| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $286M | $265M | $173M | 7.9% | 65.3% |
| Op. Income | $32M | $6M | -$7M | 464.5% | 575.6% |
| Gross Margin | 96.9% | 97.1% | 93.7% | -0.1pp | 3.2pp |
| Net Margin | 11.1% | 2.1% | -3.9% | 9.0pp | 15.0pp |
| EPS (Diluted) | $0.25 | $0.05 | $-0.07 | 358.7% | 433.3% |
| Free Cash Flow | -$127M | -$125M | $177M | -1.7% | -171.6% |
| Item | Amount |
|---|---|
| REVENUE | $286M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $277M |
| R&D Expenses | $0 |
| Selling & Marketing | $79M |
| General & Administrative | $111M |
| SG&A Expenses | $189M |
| Other Expenses | $56M |
| Operating Expenses | $245M |
| Cost & Expenses | $254M |
| OPERATING INCOME | $32M |
| Interest Income | $57M |
| Interest Expense | $9M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $32M |
| Income Tax Expense | $124.0K |
| 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 | $6M |
| EBIT | $32M |
| EBITDA | $38M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| REVENUE | $286M |
| Cost of Revenue | $9M |
| GROSS PROFIT | $277M |
| R&D Expenses | $0 |
| Selling & Marketing | $79M |
| General & Administrative | $111M |
| SG&A Expenses | $189M |
| Other Expenses | $56M |
| Operating Expenses | $245M |
| Cost & Expenses | $254M |
| OPERATING INCOME | $32M |
| Interest Income | $57M |
| Interest Expense | $9M |
| Other Income/Expenses | $0 |
| INCOME BEFORE TAX | $32M |
| Income Tax Expense | $124.0K |
| 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 | $6M |
| EBIT | $32M |
| EBITDA | $38M |
| EPS | $0 |
| EPS Diluted | $0 |
| Item | Amount |
|---|---|
| Net Income | $32M |
| Depreciation & Amortization | $6M |
| Stock-Based Compensation | $34M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$181M |
| Change in Working Capital | -$14M |
| OPERATING CASH FLOW | -$123M |
| Capital Expenditure | -$4M |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | -$120M |
| NET CASH FROM INVESTING | -$121M |
| Net Debt Issuance | $426M |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$56M |
| NET CASH FROM FINANCING | $379M |
| FREE CASH FLOW | -$127M |
| Net Change in Cash | $135M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $495M |
| Short-Term Investments | $0 |
| Net Receivables | $120M |
| Inventory | $0 |
| Other Current Assets | $347M |
| TOTAL CURRENT ASSETS | $993M |
| PP&E (Net) | $79M |
| Goodwill | $67M |
| Intangible Assets | $9M |
| Long-Term Investments | $1.3B |
| Tax Assets | $0 |
| Other Non-Current Assets | $485M |
| TOTAL NON-CURRENT ASSETS | $1.9B |
| TOTAL ASSETS | $2.9B |
| Account Payables | $12M |
| Short-Term Debt | $141M |
| Deferred Revenue | $0 |
| Other Current Liabilities | $0 |
| TOTAL CURRENT LIABILITIES | $378M |
| Long-Term Debt | $1.7B |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $28M |
| TOTAL NON-CURRENT LIABILITIES | $1.8B |
| TOTAL LIABILITIES | $2.2B |
| Common Stock | $10.0K |
| Additional Paid-In Capital | $1.1B |
| Retained Earnings | -$376M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $0 |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $744M |
| Minority Interest | $0 |
| TOTAL EQUITY | $744M |
| TOTAL LIABILITIES & EQUITY | $2.9B |
| Total Debt | $1.9B |
| Net Debt | $1.4B |
