Revenue: Not disclosed for QQ3 2025 (null). Inference: No reported top-line data in the quarter; potential timing misalignments or non-revenue milestones.
Operating Income: -$458,918; YoY change -30.02%; QoQ change -36.75%. The decline reflects fixed-cost absorption without offsetting revenue; elevated R&D and G&A spend contribute to the deterioration of operating performance.
Net Income: -$527,656; YoY -40.21%; QoQ -28.68%. Bottom-line weakness driven by operating loss and a modest interest expense impact, with an extremely limited ability to generate positive earnings given the lack of revenue.
EPS (Diluted): -$0.0008; YoY 0.00%; QoQ -14.29%. Small absolute loss amplified by high share count (654,797,086).
EBITDA: -$458,918; EBITDA margin effectively negative given nil revenue.
Cash Flow / Liquidity:
- Net cash used by operating activities: -$365,608
- Free cash flow: -$365,608
- Change in cash: -$200,608; Cash at end of period: $53,587; Cash at beginning: $254,195
- Cash conversion indicators are negative due to operating losses and working-capital dynamics.
Balance Sheet Highlights:
- Total assets: $73,172; Total liabilities: $8,664,317; Total stockholders’ equity: -$8,591,145 (negative equity).
- Current assets: $61,922; Current liabilities: $8,660,102; Current ratio: 0.00715; Quick ratio: 0.00715 (extremely tight liquidity).
- Cash and cash equivalents: $53,587; Short-term debt: $7,644,174; Long-term debt: $4,215; Total debt: $7,648,389; Net debt: $7,594,802.
- Retained earnings: -$28,011,467; Weighted average shares outstanding: 654,797,086.
Notes on context: The data indicates a tail-risk profile typical of early-stage aerospace tech companies with significant R&D intensity and limited near-term revenue visibility. Balance-sheet strength is structurally weak, with negative equity and outsized current liabilities relative to cash, implying reliance on external financing to support ongoing development work.