| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $13M | $5M | $25M | 157.0% | -45.7% |
| Op. Income | -$31M | -$37M | -$14M | 16.5% | -122.0% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | -208.7% | -642.0% | -36.7% | 433.3pp | -172.0pp |
| EPS (Diluted) | $-0.47 | $-0.57 | $-0.16 | 17.5% | -193.7% |
| Free Cash Flow | -$31M | -$34M | -$28M | 9.1% | -10.7% |
| Item | Amount |
|---|---|
| REVENUE | $13M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $13M |
| R&D Expenses | $36M |
| Selling & Marketing | $0 |
| General & Administrative | $8M |
| SG&A Expenses | $8M |
| Other Expenses | $0 |
| Operating Expenses | $44M |
| Cost & Expenses | $44M |
| OPERATING INCOME | -$31M |
| Interest Income | $2M |
| Interest Expense | $0 |
| Other Income/Expenses | $3M |
| INCOME BEFORE TAX | -$28M |
| Income Tax Expense | $83.0K |
| Net Income from Continuing Ops | -$28M |
| Net Income from Discontinued Ops | $0 |
| Other Adjustments | $0 |
| NET INCOME | -$28M |
| Net Income Deductions | $0 |
| BOTTOM LINE NET INCOME | -$28M |
| D&A | $932.0K |
| EBIT | -$28M |
| EBITDA | -$27M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$28M |
| Depreciation & Amortization | $932.0K |
| Stock-Based Compensation | $0 |
| Deferred Income Tax | $0 |
| Other Non-Cash Items | $4M |
| Change in Working Capital | -$8M |
| OPERATING CASH FLOW | -$31M |
| Capital Expenditure | -$207.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$7M |
| Sales/Maturities of Investments | $42M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $35M |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | $0 |
| NET CASH FROM FINANCING | $85.0K |
| FREE CASH FLOW | -$31M |
| Net Change in Cash | $1M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $45M |
| Short-Term Investments | $164M |
| Net Receivables | $4M |
| Inventory | $0 |
| Other Current Assets | $0 |
| TOTAL CURRENT ASSETS | $220M |
| PP&E (Net) | $43M |
| Goodwill | $0 |
| Intangible Assets | $0 |
| Long-Term Investments | $20M |
| Tax Assets | $0 |
| Other Non-Current Assets | $6M |
| TOTAL NON-CURRENT ASSETS | $69M |
| TOTAL ASSETS | $288M |
| Account Payables | $2M |
| Short-Term Debt | $0 |
| Deferred Revenue | $0 |
| Other Current Liabilities | $11M |
| TOTAL CURRENT LIABILITIES | $35M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $0 |
| Deferred Tax Liabilities | $0 |
| Other Non-Current Liabilities | $2M |
| TOTAL NON-CURRENT LIABILITIES | $33M |
| TOTAL LIABILITIES | $68M |
| Common Stock | $56.0K |
| Additional Paid-In Capital | $638M |
| Retained Earnings | -$418M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | $7.0K |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $220M |
| Minority Interest | $0 |
| TOTAL EQUITY | $220M |
| TOTAL LIABILITIES & EQUITY | $288M |
| Total Debt | $38M |
| Net Debt | -$7M |
