| Metric | Q3 2025 | Q2 2025 | Q3 2024 | QoQ Change | YoY Change |
|---|---|---|---|---|---|
| Revenue | $28M | $49M | $16M | -43.3% | 72.6% |
| Op. Income | -$22M | -$674.0K | -$34M | -3180.4% | 35.4% |
| Gross Margin | 100.0% | 100.0% | 100.0% | 0.0pp | 0.0pp |
| Net Margin | -71.0% | 4.8% | -186.6% | -75.7pp | 115.6pp |
| EPS (Diluted) | $-0.26 | $0.03 | $-0.39 | -966.7% | 33.3% |
| Free Cash Flow | -$32M | $11M | -$7M | -384.4% | -363.2% |
| Item | Amount |
|---|---|
| REVENUE | $28M |
| Cost of Revenue | $0 |
| GROSS PROFIT | $28M |
| R&D Expenses | $36M |
| Selling & Marketing | $0 |
| General & Administrative | $14M |
| SG&A Expenses | $14M |
| Other Expenses | $46.0K |
| Operating Expenses | $50M |
| Cost & Expenses | $50M |
| OPERATING INCOME | -$22M |
| Interest Income | $4M |
| Interest Expense | $0 |
| Other Income/Expenses | $4M |
| INCOME BEFORE TAX | -$18M |
| Income Tax Expense | $1M |
| NET INCOME | -$20M |
| D&A | $3M |
| EBIT | -$18M |
| EBITDA | -$16M |
| EPS | -$0 |
| EPS Diluted | -$0 |
| Item | Amount |
|---|---|
| Net Income | -$20M |
| Depreciation & Amortization | $3M |
| Stock-Based Compensation | $7M |
| Deferred Income Tax | -$170.0K |
| Other Non-Cash Items | -$451.0K |
| Change in Working Capital | -$21M |
| OPERATING CASH FLOW | -$31M |
| Capital Expenditure | -$410.0K |
| Acquisitions (Net) | $0 |
| Purchases of Investments | -$35M |
| Sales/Maturities of Investments | $36M |
| Other Investing Activities | $0 |
| NET CASH FROM INVESTING | $368.0K |
| Net Debt Issuance | $0 |
| Common Stock Repurchased | $0 |
| Common Dividends Paid | $0 |
| Other Financing Activities | -$2M |
| NET CASH FROM FINANCING | -$2M |
| FREE CASH FLOW | -$32M |
| Net Change in Cash | -$33M |
| Item | Amount |
|---|---|
| Cash & Equivalents | $65M |
| Short-Term Investments | $187M |
| Net Receivables | $29M |
| Inventory | $0 |
| Other Current Assets | $10M |
| TOTAL CURRENT ASSETS | $292M |
| PP&E (Net) | $32M |
| Goodwill | $12M |
| Intangible Assets | $1M |
| Long-Term Investments | $47M |
| Tax Assets | $5M |
| Other Non-Current Assets | $7M |
| TOTAL NON-CURRENT ASSETS | $106M |
| TOTAL ASSETS | $397M |
| Account Payables | $1M |
| Short-Term Debt | $3M |
| Deferred Revenue | $3M |
| Other Current Liabilities | $29M |
| TOTAL CURRENT LIABILITIES | $42M |
| Long-Term Debt | $0 |
| Deferred Revenue NC | $15M |
| Deferred Tax Liabilities | $5M |
| Other Non-Current Liabilities | $278.0K |
| TOTAL NON-CURRENT LIABILITIES | $35M |
| TOTAL LIABILITIES | $77M |
| Common Stock | $1.1B |
| Additional Paid-In Capital | $111M |
| Retained Earnings | -$886M |
| Treasury Stock | $0 |
| Accum. Other Comp. Income | -$6M |
| Other Equity | $0 |
| TOTAL STOCKHOLDERS' EQUITY | $320M |
| Minority Interest | $0 |
| TOTAL EQUITY | $320M |
| TOTAL LIABILITIES & EQUITY | $397M |
| Total Debt | $19M |
| Net Debt | -$46M |
