| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $27M | $24M | $25M | 13.5% | 9.0% |
| Op. Income | -$27M | -$41M | -$18M | 33.9% | -56.1% |
| Gross Margin | 88.1% | 85.3% | 90.3% | 2.7pp | -2.2pp |
| Net Margin | -121.3% | -206.2% | -93.9% | 84.9pp | -27.4pp |
| EPS (Diluted) | $-0.69 | $-1.05 | $-0.55 | 34.3% | -25.5% |
| Free Cash Flow | -$42M | -$40M | -$28M | -6.0% | -52.6% |
| Item | Amount |
|---|---|
| REVENUE | $27M |
| Cost of Revenue | $3M |
| GROSS PROFIT | $24M |
| R&D Expenses | $14M |
| Selling & Marketing | $0 |
| General & Administrative | $0 |
| SG&A Expenses | $38M |
| Other Expenses | $0 |
| Operating Expenses | $52M |
| Cost & Expenses | $55M |
| OPERATING INCOME | -$27M |
| Interest Income | $1M |
| Interest Expense | $8M |
| Other Income/Expenses | -$7M |
| INCOME BEFORE TAX | -$34M |
| Income Tax Expense | -$1M |
| NET INCOME | -$33M |
| D&A | $639.0K |
| EBIT | -$26M |
| EBITDA | -$26M |
| EPS | -$1 |
| EPS Diluted | -$1 |
| Item | Amount |
|---|---|
| Net Income | -$33M |
| Depreciation & Amortization | $639.0K |
| Stock-Based Compensation | $3M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | -$3M |
| Change in Working Capital | -$10M |
| OPERATING CASH FLOW | -$42M |
| Capital Expenditure | -$87.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | $0 |
| Sales/Maturities of Investments | $0 |
| Other Investing Activities | $31M |
| NET CASH FROM INVESTING | $31M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $8M |
| NET CASH FROM FINANCING | $8M |
| FREE CASH FLOW | -$42M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $90M |
| Short-Term Investments | $37M |
| Net Receivables | $20M |
| Inventory | $8M |
| Other Current Assets | $1M |
| TOTAL CURRENT ASSETS | $169M |
| PP&E (Net) | $9M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $380.0K |
| Tax Assets | $0 |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $17M |
| TOTAL ASSETS | $185M |
| Account Payables | $10M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $3M |
| TOTAL CURRENT LIABILITIES | $42M |
| Long-Term Debt | $122M |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $130M |
| TOTAL NON-CURRENT LIABILITIES | $258M |
| TOTAL LIABILITIES | $300M |
| Common Stock | $128.0K |
| Additional Paid-In Capital | $818M |
| Retained Earnings | -$933M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $23.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | -$115M |
| Minority Interest | $0 |
| TOTAL EQUITY | -$115M |
| TOTAL LIABILITIES & EQUITY | $185M |
| Total Debt | $130M |
| Net Debt | $40M |
