Revenue: $44.88 million in QQ1 2025, YoY +38.17%, QoQ +24.56%. Gross profit: $18.07 million; gross margin 40.26%. Operating expenses: $62.48 million; EBITDA: -$13.96 million; Operating income: -$17.60 million; Net income: -$13.91 million; Net income margin: -30.98%; EPS: -$1.70 basic, -$1.30 diluted. Cash flow: Operating cash flow -$6.47 million; Free cash flow -$7.31 million; Net change in cash +$42.67 million; Cash end of period $139.42 million. Balance sheet: Total assets $4.305 billion; cash and cash equivalents $139.42 million; total current assets $155.09 million; total current liabilities $3.739 billion; total debt $185.52 million; net debt $46.10 million. Liquidity ratios remain tight (current ratio 0.0415, quick ratio 0.0415, cash ratio 0.0373). Profitability and efficiency metrics show negative momentum: ROA -0.32%, ROE -3.26%, net profit margin -30.98%, interest coverage -1.29. Relative to peers, COFS shows markedly weaker profitability and tighter liquidity in QQ1 2025.