DBMM reported a deteriorating top-line in Q1 2025, with revenue of $28,973 (USD thousands) representing a year-over-year decline of 66.1% and a modest quarter-to-quarter decrease of 0.8%. The company delivered a gross profit of $6,737 and a gross margin of 23.25%, signaling some mix improvement versus prior quarters, but overall profitability remained negative. EBITDA stood at a loss of $163,093, with operating income of negative $128,743 and net income of negative $355,014, underscoring the burden of high fixed costs and an outsized interest expense of $191,921. Net income per share (EPS) was negative $0.0004. Free cash flow remained negative at $-125,678, driven by operating cash flow of $-125,678 despite working capital movements (cash flow from operations heavily negative, aided by sizable working capital changes). Cash at period end was $26,668 with total debt around $3.80 million and net debt approximately $3.77 million. The balance sheet exhibits severe liquidity constraints (current ratio and quick ratio both effectively in the 0.00x range) and a negative shareholders’ equity position, implying meaningful financial risk absent a material liquidity event or balance-sheet repair. Management commentary is not included in the provided data, limiting directional insight from the call. Investors should monitor debt maturities, potential refinancing, working-capital management, and any signs of strategic repositioning in a challenging macro ad market.