $22M |
| R&D Expenses | $0 |
| Selling & Marketing | $8M |
| General & Administrative | $8M |
| SG&A Expenses | $15M |
| Other Expenses | $16M |
| Operating Expenses | $32M |
| Cost & Expenses | $62M |
| OPERATING INCOME | -$10M |
| Interest Income | $262.6K |
| Interest Expense | $621.7K |
| Other Income/Expenses | -$1M |
| INCOME BEFORE TAX | -$11M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$11M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$11M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$11M |
| D&A | $5M |
| EBIT | -$8M |
| EBITDA | -$3M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$11M |
| Depreciation & Amortization | $5M |
| Stock-Based Compensation | $82.7K |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $5M |
| Change in Working Capital | $0 |
| OPERATING CASH FLOW | -$250.3K |
| Capital Expenditure | $0 |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$2M |
| NET CASH FROM INVESTING | -$2M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$486.0K |
| NET CASH FROM FINANCING | -$486.0K |
| FREE CASH FLOW | -$250.3K |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $19M |
| Short-Term Investments | $0 |
| Net Receivables | $3M |
| Inventory | $6M |
| Other Current Assets | $30M |
| TOTAL CURRENT ASSETS | $58M |
| PP&E (Net) | $111M |
| Goodwill | $0 |
| Intangible Assets | $13M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $131M |
| TOTAL ASSETS | $189M |
| Account Payables | $29M |
| Short-Term Debt | $136M |
| Deferred Revenue | $5M |
| Other Current Liabilities | $40M |
| TOTAL CURRENT LIABILITIES | $236M |
| Long-Term Debt | $62M |
| Deferred Revenue NC | $1M |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $103M |
| TOTAL LIABILITIES | $339M |
| Common Stock | $1.5K |
| Additional Paid-In Capital | $266M |
| Retained Earnings | -$420M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $2M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$152M |
| Minority Interest | $820.4K |
| TOTAL EQUITY | -$151M |
| TOTAL LIABILITIES & EQUITY | $189M |
| Total Debt | $263M |
| Net Debt | $243M |
