| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $72M | $40M | $5M | 82.3% | 1367.9% |
| Op. Income | -$8M | -$15M | -$14M | 46.5% | 46.0% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | -11.2% | -37.7% | -285.4% | 26.5pp | 274.2pp |
| EPS (Diluted) | $-0.04 | $-0.07 | $-0.03 | 42.9% | -38.4% |
| Free Cash Flow | $2M | -$16M | -$4M | 115.6% | 158.9% |
| Item | Amount |
|---|---|
| REVENUE | $72M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $72M |
| R&D Expenses | $76M |
| Selling & Marketing | $0 |
| General & Administrative | $4M |
| SG&A Expenses | $4M |
| Other Expenses | $0 |
| Operating Expenses | $80M |
| Cost & Expenses | $80M |
| OPERATING INCOME | -$8M |
| Interest Income | $302.0K |
| Interest Expense | $608.0K |
| Other Income/Expenses | -$313.0K |
| INCOME BEFORE TAX | -$8M |
| Income Tax Expense | $17.0K |
| Net Income from Continuing Ops | -$8M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$8M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$8M |
| D&A | $2M |
| EBIT | -$8M |
| EBITDA | -$5M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$8M |
| Depreciation & Amortization | $2M |
| Stock-Based Compensation | $2M |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $570.0K |
| Change in Working Capital | $6M |
| OPERATING CASH FLOW | $3M |
| Capital Expenditure | -$117.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$9M |
| Sales/Maturities of Investments | $4M |
| Other Investing Activities | $5.0K |
| NET CASH FROM INVESTING | -$6M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$4.0K |
| NET CASH FROM FINANCING | -$4.0K |
| FREE CASH FLOW | $2M |
| Net Change in Cash | -$3M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $17M |
| Short-Term Investments | $12M |
| Net Receivables | $86M |
| Inventory | $0 |
| Other Current Assets | $88.0K |
| TOTAL CURRENT ASSETS | $117M |
| PP&E (Net) | $23M |
| Goodwill | $5M |
| Intangible Assets | $3M |
| Long-Term Investments | $0 |
| Tax Assets | $0 |
| Other Non-Current Assets | $61M |
| TOTAL NON-CURRENT ASSETS | $92M |
| TOTAL ASSETS | $209M |
| Account Payables | $53M |
| Short-Term Debt | $0 |
| Deferred Revenue | $65M |
| Other Current Liabilities | $6M |
| TOTAL CURRENT LIABILITIES | $169M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $1M |
| TOTAL NON-CURRENT LIABILITIES | $13M |
| TOTAL LIABILITIES | $182M |
| Common Stock | $23.0K |
| Additional Paid-In Capital | $542M |
| Retained Earnings | -$515M |
| Treasury Stock | -$371.0K |
| Accum. Other Comp. Income | -$2.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $27M |
| Minority Interest | $0 |
| TOTAL EQUITY | $27M |
| TOTAL LIABILITIES & EQUITY | $209M |
| Total Debt | $15M |
| Net Debt | -$1M |
