Revenue: N/A; Gross Profit: N/A; Gross Profit Margin: N/A
Operating Income: YoY +225.24%, QoQ +282.39% (positive $2.29M in QQ3 2025 vs prior periods’ operating metrics), indicating a noteworthy improvement in core operating performance, likely from cost discipline or favorable mix within R&D/operational spend. This improvement contributes to a higher operating cash flow pressure relief but does not translate into net income due to other income/expense dynamics.
Net Income: YoY +56.79%, QoQ +49.93% (negative $(1.74)M in QQ3 2025), reflecting that the quarter’s bottom line was heavily affected by non-operating items totaling approximately $(4.03) million that offset the positive operating result.
EPS (Diluted): YoY +62.50%, QoQ +57.14% (–$0.0003 per share in QQ3 2025), consistent with the earnings trajectory where operating improvements were offset by non-operating charges and financing structure.
EBITDA: $2,303,722 (positive), underscoring cash-generative potential from core activities before non-operating items.
Cash Flow: Net cash used in operating activities $(1,401,874); Free cash flow $(1,401,874); Net change in cash $(7,431,987); Cash at end of period $32,199,968; Cash and short-term investments $38,250,882. These figures reveal a quarterly cash burn on the operating line but a substantial cash buffer offsetting ongoing R&D and potential licensing activities.
Balance Sheet highlights: Total assets $38.56M; Total liabilities $0.41M; Total stockholders’ equity $37.49M; Cash and cash equivalents $32.20M; Short-term investments $6.05M; Retained earnings $(99.11)M. The company maintains a strong liquidity position with minimal reported debt but a substantial accumulated deficit, typical for a venture-stage energy tech company.
Valuation context: Key ratios show limited relevance given the lack of revenue and ongoing investments; enterprise value multiple and price-to-book metrics reflect an early-stage, non-revenue tech platform with potential licensing value rather than established cash-generating operations.