| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $3M | $2M | $3M | 64.7% | 16.6% |
| Op. Income | -$33M | -$28M | -$16M | -16.9% | -112.6% |
| Gross Margin | 58.4% | -63.8% | 44.9% | 122.2pp | 13.6pp |
| Net Margin | -972.9% | -1415.0% | -503.6% | 442.1pp | -469.3pp |
| EPS (Diluted) | $-3.59 | $-3.86 | $-0.23 | 7.0% | -1460.9% |
| Free Cash Flow | -$30M | -$17M | -$19M | -71.2% | -58.1% |
| Item | Amount |
|---|---|
| REVENUE | $3M |
| Cost of Revenue | $1M |
| GROSS PROFIT | $2M |
| R&D Expenses | $9M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $0 |
| Other Expenses | $26M |
| Operating Expenses | $35M |
| Cost & Expenses | $36M |
| OPERATING INCOME | -$33M |
| Interest Income | $1M |
| Interest Expense | $0 |
| Other Income/Expenses | $1M |
| INCOME BEFORE TAX | -$32M |
| Income Tax Expense | $0 |
| Net Income from Continuing Ops | -$32M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$32M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$32M |
| D&A | $461.0K |
| EBIT | -$32M |
| EBITDA | -$32M |
| EPS | -$4 |
| EPS Diluted | -$4 |
| Item | Amount |
|---|---|
| Net Income | -$32M |
| Depreciation & Amortization | $461.0K |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $1M |
| Change in Working Capital | -$405.0K |
| OPERATING CASH FLOW | -$29M |
| Capital Expenditure | -$962.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | -$962.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $95M |
| NET CASH FROM FINANCING | $95M |
| FREE CASH FLOW | -$30M |
| Net Change in Cash | $65M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $190M |
| Short-Term Investments | $0 |
| Net Receivables | $3M |
| Inventory | $6M |
| Other Current Assets | $9M |
| TOTAL CURRENT ASSETS | $208M |
| PP&E (Net) | $43M |
| Goodwill | $0 |
| Intangible Assets | $120.0K |
| Long-Term Investments | $1M |
| Tax Assets | $0 |
| Other Non-Current Assets | $5.0K |
| TOTAL NON-CURRENT ASSETS | $44M |
| TOTAL ASSETS | $252M |
| Account Payables | $9M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $12M |
| TOTAL CURRENT LIABILITIES | $21M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $0 |
| TOTAL NON-CURRENT LIABILITIES | $266.0K |
| TOTAL LIABILITIES | $21M |
| Common Stock | $10.0K |
| Additional Paid-In Capital | $1.0B |
| Retained Earnings | -$808M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$274.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $231M |
| Minority Interest | $0 |
| TOTAL EQUITY | $231M |
| TOTAL LIABILITIES & EQUITY | $252M |
| Total Debt | $425.0K |
| Net Debt | -$190M |
